pay the way
financial aid
A Step-by-Step
Guide to the FAFSA
There’s always one major thing weighing on everyone’s
mind when applying to college: money. More specifically,
how to find as much money as possible to fund your edu-
cation. According to the office of Federal Student Aid, $120
billion in federal grants, loans, and work-study funds are
awarded annually to more than 13 million students. Want to
be part of that 13 million? The single most important step
is filling out the FAFSA, or the Free Application for Federal
Student Aid.
All high school seniors are eligible to fill out the FAFSA starting on Octo-
ber 1. You’ll want to file as early as possible- financial aid is often awarded
on a first-come, first-served basis. Even if you don’t think you’ll qualify for
aid, file your FAFSA! Seriously. Many schools require it for admissions and
scholarships.
FAFSA FAQs
Q: When
will I get my results?
A: After your FAFSA is filed, your Student Aid Report (SAR) should
According to nerdwallet.com,
students missed out on
$2.7 billion
in aid in 2014,
mostly due to not filling out
their FAFSA!
64 %
of graduating
students didn't fill
out their FASFA in 2017.
arrive within a few weeks. At this point, if you’ve already been admit-
ted to a school (or a few schools), you should start receiving financial
aid award letters.
Q: W
hich year’s tax information do I submit?
A: You’ll need the numbers from your prior-prior year federal income
tax return. For example, for the 2018-19 academic year FAFSA, you
would use your 2016 income tax return.
Q: D
o I really have to file it?
A: Technically, no. But yes! There is no income cutoff to apply, and it
won’t just affect federal aid; your college may offer you other financial
awards if you have a completed FAFSA on file.
Q: D
o I have to file it more than once?
A: Yes, you’ll have to file a new FAFSA every year you’re in college.
Q: W
hat if I'm not a senior?
A: If you want to know how much federal student aid you might be
eligible for once you do start applying to colleges, the FAFSA4Cast-
er is what you need. Just fill out some basic information, and it will
estimate your eligibility for federal student aid. Check it out at www.
fafsa.ed.gov!
44 |
Winter 2018
www.potentialmagazine.com
PREP WORK
You and your parents should have
your financial and demographic info
ready to go. This includes:
• Federal income tax returns or W-2’s
• Bank statements
• U ntaxed income and investment records
(like 529 accounts)
You’ll have to wait for 30 minutes after
creating an account before you can login and
start filling out your FAFSA— be patient!