FAFSA Equals Free Money with Jean Burk
Episode 61
Did you know that FAFSA equals free money to students? Now is the time, especially if you are a rising senior –it is crucial to pay attention to apply to you right now! Don’t fall for those places that say they will help you fill this out if you pay – it is totally free. Just listen to podcast 61 and 62 for more information!
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Show Notes: FAFSA Equals Free Money
***Please note – there was an update and change to the FAFSA website – please use the 2016 tax return for this school year Oct. 1 2017- 2018 … check out the fafsa website for details.
Free Application for Federal Student Aid – http://www.FAFSA.ed.gov
Did you know that FAFSA is way more than somewhere to apply for student loans? It is for current and prospective college students who are looking at the high cost of college and what their family is expected contribution. Every year you reapply for the FAFSA –
Quick Notes: Every year you must reapply for the FAFSA – even in post-graduate school, You the STUDENT fill it out.
Keep in mind the name FAFSA is FREE Application for Federal student aid. There is a parent section that is color-coded. 80-90% fill out the FAFSA wrong and lose eligibility.
This is need-based, grant-based and offers entitlements. IT lets you calculate how much you should be able to pay for college. This does not affect merit based scholarships. Not being prepared is the biggest mistakes.
It is very hard to fix once submitted. Don’t rush it. Take your time.
You should prepare for it correctly before you fill it out online. Do not just start filling it out. You can download PDF, fill it out, and then when you fill out the actual form you have your information prepared.
Both parents need a FAFSA ID – need to fill it out. Use your student’s ID – not the parents. The parent should only help the children not doing the work for them – other
You can send a FAFSA to ten different schools right off the bat.
Seniors – the first day you can fill it out is October 1 your senior year. Most families wait for months. By that time all the free money is gone! That is why we are doing this October reminder to gather these things NOW before October.
They changed the entire criteria for income tax – 2015 tax information. Prior/ Prior income tax. You are behind by two years. If there has been a huge decrease you need to let the colleges know. You can transfer the information over the FAFSCA right away.
This does not mean you are poor. Everyone fills it out – the earliest time is October 1.
It is completely FREE – no charge to apply. Scholarships, grants, financial aid. You need info from income tax. Social security number, W-2 forms, dependents, etc.
*If you do not have a senior a junior or younger. You want to get an idea of where you are – you can set up your ID anytime – FAFSA ID number in search and find it
Common Mistakes:
- Too little
- Forget to include other students in private schools or colleges – don’t leave out that information!
- Too much
- It is meant for the student to fill out – most parents include their home equity as part of assets. 99% percent of colleges do NOT require your home equity. You are worth more than you are – you are just a student
- Too late
- Most people wait too long – after the October 1st You have a few weeks (at the time of this broadcast) – plan ahead
Nonfederal financial – CSS Profile
College board websites – Financial aid profile early acceptance college.
Keep limited funds in your banking or savings account as a student.
You can get a precise EFC Calculator – college board website …gives you an idea of your worth and ability to (Estimated Family Contribution) – this is what we see that your family can contribute.
Secret Formula that Colleges use:
COA – EFC = Need
Cost of Attendance minus Estimated Family Contribution
The most expensive schools have the most money to give.
Need a good SAT score and low income it can yield free college – preparing early and knowing these things make a difference. 400 colleges will meet need.
Ebook – 15 secrets – sign up for Jean’s email at collegeprepgenius.com
Last words from Jean Burk: How much do they give out for need based and how much is for merit based? This is calculated but if you apply early (October 1st) your chances are better. When you are prepared you don’t have to worry about college debt. This gives your kids an advantage. Our children are the leaders of tomorrow. Who are going to be the lawyers, doctors, engineers, and leaders of tomorrow? We want our children in those positions. We can begin with teaching our children honesty and integrity and we don’t blur the lines that are gray. We want our children in leadership positions!
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Just and FYI — According to the FASFA site, if you are filing this October (2017) for a Senior headed to college in the 2018-2019 school year, you need to use the 2016 tax information, not 2015 as was stated by the speaker. https://blog.ed.gov/2016/08/2-major-fafsa-changes-need-aware/
You are right Lorraine, I alerted Jean to this fact – thanks for bringing it to our attention!