January is more than the start of the New Year; it also marks the availability of the Free Application for Federal Student Aid (FAFSA) for the next academic year. The FAFSA is a standardized application used to determine eligibility for federal grants, loans and work-study funds from the federal government. Additionally, many colleges and states, including Iowa, use FAFSA information when determining eligibility for institutional and state financial aid programs. It’s kind of a big deal!
When it comes to the FAFSA, remember these tips:
File the FAFSA no matter your financial situation. Even if you do not think you will qualify for need-based financial aid, you should still file the FAFSA. Many colleges require that you file the FAFSA to be considered for institutional aid. In addition, you are required to complete a FAFSA to be eligible for federal Stafford loans and completing the FAFSA does not obligate you to accept any of the aid offered.
Never pay to file the FAFSA. You can file the FAFSA for free at www.fafsa.gov. Reputable resources, including Iowa College Aid, are available to help for free. In addition, more than 50 College Goal Sunday events will be held throughout Iowa to provide one-on-one assistance with FAFSA filing.
Electronically access the FAFSA. Beginning May 10, 2015, a new login process will replace the FAFSA PIN as the process by which students, parents and borrowers authenticate their identities to access student- and borrower-based websites, including the FAFSA. The new FSA ID will comprise of a username and password. Users who have not already done so, will be directed to a link to register for a new FSA ID upon arriving at the www.fafsa.gov website. The registration process should take less than seven minutes.
Meet state and college deadlines. Many states, including Iowa, have FAFSA filing deadlines for state-funded scholarships, grants and work-study opportunities. Several state of Iowa financial aid programs have priority filing dates as early as March 1. Keep in mind most colleges and universities have their own FAFSA filing deadlines. You should check with your college of choice to determine its priority deadline for financial aid and if additional documentation is required.
Double check information to avoid delays. Review your FAFSA information before you submit it for processing. Make sure your Social Security number and your parent’s Social Security number are typed in the correct spaces. Mix-ups like these will cause processing delays.
It’s easier than ever with the data retrieval tool. The IRS Data Retrieval Tool allows students and parents to access their IRS federal tax return information from the IRS website and securely transfer the necessary data directly into their FAFSA. It is highly recommended that you use the data retrieval tool if you are eligible as it is the best way to ensure that your FAFSA has accurate tax information. An added bonus is that IRS transferred information means that you won’t need to provide a copy of your or your parent’s tax return to your college.The tax data should be available within 1-2 weeks of electronically filing taxes and then the IRS Data Retrieval Tool can be used to make a FASFA correction, streamlining the completion of the FAFSA.
Iowa Residents: don’t forget to complete the Iowa Financial Aid Application! Upon completion of the FAFSA, all Iowa resident applicants have the option to link to the Iowa Financial Aid Application directly from their FAFSA confirmation page. If eligible, you will have the ability to pre-populate most of your demographic data to the Iowa application in the process. This not only streamlines the federal and state financial aid application process but also solidifies access to the Iowa application if you had not been informed of its availability.