Applying for College Financial Aid

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

Published by Beth Schanou 

Now that January has arrived, those with college aged students are faced with the task of completing the Free Application for Federal Student Aid (FAFSA). The FAFSA data gives a student access to financial aid and many states and colleges (public and private) use the data to determine eligibility for state and school aid. 

The FAFSA became available January 1st for the 201516 school year. To increase a student’s chances of receiving the best financial aid package for which they are eligible, it should be completed as soon as possible. Some schools have deadlines so pay attention to those. The application may be completed in paper form or online at www.fafsa.gov by clicking the “Start A
New FAFSA” button for new users or the “Login” button for returning users.

Completing the FAFSA requires personal and financial information. If a student is considered a dependent student for purposes of federal student aid, parent information must be reported. Part of the financial information necessary on the application is derived from tax forms and when completing the 2015-16 FAFSA, 2014 tax information is required. Fortunately, it is permissible to estimate tax information if taxes have not yet been filed. If tax information is estimated, it is necessary to log back in to the FAFSA to correct the estimates. For those who file their taxes before completing the FAFSA, the IRS Data Retrieval Tool may allow electronic transfer of information directly into the application from the tax return.

By completing the FAFSA, a student is also applying for certain state financial aid. Sometimes a separate application is required to determine eligibility for state aid. Some states, however, have a partnership with FAFSA allowing the student to transfer information directly into the state aid application. If this option is available, a link will be present on the FAFSA confirmation page appearing after the application is signed and submitted. This information is typically not available on an emailed confirmation. It is normal to feel overwhelmed when thinking about FAFSA completion. Usually the biggest challenge is just getting started. It may also be reassuring to know the FAFSA does not have to be completed all at once. For additional tips and information, Federal Student Aid prepared this graphic (https://studentaid.ed.gov/sites/default/files/fafsaprocess.pdf).

Talk to your wealth advisor to discuss planning for your child/grandchild’s college education.

Share:
facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

RECENT POSTS

Bucket Investment Strategy: Bucket #3 Is for Long-Term Growth

By Scott Keegan, Associate Wealth Advisor To wrap up my series on bucketing, I want to look at Bucket #3. To get a full picture of the bucketing system, check out our previous blogs on Bucket #1 and Bucket #2. The Bucketing System can be good framework for people who are in or nearing retir …

What Can Happen if You Don’t Plan: My Family’s Experience with Loss

By Jaymon Meikle, CFP®, Wealth Advisor One of my heroes is my Grandpa Meikle, who was an advisor himself and has been an important mentor my entire life. Another hero of mine is my Grandpa McKnight, or “Ray” to everyone else. Grandpa McKnight was a giant among men and was loved by many. He …

Should I Save for My Kids’ Education or My Retirement?

By Jaymon Meikle, CFP®, Wealth Advisor College is expensive. According to US News, the average cost of in-state tuition increased by 211% from 2002-2022. It is very likely that our kids will pay much more for their education than we had to for ours. On the other hand, the same could be said …

Paying for Health Care in Retirement

By Ryan Yamada, Senior Wealth Planner    When putting away for retirement, we often dream about all the things we’ll be able to do with that money – traveling, going out to eat, maybe trying new hobbies. 
1 2 3 107 108 109

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation