- Apply early and stay on top of the process.
- Always ask questions if you think you might have a special circumstance or situation occurring in your family that might affect your ability to pay for college.
Example One: I helped a student complete the FAFSA just a few days ago. We looked up his bill at his college it was due that day! His first question to me was, “when can I receive the financial aid and can I charge my books?”. We scheduled an appointment to complete the FAFSA in October for the next academic year.
Example Two: I received a phone call a few days ago from a parent who said the college had not received any FAFSA information yet even though they had completed the FAFSA last December. I looked at it and sure enough, the college was listed, however, for some reason (some kind of glitch) the college did not receive it electronically. The parent needed to contact the college and they should be able to retrieve it for them.
Then, after asking a few questions, it turned out that even though the families income from wages and farm income was relatively low, because they sold some farm land to pay off farm debts in 2018, their adjusted gross income was very high. This would cause the student to have a high EFC and to not be eligible for any need based grants or loans. The parent needed to contact the college to explain the situation.
Applying Early and Staying on top of the Process
Remember that the earliest a student can apply for financial is October of the previous year, So students attending school this year began applying for aid in October 2019. Why should they do that? Some financial is limited and runs out. Colleges have early priority application dates. Some scholarships, both institutional and private, as well as state financial aid have deadline dates. By applying after these dates, students can automatically exclude themselves from thousands of dollars!
Example Two: I received a phone call a few days ago from a parent who said the college had not received any FAFSA information yet even though they had completed the FAFSA last December. I looked at it and sure enough, the college was listed, however, for some reason (some kind of glitch) the college did not receive it electronically. The parent needed to contact the college and they should be able to retrieve it for them.
Then, after asking a few questions, it turned out that even though the families income from wages and farm income was relatively low, because they sold some farm land to pay off farm debts in 2018, their adjusted gross income was very high. This would cause the student to have a high EFC and to not be eligible for any need based grants or loans. The parent needed to contact the college to explain the situation.
Applying Early and Staying on top of the Process
Remember that the earliest a student can apply for financial is October of the previous year, So students attending school this year began applying for aid in October 2019. Why should they do that? Some financial is limited and runs out. Colleges have early priority application dates. Some scholarships, both institutional and private, as well as state financial aid have deadline dates. By applying after these dates, students can automatically exclude themselves from thousands of dollars!
Another reason is the stress factor! By applying late it takes longer to know how much you qualify for or how to cover costs. The not knowing can be very stressful.
Even after you apply, stay on top of the process and contact the college if you have any questions or if you have not heard about your financial aid. Like in the example above, the student applied early, and that was great! However, for some reason, the college did not receive the information. That’s why it is important to stay on top of the process.
Special Circumstances
The FAFSA is designed to be a snap-shot of what the family’s financial situation and that determines what the student’s eligibility is for financial aid. The FAFSA asks for the prior-prior year’s tax information. That means the families 2018 tax information is looked at for the 2020-2021 academic year.
A lot can happen between December of 2018 and August of 2020 as far as income goes. For example, loss of a job due to the economy or Covid-19, medical bills not covered by insurance, earning less money in 2019 or 2020. If anything has changed in your financial situation since you provided the information on the FAFSA, you need to contact the financial aid office at the college the student will attend. Maybe they can make a change based on what is happening now.
The financial aid process can be a little confusing. If you ever have any questions or if you would like to schedule a FAFSA appointment (as early as October 1 for the Fall 2021, please contact us at 877-272-4692 or online at www.icansucceed.org and we would happy to help!
Have a great year and stay healthy and safe!
Even after you apply, stay on top of the process and contact the college if you have any questions or if you have not heard about your financial aid. Like in the example above, the student applied early, and that was great! However, for some reason, the college did not receive the information. That’s why it is important to stay on top of the process.
Special Circumstances
The FAFSA is designed to be a snap-shot of what the family’s financial situation and that determines what the student’s eligibility is for financial aid. The FAFSA asks for the prior-prior year’s tax information. That means the families 2018 tax information is looked at for the 2020-2021 academic year.
A lot can happen between December of 2018 and August of 2020 as far as income goes. For example, loss of a job due to the economy or Covid-19, medical bills not covered by insurance, earning less money in 2019 or 2020. If anything has changed in your financial situation since you provided the information on the FAFSA, you need to contact the financial aid office at the college the student will attend. Maybe they can make a change based on what is happening now.
The financial aid process can be a little confusing. If you ever have any questions or if you would like to schedule a FAFSA appointment (as early as October 1 for the Fall 2021, please contact us at 877-272-4692 or online at www.icansucceed.org and we would happy to help!
Have a great year and stay healthy and safe!
John - ICAN Waterloo and Hiawatha Centers
