Families of college-bound students can soon learn exactly how much the federal government thinks they can afford to contribute to their child’s college education. The Free Application for Federal Student Aid, usually referred to as the FAFSA, will go live at 1:00 a.m. on October 1st at www.FAFSA.gov. This is the one form that all parents must file if they hope to get any federal money for college.
The newest FAFSA will use financial information from a family’s 2018 taxes. Most people will be able to make use of a “shortcut” offered on the FAFSA, which is the I.R.S. Data Retrieval Tool. As long as you have already filed your 2018 taxes, you can check off that you want the FAFSA to link into your previously filed taxes and automatically fill in the numbers on all of the financial questions.
A great characteristic of the online FAFSA is that, just a moment or two after it is submitted, it immediately indicates a family’s EFC (estimated family contribution). This is the number that is sent to all of the colleges to which a student plans to apply, letting the schools know what the government believes the family can afford to contribute to the student’s college education. Colleges then make up their financial aid offers based on this figure, typically offering students a combination of loans, grants (which do not get paid back), and work-study opportunities.
It is wise for parents to check “yes” to the question that asks whether they would like their child to be eligible for work-study, which is employment offered by the college. No one will force a student to take on a job. But if an ideal opportunity should arise, such as to do research for a professor, only students already approved for work-study can be approved.
Filing a FAFSA soon after October 1st is extremely beneficial to students in all income brackets. Many low income applicants may find out that they are eligible to receive a Pell Grant which would fully cover the cost of tuition at their local community college. Other families, with students who are applying to a multitude of colleges, will be able to receive their financial aid offers in time to compare the costs and weigh their options well in advance of the May 1st deadline date to accept a college offer. Getting this crucial financial information early will certainly be an aid to families about to take on, what very well may be, one of the largest expenditures of their lives.
Susan Alaimo is the founder of SAT Smart. For the past 25 years, SAT Smart’s Ivy League educated tutors have prepared students for the PSAT, SAT, ACT, Subject Tests, AP courses, and all high school subjects. Visit www.SATsmart.com or call 908-369-5362.
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