Do you have a child who plans to attend college in the next year? Then you’ll want to complete the FAFSA — the Free Application for Federal Student Aid. A wide range of financial assistance is distributed based on FAFSA information. In some cases, assistance is distributed on a first-come first-served basis, so it’s always a good idea to complete the FAFSA as early as possible once you know when your child will be starting college. (Go to this link for information about application deadlines.)
Families of all incomes should consider filling out the FAFSA. It’s used to determine eligibility for more than just need-based financial aid, which means you’ll still want to complete the FAFSA even if you assume your student won’t qualify for need-based assistance earmarked only for students who are a part of low- to moderate-income families. Other federal programs, such as work study and student loans, rely upon the FAFSA. Individual states and schools may use the FAFSA for their programs as well.
You’ll need information from a past tax return to complete the FAFSA (Which year you’ll need depends on when you fill it out). Before you begin the FAFSA application process, make sure you’re applying at the right place. The official website is fafsa.gov and competing the FAFSA is always free. There are many services available online that charge a fee to help you file. If you’re asked to provide credit card information, you’re on the wrong website.
Parents of college bound students also should know that due to the COVID-19 outbreak, if their family’s financial situation has changed significantly from what is reflected on its federal income tax return, such as a job loss or reduction in household income, they may be eligible to have their financial aid eligibility adjusted. Here’s what you need to do: Complete the FAFSA questions as instructed on the application (including the transfer of tax return and income information), submit your FAFSA form, then contact the school you plan to attend to discuss how your current financial situation has changed.
One more important piece of information: You have to submit the FAFSA each school year that you want to receive financial aid. For more information about the FAFSA, go to this link.
