Page 38 - Admissions Logistics 2020

A A A A GUIDE TO FINANCIAL AID
While getting getting a a a a a a a a a a a a a a a a scholarship scholarship may sound difficult (and it it can be) getting getting financial financial aid aid is is much simpler Unlike scholarships most most financial financial aid aid is is need-based That means that that it it it it goes goes to those who need need need it it most most first After that it it goes fin in in descending order of need need need What do do you you need to to to do do to to to get financial aid? The first thing that should pop into your mind is is the the FAFSA FAFSA or or or Free Application for Federal Student Aid which is is is the the the the single most important part of the the the financial financial aid aid process The FAFSA FAFSA is is a a a a a a a a a a a a a a a a a tool from the the the federal government that some colleges use to to determine your financial financial aid aid award package UNDERSTANDING THE FAFSA The The FAFSA FAFSA form is is used by all colleges and and federal grant/loan programs to to determine your level of of need and and to to to grant grant the the the financial aid they feel is is appropriate The The FAFSA FAFSA cannot be be be filled out any earlier than October 1 of of your senior year year fin in in high school because it relies on on the the the the the previous previous year’s tax tax tax information for for for the the the applicant It is necessary to to to to have a a a a a a a a a a a a a a a a a a a completed tax tax tax return (for the the the previous previous year) to to to fill out a a a a a a a a a a a a a a a a a FAFSA For example if you you are applying in in in in in October of of 2020 your 2019 2019 tax tax tax information must must be be completed and submitted in in in in April of of 2019 2019 If the the the the the student is still claimed as a a a a a a a a a a a a a a a a dependent by their parents parents the the the the the parents parents must must complete complete the the the the the FAFSA FAFSA There are are are are times that there are are are are unique situations please contact FAFSA FAFSA if you have questions The new FAFSA FAFSA form for for the the the current year is is is usually released during the the the first week of October It is is is highly advised that that you you fill out the the the the the FAFSA FAFSA as as as as soon as as as as possible so so so that that you you can can submit it—not only does the the the the order of of when it it it it was received matter but also the the the the availability of of funds Applicants are more likely to be be be granted financial financial aid aid if their application is available for consideration Be as as as as accurate as as as possible with those numbers numbers The amount of financial financial aid aid you receive will be be be be based on on on on these numbers There are are are many gray areas on on on on the the FAFSA application that can help you you you demonstrate your need but you you you must must be be careful not to make common mistakes As an an an example suppose the the the the the child of a a a a a a a a a a a a a a a a a a divorced couple is is is filling out the the the the the the FAFSA: the the the the the the only income that must must be be reported is is is the the the the the the parent who the the the the the the child spends more more than 50% of of their nights with a a a a a a a a a a a a a a a a year The applicant may demonstrate a a a a a a a a a a a a a a a a higher level of of need (and will thus qualify for more more financial aid) by only reporting the the the the the parent’s income that they spend the the the the most nights with each year However if if this parent parent were to remarry the the the new spouse’s earnings must be reported Another common mistake involves assets assets When you you you you you (or your your parents if you you you you you are are claimed as as as a a a a a a a a dependent) list list assets assets on on on on the the the the FAFSA you you you you you do do not not not need to list list the the the the equity in in in your your home – it’s not not not a a a a a a a a a a a a a a requirement This will bring down the the the amount of of money money available and demonstrate a a a a a a a a a a a a a a higher level of of need Likewise you do do not have to list any money money tied up in in in a a a a a a a a a a a a a 401(K) in in in an an an IRA or a a a a a a a a a a a a a 26