School’s out for the summer, which leaves parents and families with more time to tackle the planning and paperwork that comes with college admissions.
For college students still looking to sort out financing for the 2015–16 academic year, it’s too late to file the Free Application for Federal Student Aid (FAFSA) for funds awarded by Missouri. However, the final deadline to file the federal FAFSA is June 30.
We don't need to convince you that the FAFSA application is confusing, so we asked Teresa Stock Steinkamp, advising director for The Scholarship Foundation of St. Louis, to guide us through the filing process.
What do many parents and students not realize about the FAFSA application?
1. Filing a FAFSA application is free.
2. Many colleges have their own priority FAFSA completion deadlines; meet the earliest possible deadline.
3. If students or parents do not file taxes, they can still file a FAFSA.
4. Historically, the FAFSA has been made available each year on January 1. However, starting this fall, the FAFSA will be available on October 1. You will be able to use 2015 taxes and will not need to update after 2016 taxes are filed the following spring.
5. If students are independents, then they do not have to consider their parents' financial information when filing their FAFSA. To qualify as an independent, students must meet one of the following criteria: Be 24 years of age, have obtained a bachelor’s degree, be married, have a child who they provide more than 50 percent of the financial support for, be a veteran or on active duty, be in court-ordered legal guardianship, be emancipated, be in foster-care or a ward of the court or state, or be classified as homeless.
6. The FAFSA is a math calculation, which calculates the Expected Family Contribution (EFC). The EFC determines aid eligibility for federal and state programs. In addition, it is an indicator of what a family can contribute per academic year toward the cost of attendance.
Who is eligible for federal student aid?
All U.S. citizens and eligible non-citizens (e.g., those with green cards) are eligible for federal student aid. The aid students receive is dependent on a student and family’s financial circumstances. Click here for more details.
How much federal student aid do students receive on average?
There are so many factors that play into how much aid a student receives, which makes this a very difficult question to answer. However, students who want to learn early what their aid eligibility might be can estimate it using the FAFSA4caster.
What are the most common forms of federal student aid?
Federal student aid comes in the form of grants, which are based on financial need, work study—which also has a need component—and student loans. Not all loans are created equal. Some do consider financial need and others, such as the unsubsidized Stafford loan, are not need-based. The unsubsidized Stafford loan immediately begins accruing interest, which the student is responsible for repaying. Loans are the biggest type of federal student aid. For more information about the differences between loans, browse The Scholarship Foundation’s Financial Aid Basics workbook.
What are the basic documents that students and families need to gather before they apply?
Students and families planning to file the 2016–17 FAFSA will need access to the following information:
• Full legal name, social security number, and birth date of the student and parents
• Current marital status of student's parents, including the month and year when that marital status began
• 2015 tax information (if federal taxes were filed). Families are strongly encouraged to use IRS Data Retrieval, which transfers processed tax information from the IRS into the FAFSA, but it is wise to have 1040s and W2s on hand.
• Families may need balances of cash, savings, and checking accounts; net worth of investments; and, if applicable, value of small businesses.
Need additional help? Visit the High School to College Center to receive one-on-one assistance in firming up plans for 2016–17 college enrollment. The center is free, and no appointments are required.
