The 2017–18 FAFSA® will be available October 1, 2016—three months earlier than usual!
Beginning this year, you’ll also be required to use earlier (2015) tax information than in previous years. How does that benefit you? Since you’ve already filed your 2015 taxes, you’ll be able to transfer your tax information into your FAFSA right away! (And you won’t need to update your FAFSA after you file 2016 taxes.)
These exciting changes are sure to save you time and make the FAFSA much easier to complete. Just make sure to take your time so you don’t make one of these mistakes:
1. Not Completing the FAFSA
I hear all kinds of reasons: “The FAFSA is too hard,” “It takes too long to complete,” I never qualify anyway, so why does it matter?” It does matter. The FAFSA is not just the application for federal grants such as the Pell Grant. It’s also the application for work-study funds, low-interest federal student loans, and even scholarships and grants offered by your state, school, or private organization. If you don’t complete the FAFSA, you could lose out on thousands of dollars to help you pay for college. The FAFSA takes little time to complete, and there is help provided throughout the application. Oh, and contrary to popular belief, there is no income cut-off when it comes to federal student aid.
Need to fill out the FAFSA® but don’t know where to start? I’m here to help. Let’s walk through the process step by step:
1. Create an Account (FSA ID)
Student: An FSA ID is a username and password you need to log in to and sign the FAFSA online. If you don’t have an FSA ID, get one here ASAP. It takes about 10 minutes to create an FSA ID. If this will be your first time filling out the FAFSA, you’ll be able to use your FSA ID right away to sign and submit your FAFSA online. If this is not your first time filling out the FAFSA, you’ll need to wait 1–3 days before you can use your new FSA ID (there’s an account verification process).
IMPORTANT: Some of the most common FAFSA errors occur when the student and parent mix up their FSA IDs. If you don’t want your financial aid to be delayed, it’s extremely important that each parent and each student create his/her own FSA ID and that they do not share it with ANYONE, even each other.
If you need financial aid to help you pay for college, you must complete the Free Application for Federal Student Aid (FAFSA®). The 2017–18 FAFSA will be available on October 1, 2016—three months earlier than usual—at 12 a.m. Central time. You should fill it out as soon as possible on the official government site, fafsa.gov.
To speed up the FAFSA process, get prepared early. Here is what you’ll need to fill out the FAFSA:
If you’re a dependent student, you will need certain information for your parents as well; we’ve indicated each of those items with an asterisk (*) below.
1. Your FSA ID*
An FSA ID is a username and password that you must use to log in to certain U.S. Department of Education (ED) websites, including fafsa.gov.
Anyone who plans to fill out the 2017–18 FAFSA should create an FSA ID as soon as possible.
If you are required to provide parent information on your FAFSA, your parent should create an FSA ID too.
Because your FSA ID is equivalent to your signature, parents and students each need to create their own FSA IDs using separate email addresses. Parents should not create an FSA ID for their child and vice versa.
In some situations, you may need to wait up to three days to use your FSA ID after creating it. If you want to avoid FAFSA delays, create your FSA ID now.
Spoiler alert: college is really expensive. Begging the government for money can make it more affordable! Such begging is done in the form of the Free Application for Federal Student Aid—FAFSA® for short. In order to maximize the amount of aid you can get, it’s very important that you fill out your FAFSA early.
In my experience, filling out the FAFSA is not super quick and easy. While you can do it in one sitting, it’s a bit of a process. That’s why it’s best to get a solid start on it so you’re not overwhelmed with it just before a deadline. Here are some tips to help you prep for and fill out your FAFSA.
And here’s some info about when you CAN fill out your FAFSA versus when you SHOULD fill out your FAFSA. There can be a big difference!
You might have heard that the next FAFSA® will be available on October 1, 2016 as opposed to January 1, 2017. Well, it’s not a myth! If you (or your child) are planning to go to college during the 2017–18 academic year, you’ll want to make sure you have your facts straight. Check out the 7 myths about the FAFSA below.
I used 2015 tax information last year and didn’t get any aid, so it’s pointless to fill out the FAFSA again.
FACT: Not pointless! Your aid award could be different this year.
If you filed a 2016–17 FAFSA and received an award letter from your school, don’t assume that next year’s financial aid award will be the same. We ask you to complete the FAFSA annually because the factors used to calculate your aid could change each year. Things like your year in school, family income, and cost of attendance at your school are just a few factors used to determine your aid. You never know what aid you may get if you don’t complete the FAFSA, so don’t let last year’s award deter you from potential aid you may receive this year. Even if you did not get the Federal Pell Grant last year, you could still be eligible for other types of aid this year. This includes work-study and low-interest loans. Also, many states, schools, and private scholarships require you to submit the FAFSA to be considered for their aid as well.
