Completing the FAFSA
Wondering where to start with the FAFSA? Confused about the process or even what certain terms mean? In this event, admissions and financial aid professionals at Coalition schools answer questions about the Free Application for Federal Student Aid. Featuring: Marquette University, Olin College of Engineering, Washington University in St. Louis
Read on below for a look at a few of the questions answered in the Q&A for this event.
Please note: Spanish captions are available for this recording. Click on the gear icon at the bottom of the video, and in the settings, select the language for the captions. | Hay subtítulos en español disponibles para esta grabación. Haga clic en el ícono de ajustes en la parte inferior del video y, en la configuración, seleccione el idioma para los subtítulos.
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:
How do you know if you’re eligible for need-based financial aid?
I would recommend starting with the Net Price Calculator for the school to get an estimate of need based aid eligibility. FAFSA also allows you to estimate here. https://studentaid.gov/aid-estimator/
If I had an FSA ID when doing the FAFSA about 3 -4 years ago, would I have to find and use that? Or could I make a new one?
You will use the FSAID that was previously established for you. No need to create a new one.
Does each parent need an ID or can only one parent fill it out with all info for family?
Only 1 parent will need an FSA ID, regardless of martial status.
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.
We have a family member with chronic illness, and spend quite a bit a year on medical bills. Is there any way to convey that information on the FAFSA?
There is no way to include the information on the FAFSA. However, it is important to let the school know where your student intends to enroll so they can reassess your situation. This is called “special circumstances.”
Do we have to fill out the FAFSA every year? Parent and student?
Yes. The FAFSA should be renewed every year the student is in college. It opens on October 1st every year.
Is Pell Grant determined with FAFSA or is the Pell Grant a separate application?
Pell Grants are determined from a submitted FAFSA.
Once you submit your FAFSA application with the initial 10 colleges, how do you add additional colleges to send to?
You would log back into your FAFSA and remove the colleges/universities you are no longer interested in and add in the new colleges/universities you are interested in.
One of FAFSA question is about parents’ income. Do we report the Gross Income or Adjusted Gross Income?
The Adjusted Gross Income or AGI.
For our student starting in the Fall of 2023, do we apply October 1st 2023, or do we need to apply now?
You should apply this year, while the student is in high school. You will apply for the 2023-2024 school year.
Should the parents' retirement account balance be reported?
Anything in a recognized retirement account (401K, 403B, SEP or Simple account) is not reported as an asset
Is house value part of parent contribution estimation?
This is not included in the FAFSA calculation, but it may be included if the CSS Profile application is required to apply for need-based financial aid.
How is a 529 account reported on the FAFSA?
529 plans owned by parents and/or owned by students with themselves as the beneficiary report are reported as assets of the parent.
I have two 529 accounts for my two sons. Do I have to include both of them in my eldest son's application?
Yes. All 529 accounts must be added together and reported as an asset of the parents.