By Abisha Fenn
The college application process can be stressful with so much to consider—financial aid, college visits, fulfilling requirements, writing the essays…the list goes on. This article is here to help you understand the ins and outs of the FAFSA.
1) WHAT IS THE FAFSA?
The FAFSA stands for Free Application for Student-Aid[i]. This form is used to calculate estimated family contribution (known as you EFC number). This number is used by colleges to determine approximately how much tuition your family can contribute each year.
The FAFSA is also used by certain states to determine state financial aid—North Carolina included!!
Many North Carolina scholarships are first come first serve—if you are hoping for state financial aid, it is better to apply early![iii]
When the EFC is calculated, there a number of factors that go into consideration: family income (based on tax reports from the previous year[iv]; 2017’s if you apply during the 2018-2019 school year), student assets, family assets, number of siblings, siblings currently in college, and more.
2) WHO IS ELIGIBLE?
(The following requirements are not comprehensive—these are the general criteria; click here[vii] for a complete list)
U.S. citizens or eligible noncitizens (view the above link to see if you fall under this status)
Must have a Social Security Number
Must have a high-school diploma (or enrolled as a student)
Male candidates must be registered for the selective service
Most people who receive aid also have some financial need and a satisfactory academic record (based on each school’s criteria).
3) WHEN DO I NEED TO APPLY?
Class of 2019: Opened Oct. 1 2018 and closes Jun 30 2019
Class of 2020: Opens Oct. 1 2019 and closes Jun 30 2020
Class of 2021: Opens Oct. 1 2020 and closes Jun 30 2021
Class of 2022: Opens Oct. 1 2021 and closes Jun 30 2022 [viii]
· It’s always a good idea to apply as early as possible!
4) WHAT ASSETS NEED TO BE REPORTED?
Assets include any property or investments of value. Some assets are considered student assets while others are considered parent assets. Student assets are weighted at a higher percentage giving them more value than a parent asset.[ix]
5) HOW DO I APPLY?
Once the application opens for your school year, start by creating a FAFSA ID.
Have all the necessary information accessible: tax records, asset records, SSN, and list of schools you are applying to.[xi]
6) COLLEGES WITH GUARANTEED FINANCIAL AID
As stated earlier, your FAFSA determines you demonstrated need based on your EFC number (demonstrated need = cost of college per semester- EFC).[xiii]
Some colleges give 100% of demonstrated financial need while other colleges give a certain percentage of demonstrated need and make up the rest with work-study programs and federal loans.
· The following colleges[xiv] give 100% of demonstrated financial need with no strings attached: Amherst College, Bowdoin College, Brown University, Colby College, Columbia University, Davidson College, Harvard University, Massachusetts Institute of Technology, Northwestern University, Pomona College, Princeton University, Stanford University, Swarthmore College, University of Chicago, University of Pennsylvania, Vanderbilt University, Washington and Lee University, and Yale University
7) OTHER INFORMATIONYou can fill out FAFSA each year of college to update your financial assets. Since student assets contribute to your EFC at a greater percentage, it is advised that you spend all student assets first so that you will be eligible for more financial aid as you go through college[xv].
While filling out your FAFSA, there is a spot to indicate which colleges you want your information to be sent to. There is a limit of 10 schools, but more can be added with an additional form.
Types of Aid
Aid comes in many different forms[xvi].
1) Grants and scholarships
2) Loans
3) Work-Study opportunities
4) Tax benefits
5) Aid for international study
Also, information from you FAFSA may be used by your college in determining eligibility for scholarships based on merit and need.
All the best as you go through the college application process!!
References:
[i] "Free Application for Student Financial Aid." www.cfnc.org, College Foundation, www.cfnc.org/pay/fafsa.jsp. Accessed 3 Mar. 2019.
[ii] Johnson, Kimberly. "FAFSA Deadline: Dates To Know In NC For Student Financial Aid." www.patch.com, Patch, 3 Jan. 2019, patch.com/north-carolina/charlotte/fafsa-deadline-dates-know-nc-student-financial-aid.
[iii] @FAFSA. “Financial aid in these states is limited! Don't miss out on for school! Fill out the FAFSA form now: http://fafsa.gov.” Twitter, 1 Jan. 2019, 1:00 p.m. https://twitter.com/FAFSA/status/1080207060762005506.
[iv]Le, Sandra. "7 Things You Need Before You Fill Out the 2019-20 FAFSA Form." blog.ed.gov, 5 Sept. 2018, blog.ed.gov/2018/09/7-things-you-need-2019-20-fafsa/.
[v] bigfuture.collegeboard.org/pay-for-college/paying-your-share/expected-family-contribution-calculator
[vi] Federal Student Aid. "Estimate Your Aid." studentaid.ed.gov, U.S. Department of Education, studentaid.ed.gov/sa/fafsa/estimate. Accessed 3 Mar. 2019.
[vii] Federal Student Aid. "Basic Eligibility Criteria." studentaid.ed.gov, U.S. Department of Education, studentaid.ed.gov/sa/fafsa/estimate. Accessed 3 Mar. 2019.
[viii] See v
[ix] Edvisors. "Student Aid Secrets: Report Student vs. Parent Assets." www.edvisors.com, www.edvisors.com/fafsa/secrets/student-vs-parent-assets/. Accessed 3 Mar. 2019.
[x] Cappex. "How to Shelter Assets on the FAFSA." www.cappex.com, www.cappex.com/articles/money/how-to-shelter-assets-on-the-fafsa. Accessed 3 Mar. 2019. (image taken directly from website)
[xi] See v
[xii] Federal Student Aid. "Apply for Aid." studentaid.ed.gov, U.S. Department of Education, studentaid.ed.gov/sa/fafsa. Accessed 3 Mar. 2019.
[xiii] See vii
[xiv] Powell, Farran. "18 Schools that Meet Full Financial Need With No Loans." U.S. News and World Report, 18 Sept. 2018, www.usnews.com/education/best-colleges/paying-for-college/articles/2018-09-18/18-schools-that-meet-full-financial-need-with-no-loans.
[xv] See x
[xvi] Federal Student Aid. "Types of Aid." studentaid.ed.gov, U.S. Department of Education, studentaid.ed.gov/sa/types. Accessed 3 Mar. 2019.
Comments