By HELEN IDZOREK Graduation is a mere four months away. Whether you are a high school senior preparing to enter college next fall or a non-traditional student who is planning to return to school as an adult learner, many people will be completing their Free Application for Federal Student Aid (FAFSA).
The FAFSA determines eligibility for student loans, grants, need-based student employment and other forms of aid. Everyone should fill out a FAFSA even if they believe they (or their parents) make too much money, they have poor grades, are too old or that the form is too difficult to complete. Some schools will not consider students for scholarships (even academic) if they do not have a FAFSA on file. The bottom line is you may be missing out on free money if you do not fill out the application. The easiest way to apply is online but paper copies are also accepted.
An applicant is generally considered dependent if they were born after January 1, 1993, are unmarried, are not working toward an advanced degree and are not serving in the military. Additional dependency determinants can be found at https://studentaid.ed.gov/sa/fafsa/filling-out/dependency#dependency-questions. If the applicant is a dependent, their parents’ information will also need to be reported. If the parents are divorced, only one parent need supply information. If a student in married, they must report their spouse’s information.
If you are a male between the ages of 18 and 25, be sure to register with the Selective Service. Failure to register with the Selective Service generally renders you ineligible for federal financial aid. If you have not yet registered, there is an option to register via the FAFSA site.
Before you begin you will need to have the following items gathered:
- Your Federal Student Aid PIN (parents and student)— In order to sign your FAFSA electronically, you’ll need a Federal Student Aid PIN. You can create an online ID at https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid.
- Your social security number (parents and student) — If you are not a U.S. citizen, you’ll also need your Alien Registration Number.
- Your driver’s license number — If you don’t have a driver’s license, then don’t worry about this step.
- Your tax records (parents and student) — Use income records for the tax year prior to the academic year for which you are applying: so if you are filling out the 2016–17 FAFSA, you will need 2015 tax information. If you have filed your taxes already, you may be able to automatically import your tax information into the FAFSA using the IRS Data Retrieval Tool. This is yet another reason to file your taxes early!
- Records of your untaxed income (parents and student) — This may or may not apply to you. Examples of untaxed income include child support received, interest income and veterans non-education benefits.
- Records of all your assets (parents and student) — This includes savings and checking account balances, as well as investments like stocks and bonds and real estate.
- List of the school(s) you plan to apply to— The schools you list on your FAFSA will automatically receive your FAFSA results electronically. You can list up to 10 schools. Be sure to list any school you’re considering.
Most mistakes on the FAFSA are because the applicant has not read the instructions thoroughly so be sure to read and re-read the instructions. Report your name exactly as it appears on your social security card. If you do report the wrong social security number on the FAFSA, it is best to complete a new FAFSA using the correct number rather than correcting the number on your Student Aid Report (SAR).
After you submit the FAFSA, you should receive a Student Aid Report (SAR). You will receive an email with a link to this information within 3-5 days; or in the mail after 7-10 business days. The SAR will indicate your family’s Expected Family Contribution (EFC). The EFC is the estimate used by schools to determine the amount of aid you are eligible for. It is not the amount you will receive nor is it the amount your family will necessarily be expected to pay.
Carefully review the SAR to look for any errors. If corrections are needed they can be submitted by logging into your FAFSA account and following the steps under Make FAFSA Corrections. If you submitted using a paper copy, add or correct information on your paper SAR, sign it, and mail it to the address provided. Once any errors are corrected and your FAFSA is complete your school will send you a letter with the financial aid you are eligible to receive. Be sure to review carefully and only take out what is needed. Student loans can be tempting but they are loans and need to be paid back (currently at a 4.29% interest rate). Many loans also have fees which are deducted from each disbursement but which you are responsible for paying back. A good rule of thumb is to not take out more than you anticipate earning in your first year’s salary. Explore other ways to cut back living expenses such as living on campus and not taking a car with you to school.
The FAFSA website has many useful tools and helpful information. Other valuable resources include your college’s Financial Aid office and your High School guidance counselor. Careful planning and attention to detail when applying for financial aid can be the first step toward a rewarding college experience.
Helen Idzorek is the Extension Home Economist and 4-H Agent for NMSU Cooperative Extension Service. She can be reached via email at hidzorek@nmsu.edu or at 505-662-2656. The Los Alamos County Cooperative Extension Service is located in the Community Building at 475 20th St, Suite A, Los Alamos, NM 87544. Find them on Facebook or visit their website at www.losalamosextension.nmsu.edu New Mexico State University is an affirmative action/equal opportunity employer and educator. NMSU and the U.S. Department of Agriculture cooperating.
