Reusable Materials 30: Answers to Questions About FAFSA

Thursdays we discuss how reusable materials help you WOW committees and save time

Erica applied for a Pell Grant. The government denied her because her parents earned too much money. Later that year she married Tom. Thinking that their young, newly married, miniscule, joint income would qualify; she reapplied for a Pell Grant that next year. The government denied her request again. Her parents had claimed her as a dependent the year she married. As a result, their income disqualified her again. Unfortunately, she graduated the year their married income qualified for the Pell Grant.

Q: When is the best time to complete and submit a FAFSA?

You must complete a new Free Application for Federal Student Aid (FAFSA) each year. They set deadlines each year, but generally between January 1 and June 30. You cannot complete a FAFSA until you or your parents submit their federal taxes. Typically, families cannot complete taxes until after January 30 because that is the deadline for companies delivering W-2s.

We encourage you to complete and submit your FAFSA as early in the year as possible. Several grants and other financial aid packages are awarded based on when the application is submitted or until the designated money is gone.  

Q: I heard that there is an easier way to complete a FAFSA?

A: The Federal Student Aid web site explains the following: “Applying is easier with the IRS Data Retrieval Tool! Beginning in early February 2013, students and parents who have completed their 2012 IRS tax return may be able to use FAFSA on the Web to electronically view their tax information. With just a few simple steps, the tax information can also be securely transferred into the FAFSA.” You can use the online application at www.FAFSA.gov to access data retrieval tool.

Most of the people we know find the online application much easier to use than the paper or PDF version. The retrieval tool should make the online version even easier since it transfers information straight from IRS information.

Saturday we share a caution about student loan challenges, congress, & student debt

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