Greetings Everyone! Let’s talk about FAFSA.
· In 2020 more than 21 million students completed the FAFSA application according to the United States Department of Education (USDE, 2021).
· In 2020 more than $120 billion dollars in grants, work-study, and loans were awarded to over 13 million students by the USDE (USDE, 2021).
You have heard me say (or read) that “Higher Education is for EVERYONE”. The government provided over $120 billion dollars in federal financial aid to help individuals attend higher education. Many students and families have questions about FAFSA. Students either fill out the application without answers hoping they get it right, or they do not finish (or start) the application and are not able to take advantage of the funding offered (remember that $120 billion dollars??). Let’s address some of the basics about FAFSA right now.
Here are some of the most common myths and questions surrounding filling out the FAFSA application.
What is, what does, and how can FAFSA help?
FAFSA stands for Federal Application for Federal Student Aid. The FAFSA application is a free application put forth by the USDE to determine a student’s eligibility for federal funding. Federal funding can come in the form of work-study, pell grants, and low-interest student loans. The National Center for Education Statistics (2022), NCES, stated that the most common form of federal funding are grants and loans for degree seeking undergraduate students.
Will completing the FAFSA Application Affect my Credit Score?
Some individuals are concerned that filling out the FAFSA application will affect their credit score. Experian is a credit reporting company and explains that filling out the application will not affect your credit (Experian, 2022). The responsibility begins when and if you decide to accept a student loan.
Does it matter which web page I use to complete the FAFSA? o
YES. The web page for the FAFSA application is www.fafsa.gov. You may notice that if you look up FAFSA you will find numerous web sites you can use to complete the FAFSA. Many of these are not the official government site that offers you the ability to complete the FAFSA application for free. If you are asked for credit card information you are very likely NOT using the official page for FAFSA. Some sites may offer you guidance on the FAFSA for a fee, be careful and check the legitimacy of the site and then decide what is best for you.
The FAFSA application is too hard to complete.
If you chose not to complete the FAFSA that is, of course, your decision. But do not hurt your chances of getting needed financial assistance for college because the FAFSA appears to hard to complete. The application allows you to hover over the answer box and provides you guidance on how to answer the question. This is especially handy if you are manually putting in your financial information (which I don’t recommend if you don’t have to and I will discuss in a minute). If you are truly stuck you can always call.
FAFSA directly and ask your questions, I have. They do not walk you through the entire application, but if you are stuck on a question/section they will help. I have called and everyone was very nice, knowledgeable, and willing to help.
What is an FSA ID?
The FSA ID is the Federal Student Aid Identification which replaces the FAFSA pin that was used for years. If you have an FAFSA pin you will need to obtain an FSA ID. This will be your log in information (username and password) for the FAFSA application. I would recommend getting your FSA ID at your earliest convenience, I have seen cases where after applying for one an individual had to wait up to 3 days before they were able to use this for the FAFSA.
TAKE YOUR TIME
I worked in higher education for almost 13 years helping students complete their FAFSA. I cannot stress how important it is to take your time on this application. If you make a mistake on FAFSA you can change it, but it can take time and slow down the process significantly, possibly cause you to miss out on certain types of funding.
Examples of errors (Yes, I have seen the below many times over):
Incorrect spelling of your name (spelling should match all government documents such as your social security card or passport).
Incorrect birthday, there is a big different between 6/1/1975 and 6/11/1975.
Providing parent information when the application is asking for student information and vice versa.
These errors and ones like it, can cost you time (and probably frustration when it is realized) and you will likely have to provide government documentation to show that you are now providing the correct information. Save yourself a little time and effort and make sure that you spell check what you are tying (typing) to avoid these errors.
How many schools should I have my FAFSA results sent to?
Easiest answer, add more than one. Yes, many students envision themselves attending one school, but you never know. I had my school picked out, my dorm set, and then I went somewhere else. You just don’t know. Adding more than one school does not change or hurt the application, all it means is that you have options you are considering. If you never stray from your first choice, awesome! But, if you have applied to another school add it, that way if you do move in a different direction, they will already have your FAFSA. It is so easy to add additional schools when you are filling out the application, but if you go back in the FAFSA and add more schools you risk making an error that can cost you more time. You can add up to 10 schools on the application (if you want to add more follow up with FAFSA on instructions).
Should I use the IRS Data Retrieval Tool
YES! YES! YES! If you take nothing else from today’s blog on FAFSA, take this. Use the IRS Data Retrieval Tool if it is an option for you! This tool is WAY cool and one of the best tools FAFSA has brought about. The USDE advised that a partnership with the IRS enables parents and student to transfer their tax return information directly using the IRS Data Retrieval Tool. This is a HUGE time saver and ensures that the financial section of the FAFSA is completed correctly. The financial section of the FAFSA usually causes the most frustration and has the most difficulty in the application. Using the IRS Data Retrieval Tool can prevent a lot of that.
I want to be transparent and hopefully keep you from possibly being surprised, but not everyone will be eligible to use the IRS Data Retrieval Tool. There will be some of you out there who cannot use this tool based on how you filed your taxes (example could be an amended tax return). If you are not able to use the tool, I go back to my main theme…. take your time. Hover over each box you must fill in and see what the directions are to find the information on your taxes, this should help and reach out if you get stuck.
Sign the FAFSA
This probably seems obvious, if you take the time to complete the FAFSA signing it should be the logical last step. Why wouldn’t it be signed? If the student completes the FAFSA and is waiting for Mom/Dad to sign with their personalized FSA ID (no students do not sign for your parents and parents do not sign for your student). Or if you set up your FSA ID the same day you fill out the FAFSA and must wait 3 days and forget to return to sign it later. If you must wait to sign it, set an alarm for yourself, tell a friend to help you remember. Whatever you need to do to remember to return to the FAFSA application and sign it.
Federal work-study, pell grant, loans
Federal work-study (FWS) - provides part-time employment to students to help with the cost of higher education. FWS is offered at approximately 3,400 postsecondary institutions and wages are no less than minimum wage (USDE, 2022). FWS is not offered at every institution so you will have to reach out to every institution to identify ones that offer this program.
Pell grant – is financial aid provided to low-income undergraduates to assist with tuition costs. Grant eligibility amounts are determined by the expected family contribution (EFC) number that is shown after the FAFSA is completed. If you are successfully completing your classes paid for by the pell grant, these do not have to be repaid, unlike a federal student loan.
Federal Student loans – student loans that DO HAVE TO BE PAID BACK. Almost everyone will have a chance to take out federal student loans (even with higher incomes). To find out your eligibility you will need to complete the FAFSA.
Does your head hurt yet? Is this a lot of information, yes. Is this everything, sorry to say it is not, but this should help you get started on understanding next steps. The biggest takeaway – TAKE YOUR TIME. I cannot stress this enough. If you have more questions submit them, or if you are ready to learn more look at the webinar options to see if one fits, or schedule for a 1:1 zoom!
Until next time… Have a great day Everyone!
If you don’t take a chance on yourself, who will!
Dr. Danielle Kish struggled with her college journey, costing her time and money. Danielle’s hard work and research paid off, and she completed her doctorate in education. She is dedicated to helping students and families overcome obstacles, identifying the right questions to ask, and assisting in where to find the answers. Dr. Dani continues to focus on improving student success in the classroom through research, conference engagements, and publications. To read ‘The Full Story,’ visit the ABOUT page at College Questions, www.qar101.com.
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