Student and a counselor at College Depot, Phoenix Public Library.
This past spring, I had the pleasure of traveling out to Phoenix, Arizona to meet with various counselors, mentors, and college access professionals to learn more about how they are getting ready for the upcoming FAFSA season. With the FAFSA launching earlier this year on October 1, many of you have started to organize events and prepare to help students and parents through the financial aid process. As a former college counselor, my biggest piece of advice to you is to familiarize yourself with the Financial Aid Toolkit. It is a goldmine of information that can help answer many of your questions and assist with your financial aid planning process. Also, here’s some advice from a few of our key partners on how to make this process fun and exciting.
Freshmen orientation. You can almost smell the nerves in the room, but you’re not worried. Dorm room, check. Class schedule, check. Textbooks, check. Watching your siblings and friends go through their college years has prepared you for the years ahead. Surely there were bumps and bruises, but there’s bound to be people on campus to help you avoid making life changing mistakes and make the most of your time at the school. Right?
Here at the Department of Education, we asked some of our interns for any advice they would extend to incoming freshmen to make their college years un-regrettable…
There are two exciting changes coming to the Free Application for Federal Student Aid (FAFSA®) process this year.
1. The 2017–18 FAFSA will be available earlier.
You can file your 2017–18 FAFSA as early as Oct. 1, 2016, rather than beginning on Jan. 1, 2017. The earlier submission date will be a permanent change, enabling you to complete and submit a FAFSA as early as October 1 every year.
2. You’ll use earlier income and tax information.
Beginning with the 2017–18 FAFSA, you’ll be required to report income and tax info from an earlier tax year. For example, on the 2017–18 FAFSA, you—and your parent(s), as appropriate—will report your 2015 income and tax info, rather than your 2016 income and tax info.
1. We get this question so many times a day! Your school will disburse (pay out) your financial aid, not the federal government. Since each school has a different timeline for awarding aid, you’ll have to call your school’s financial aid office to find out the specific date.
@FAFSA DO YOU THINK THAT A COLLEGE EDUCATION GROWS ON TREES?????? I NEED MORE MONEY????
If you work in public service, you already know that feeling of self-fulfillment that comes from helping others, but you might not realize a potential added benefit of your public service work: federal student loan forgiveness.
The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. I know what you’re thinking … “qualifying” is used a lot of times in that sentence. How would you possibly know if you qualify? You don’t have to guess; there’s an easy way to determine your eligibility for Public Service Loan Forgiveness.
Submit an Employment Certification Form (sometimes called an ECF).
1. What’s an ECF and why should I submit it?
An ECF is a form that you can complete and submit to keep track of your progress toward loan forgiveness under the Public Service Loan Forgiveness Program. It requires you to provide some basic information about you (the borrower) and your employer. Both you and your employer are required to certify that the information on your ECF is true, complete, and correct. Once you submit your form, the PSLF servicer will determine if your loans are eligible for PSLF and if your employer qualifies. Qualifying public service employment can include government work, teaching in a public school, or working at a non-profit organization.
If you’re a parent of a dependent undergraduate student or if you’re someone planning to attend graduate school, you’ve probably heard of the PLUS loan. The Direct PLUS Loan is a federal loan program that’s available specifically for these two groups of people to help cover the remaining cost of attending school after all other financial aid has been applied. Below we’ll explain the requirements, application process, and some tips if you’re considering getting a PLUS loan.
Requirements to Receive a PLUS Loan
No Adverse Credit History A credit history is a summary of your financial strength, including your history of paying bills and your ability to repay future loans. To qualify for a PLUS loan, you cannot have an adverse credit history.
Your child is going to college or career school—that’s great! But you may have questions about how to pay for it. If your child hasn’t completed the Free Application for Federal Student Aid (FAFSA®), ask your child to complete it today. Completing and submitting the FAFSA is free and quick, and it gives your child access to the largest source of financial aid to pay for college or career school, including loans YOU can receive.
After applying for financial aid, your child may receive an aid offer from the school that includes grants, federal work-study, scholarships, school and state aid, and federal student loans. Those federal loans may include a Direct PLUS Loan that you can get as a parent borrower. PLUS loans are an excellent option if you need money to pay your child’s education expenses, but you’ll want to make sure you understand the loan terms before you get one. Once you’ve taken out a PLUS loan, you must repay it, even if your child doesn’t complete their degree, can’t find a job related to their program of study, or if you or your child are unhappy with the education you paid for with your loan.