Financial Aid | MCS Counselor

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FAFSA

What Students Need to Know About the FAFSA During the Pandemic

If you have a college-bound teen or current college student, you probably already know filling out the Free Application for Federal Student Aid (FAFSA) is one of the best ways to apply for scholarships and grants to help cash flow that degree. And let’s be real, the FAFSA is already confusing enough on its own, so having to think about COVID-19 on top of that just adds to the stress.

But don’t worry. We’re about to break down what you and your kids need to know about the FAFSA this year:

1. What to Know About FAFSA Deadlines

The FAFSA form has three deadlines: federal, state, and school. Here’s the lowdown on each one.

Federal: To get financial aid for the 2021–2022 school year, it’s June 30, 2022.

State: For some financial aid, like in-state scholarships and grants, deadlines vary by state. Certain states may be pushing back their deadlines, so check www.fafsa.gov to see how their state is handling it. In Alabama, you will need to check with your financial aid administrator.

College: The schools your kids are going to, or applying for, usually have earlier FAFSA deadlines than the federal deadline. But just like the state deadlines, each school might be responding differently to the coronavirus and changing their deadlines as a result.

The bottom line is this: your kids should check with their school’s financial aid office and state guidelines to make sure they have their FAFSA forms turned in on time. And even if your kids have already missed the school and state deadlines, there’s still time to make the federal one!

2. What to Know About FAFSA When Schools Are Closed

If the college or colleges on your kid’s list are currently closed, don’t stress. The U.S. Department of Education’s Central Processing System will still process your FAFSA info and send it to all the schools you list on the form. That way, your kids will still be able to get financial aid when schools do reopen. You can also check with each individual school to make sure they’re still processing FAFSA forms and to learn more about their plans for reopening.

3. What to Know About FAFSA When Your Income Changes

If you or your kids have lost work during this crazy time or your income has dropped significantly, know that you’re not alone. There are plans in place to help with those situations, and your child might be able to have their financial aid adjusted. Make sure you and your child both answer all the questions on the FAFSA form about income and include any tax documents they ask for. Be sure to reach out to the schools your child is applying to after you’ve submitted the form, so you can talk through any changes in your finances.

Remember, your kids can get scholarships, grants, and student loans by filling out the FAFSA. Scholarships and grants are great, but student loans can seriously hurt their future. Be sure they carefully read the fine print in their award letters before signing any kind of agreement. Paying cash for college isn’t easy, especially right now, but it can be done with the help of work-study programs, scholarships, and other financial aid you can get through the FAFSA. If at all possible, don’t take out student loans!

If you and your kids need more tips on filling out the FAFSA and graduating debt-free, I’ve got you covered with some free resources!

Anthony ONeal

Since 2003, Anthony ONeal has helped thousands of students make good decisions with their money, relationships, and education to live a well-balanced life. He’s the National Best-Selling Author of Graduate

Survival Guide: 5 Mistakes You Can’t Afford to Make in College, and he travels the country spreading his encouraging message to help teens and young adults transition into the real world. His latest book and video kit, Teen Entrepreneur Toolbox, released in April 2018.

Potential Magazine

*CREATE A FAFSA ACCOUNT HERE.

WHAT IS THE FAFSA?

To apply for federal student aid, such as grants, work-study, and loans, you need to complete the Free Application for Federal Student Aid (FAFSA). Completing and submitting the FAFSA is free and easier than ever, and it gives you access to the largest source of financial aid to pay for college or career school.

In addition, many states and colleges use your FAFSA information to determine your eligibility for state and school aid, and some private financial aid providers may use your FAFSA information to determine whether you qualify for their aid.

AM I ELIGIBLE TO RECEIVE FINANCIAL AID?

To be eligible to receive federal student aid, you must:

Demonstrate financial need (for most programs).
Be a citizen or eligible noncitizen of the United States.
Have a valid Social Security Number.
Have a high school diploma or General Education Development (GED) certificate, or have completed homeschooling. If you don't, you may still be eligible for federal student aid if you were enrolled in college or career school prior to July 1, 2012.
Be registered with Selective Service, if you’re a male (you must register between the ages of 18 and 25).
Be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program
Be enrolled at least half-time to be eligible for Direct Loan Program funds.
Maintain satisfactory academic progress in college or career school.
Sign the certification statement on the Free Application for Federal Student Aid (FAFSA®) form stating that you are not in default on a federal student loan, you do not owe money on a federal student grant, and you will use federal student aid only for educational purposes; and show you’re qualified to obtain a college or career school education by completing a high school education in a homeschool setting approved under state law (or—if state law does not require a homeschooled student to obtain a completion credential—completing a high school education in a homeschool setting that qualifies as an exemption from compulsory attendance requirements under state law); or enrolling in an eligible career pathway program and meeting one of the "ability-to-benefit" alternatives described below.

Additional eligibility requirements can apply in certain situations including for non-U.S. citizens, students with criminal convictions, and students with intellectual disabilities.

Some federal student aid programs have their own eligibility criteria in addition to the general requirements listed above.

Check with your college’s financial aid office if you have questions about a particular program.

WHAT ARE THE DEADLINES FOR FILLING OUT THE FAFSA?

Because of the variation in state and college deadlines, it is highly recommended that you fill out the FAFSA as soon as you can after October 1st to ensure that you do not miss out on available aid.

Federal Deadlines

2021–22 Academic Year

FAFSA® forms must be submitted by 11:59 p.m. Central time (CT) on June 30, 2022. Any corrections or updates must be submitted by 11:59 p.m. CT on Sept. 10, 2022.

College Deadlines

Each college may have its own deadline. Check with the college(s) you’re interested in attending. You may also want to ask your college about its definition of an application deadline. Is it the date your FAFSA form is processed or the date the college receives your processed FAFSA data?

State Deadlines

Each state has its own deadline.

Find 2020–21 Academic Year State Deadlines here.