Completing the FAFSA
Feeling overwhelmed about applying for financial aid? Watch the recording of this event, where admissions and financial aid officers from Coalition schools shared information and answered questions about completing the Free Application for Federal Student Aid
Featuring Rutgers University - New Brunswick, Stony Brook University, University of Maryland
Read on below for a look at a few of the questions answered in the Q&A for this event.
Some terminology has changed due to the FAFSA Simplification Act since this recording, for more information on the up to date terminology please visit the financial aid glossary.
From the Q&A
In addition to answering questions live during the panel discussion, our admissions and financial aid representatives typed answers to more than 150 questions in the Q&A during this event. Take a look a few of the answers they provided:
For divorced parents, should both apply for FAFSA?
The FAFSA is for the student; the parent providing 50% or more of the student's support will be the parent of record.
I have a student that is a sophomore in college and another is a senior in high school. How do I submit the FAFSA for two students.
Each student will have to create their own account and fill out their own FAFSA.
Does the FASFA take into consideration if your siblings go to private school, or only if siblings are in college already?
They look at other universities, not high schools.
Do both parents have to create a separate FSAIDs or is it one ID needed for both parents?
Only one parent needs an FSAID.
Do the child’s bank accounts and assets get included in the FAFSA, along with the parents assets? Also, how do 529 accounts impact FAFSA?
Yes, all household/financial information is submitted to the FAFSA to be taken into account in an SAI (Student Aid Index) calculation.
Do the children have access to see the parent's income and assets or is this confidential?
Students will be have access to their SAR (Student Aid Report), which means they will be able to see the income information.
What happens if we don't fill out the FAFSA and skip it all together?
Then you will not be eligible for any federal student loans. If Bill Gates filled out the FAFSA for his kids, they'd qualify for loans.
Is 529 college saving fund parents' asset or student's asset?
If the 529 plan is owned by a dependent student, then it would be under the student’s assets. if the parent owns the plan, it should be under the parent's assets.
Do I do the FAFSA for each school? Or once for all 10 schools? How can you add more than 10 colleges on the FAFSA?
One FAFSA can be sent to multiple schools. You'll find information on adding colleges here.
We heard you should wait to submit the FAFSA once you have heard if you are accepted or not. It sounds like this is not the opinion of the panel?
We "hold" FAFSAs until students are admitted. There isn't a downside to filing a FAFSA prior to applying.
Once submitted, can you make changes to the FAFSA?
Yes, you can "make a correction to a filed FAFSA."
What if your financial situation changes in 2021. Should I apply again after tax season in 2022, before the June 30th deadline?
You can work directly with the school. For example, Rutgers has a change in family circumstances appeal for these kinds of situations.