Eligibility for federal student aid and Cal grants does not carry over from one award year to the next, every student needs to fill out the Free Application for Federal Student Aid (FAFSA) for every year they plan to be a student. After the first year in school, the student will be able to complete a Renewal FAFSA. The FAFSA Renewal button displays when a student submitted a 2015-2016 FAFSA and is eligible to file a FAFSA Renewal. A FAFSA Renewal application has some of the information pre-filled from the previous year . Students will also have to provide financial information and school codes.
Students should file the FAFSA every year, even if they received no financial aid other than loans during the previous year. The federal need analysis formula is complicated enough that even simple changes in the student’s circumstances may have a big impact on eligibility for need-based financial aid. While the deadline to submit the FAFSA is June 30, 2016 for federal aid and March 2, 2016 for Cal grant eligibility, students should complete the FAFSA as soon as possible. Federal and state college funds are limited, and the FAFSA program really works on a first-come, first-serve basis.
According to Brad Baker, president of Sacramento, CA-based Student Aid Financial Services, “Speed and accuracy are essential when preparing a FAFSA…the aid process is competitive and it pays to submit early.”
The 2016 FAFSA season began on January 1st.
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From the U.S. Department of Education HomeRoom blog, here are 7 Common Myths about Financial Aid
Myth #1: My family makes too much money for me to qualify for aid.
There is no income cut-off for federal student aid. Your eligibility for financial aid is based on a number of factors and not just your income. Plus, many states and schools use your FAFSA data to determine your eligibility for their aid. If you’re not sure what you will get, the best way to know for sure is to complete the application!
Myth #2: I need to file taxes before completing the Free Application for Federal Student Aid or (FAFSA).
You can use estimated information on your FAFSA so you’ll be able to submit it before you file taxes. In fact, many states and schools have financial aid deadlines well before the tax deadline. So completing your FAFSA earlier is a good idea. You might want to base your estimates on last year’s tax return, and once you file your taxes, you can log back in and update the information. You may even be able to use the IRS Data Retrieval Tool to automatically import your tax information into your FAFSA.
Myth #3: The FAFSA is too hard to fill out.
This is a very common misconception, but the FAFSA has come a long way! It’s easier than ever to complete online. The form uses “skip logic,” so you are only asked the questions that are relevant to you. And if you’ve filed your taxes, you can transfer your tax return data into your FAFSA automatically. As a result of improvements like these, the average time to complete the FAFSA is now less than 21 minutes. If you do get stuck, help is available by Web chat, e-mail and phone.
Myth #4: My grades aren’t good enough for me to get aid.
Eligibility for most federal student aid programs is not linked to your academic performance. However, you will need to maintain grades that your school considers satisfactory in order to continue receiving financial aid.
Myth #5: My ethnicity or age makes me ineligible for aid.
There are basic eligibility requirements, but ethnicity and age are not considered.
Myth #6: I support myself, so I don’t have to include parent info on the FAFSA.
This is not necessarily true. Even if you support yourself and file taxes on your own, you may still be considered a dependent student for federal student aid purposes. You can determine your dependency status by answering these questions. If you are independent, you won’t need to include your parents’ information on your FAFSA. But if you are dependent, you must provide your parents’ information.
Myth #7: I already completed the FAFSA so I don’t need to complete it again.
You need to complete the FAFSA every year you plan to attend college or career school. Don’t worry; it will be even easier the second or third time around since a lot of your information will be pre-populated on the application.
For additional resources, read the following:
– The FAFSA Renewal Process
