Yes, You Can Still Retire If You Start After 40
Shutterstock As a Generation Xer, one of my favorite shows growing up was Who’s the Boss? A friend of mine recently reminded me that those “cute kids” I always talk about from the show are now middle-aged. Boy, was that like a dose of cold water. Where did the time go? As […]
Source: Forbes
The One Thing You Should Do To Ease Your Stock Market Jitters
Shutterstock What if every quarter you received a statement from your mortgage company that not only showed how much you’ve paid on your mortgage but also exactly what your house was worth and whether it had gone up or down in value since the last quarter? Would you be more inclined […]
Source: Forbes
After the FAFSA: What to Do Once You’ve Submitted Yours
Congratulations! You’ve filled out your FAFSA and successfully submitted it.
Unfortunately, this doesn’t mean you should expect that a check to help you pay for school is going to arrive from the government. The process is a little more complicated than that and there may be more for you to do.
Now, learn the next steps in the process of obtaining financial aid.
Once you’ve submitted your FAFSA online, you are immediately able to check its status. If you submit a paper FAFSA, you can check the status once it has been processed, which takes anywhere from seven to 10 days after the date you mailed the form.
Once you submit your FAFSA form, the information is given to the schools you listed on the application. From there, the financial aid offices at each school will use the information you provided to figure out how much federal student aid you qualify for at their school.
Plus, if the school you applied to has additional funding opportunities, they’ll use your FAFSA information to determine whether or not you’re eligible for that as well.
The information is also given to your state’s higher education agency, along with any other agencies in states to schools which you’ve applied. That’s because many states have financial aid funding they award based on your FAFSA information.
You’ll receive a Student Aid Report (SAR), a summary of the FAFSA information you sent, anytime between three days and three weeks from the time you submitted your FAFSA. It’s important to look over your SAR in order to make sure you didn’t make any mistakes on your FAFSA.
Unfortunately, the SAR won’t tell you much about how much financial aid you’ll qualify for. But, you will get award letters from the schools you indicated on your FAFSA form. These award letters can be electronic or paper and the time you receive your award letters can vary. If you fill out the fall FAFSA, you can expect them sometime in the spring up to as late right before you start school, depending on when you submitted your information and how to school awards aid.
If you see a note on your SAR that says you’ve been selected for verification, it simply means you’ve been selected to verify your form’s data is correct. It’s not a big deal – some schools may want to verify your information or you could have been selected at random. Some schools even verify all of the FAFSA forms they receive from students.
If you are asked to verify, provide the documentation that the school asks for by their individual deadline indicted. Failure to do this will not allow you to qualify for financial aid, so ensure you submit it by the deadline!
Making corrections to your form is easiest online, but you must wait until your application has been processed. You can make corrections or updates to your FAFSA form on the Federal Student Aid website.
You are able to update your FAFSA information if your situation changes. You are also able to update your contact information (your mailing address, email or phone number) in case that changes.
You MUST update the following changes in order to qualify for the right amount of financial aid:
Dependency status – this needs to be updated if you become pregnant or if your legal guardianship changes. If your marital status needs to be updated (and only yours – the student who filed the FAFSA), contact your school’s financial aid office to see if you’re able to update the information.
Household changes – IF you’re selected for verification (and only if) you must update your FAFSA to reflect any changes in your household – whether it’s yours or your parents. If your household changes as a result of marital status (and only yours – the student who filed the FAFSA), contact your school’s financial aid office to see if you’re able to update the information.
Changes to the number of people in college in your household – IF you’re selected for verification (and only if) you must update your FAFSA to reflect any changes in you’re the number of people within your household in college.
This includes your household and your parents’ household. If this change is a result of your (and only yours – the student who filed the FAFSA) marital status, contact your school’s financial aid office to see if you’re able to update the information.
You can make changes to your FAFSA form on the Federal Student Aid website, but you have other options, too. If you want to make changes online, login to your account on FAFSA.gov. From there, you can find a “Make FAFSA Corrections” option on the “My FAFSA” page.
You are also able to write in corrections/updates on your SAR, once you receive it. There’s an address provided on your SAR to mail the correct information.
Additionally, your school’s financial aid office may be able to make electronic updates to your form. Contact them directly if you have any questions about changing your form.
Source: Fastweb
Why Should I Complete the FAFSA?
Let’s start with a little bit about what the FAFSA actually is. FAFSA stands for Free Application for Federal Student Aid; translation: it determines a student’s eligibility for need-based federal financial aid for college, which may include grants, scholarships, work-study and loans. If eligible, it can really help you pay for school!
If the words “help you pay for school” aren’t incentive enough, here are some additional details of why it’s beneficial for you to fill out your FAFSA form:
Rumor has it…I don’t have to fill out a FAFSA form if I’m not looking for federal aid.
In reality…why would you turn down help to get an education? That’s just silly!
Even still, it may be necessary if you’re applying for other forms of financial aid through the state, your college and, sometimes, privately-sponsored scholarships.
Rumor has it…it costs money to apply for money.
In reality…that’s just false! It’s free to fill out (and free to see if you’re eligible for federal aid, too!).
Rumor has it…the FAFSA is a difficult, time-consuming form.
In reality…you should forget about the tedious, time-consuming government form that FAFSA used to be – the form has been revamped and simplified!
Filling out the FAFSA is now easier than ever before and usually takes less than a half hour to complete (23 minutes on average) to entirely fill out.
Rumor has it…that my family makes too much money/my grades aren’t good enough/I’m too old, so I’ll never qualify for financial aid.
In reality…tons of students qualify for financial aid – probably a lot more than you think!
All of the above reasons not to fill out the FAFSA are falsehoods – don’t let rumors stop you from getting financial aid that’s meant for every type of student!
Don’t miss out on opportunities for financial aid!
Source: Fastweb
10 FAFSA Mistakes that Affect Financial Aid
A mistake on your FAFSA can delay the processing of your application for financial aid! About 30% of all FAFSAs are selected for verification, a process intended to identify and correct common errors. Some colleges voluntarily required 100% of FAFSAs to undergo verification. If your FAFSA is verified and contains errors, it can cost you.
To avoid these errors, get started early and use the online version of the FAFSA. The online FAFSA has built-in “edit checks” that can catch and prevent many errors. If you use a printed version of the FAFSA, be sure to proofread your application before you submit it.
The IRS Data Retrieval Tool can be used to copy the answers to some FAFSA questions directly from your federal income tax return. If you do not modify those answers, those questions will not be subject to verification. This will reduce the likelihood that your FAFSA will be selected for verification, saving you time and hassle.
Do not, however, wait until you file your federal income tax returns to file the FAFSA. Some states have very early deadlines for state grants, and some states award their grants on a first-come, first-served basis.
Use the Pre-Application Worksheet to insure you’ve gathered all the necessary information. The worksheet is updated every year, so if this year isn’t available yet, keep checking until it is.
Avoid the most common mistakes:
Make sure to fill it out right the first time, and you’ll have your financial aid award letter in no time.
Source: Fastweb
How To Improve Your Credit Score Quickly
Shutterstock Is your credit score below 760? That’s the score at which you are likely to get the best interest rates on a mortgage. If you’re not interested in buying a home but need to rent a new apartment, it will still be a challenge if your credit score is below […]
Source: Forbes
What You Need To Know Before Selling Your Home
Choosing when to buy or sell a home is one of those crucial financial planning decisions that will have a lasting impact on your journey to financial independence. For many Americans, home equity remains the single largest asset on the personal net worth statement. The current homeownership rate in the […]
Source: Forbes
