Tag: FAFSA Frenzy

10 Things to Know About Your FAFSA Submission Summary

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The time has come for the federal government to start releasing FAFSA Submission Summaries to students who filed! Here is a list of the top 10 things you need to know about your FAFSA Submission Summary.

    1. The FAFSA Submission Summary is the new name for your Student Aid Report (SAR). It contains a summary of what information you provided when you filed the FAFSA and will need to be reviewed for accuracy to ensure you get the correct amount of aid.
    2. Your FAFSA Submission Summary will be available online. Once you receive the email notifying you that your Summary is ready, you’ll be able to find it at studentaid.gov. For a video tutorial on how to find your Summary, check out this video from uAspire.
    3. Graduation hat on piggy bank with stack of coins money on natural green background, Saving money for education conceptYour FAFSA Submission Summary is going to include useful information you’ll need to make an informed decision about financial aid, including your estimated eligibility for the Pell Grant and federal student loans, your Student Aid Index (SAI), FAFSA form answers, school information, if you have been selected for verification, and next steps.
    4. You may get error notifications in your FAFSA Submission Summary. Some of the most common notifications are:
      • Contributor Consent – You are not eligible for federal student aid because you did not provide consent and approval to retrieve and disclose your federal tax information. You can fix this during the review process.
        • It’s important to note that contributors CAN provide consent after your submission, but they CANNOT revoke it.
      • The Social Security Administration (SSA) didn’t confirm that you are a U.S. Citizen or eligible non-citizen. You can fix this by submitting documentation of U.S. citizenship to the financial aid office.
      • The date of birth (DOB) that you reported on the FAFSA does not match SSA records. You can fix this by contacting the SSA to correct their records and then submit proof of your DOB to the financial aid office.
      • Your FAFSA form has been selected for verification. This is a process where your school can request copies of certain financial documents. You can fix this by following up with your school(s) to verify the information reported in your FAFSA.
    5. Your FAFSA is not considered complete until you finish the review of your FAFSA Submission Summary.
    6. You can make changes to your FAFSA by editing the information in the FAFSA Form Answers section of the summary.
    7. You can add and remove schools from your FAFSA while reviewing your Summary. This is an incredibly important tool for anyone who has changed their mind about a potential school or applied to a few extra institutions since filing.
    8. Your FAFSA Submission Summary has a ton of information about your potential schools, including graduation rate, retention rate, and average cost. Be sure to review this information so that you can find the best fit for your situation.
    9. Your FAFSA Submission Summary will provide you with Next Steps. So, if you are missing any documentation or need to submit a correction, this section will walk you through what you need to do.
    10. After you submit any changes that have been made, and the Department of Education has processed your Summary, you can download a copy for your own reference by revisiting your dashboard on studentaid.gov.

For more information about your FAFSA Submission Summary, check out this article from studentaid.gov.

4 Reasons to File Your FAFSA

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Graduation is on the horizon, and opportunities for continued education are only steps away! Now that the 2024-25 FAFSA is available online for students and families to complete, let’s go over the reasons why you should file now.

It’s FREE

FAFSA stands for Free Application for Student Aid. It’s the way that the Department of Education determines your ability to receive federal student aid. To receive this, you MUST file your FAFSA!

It’s Quick

You can file online, and it won’t take long. Go over the 2024-25 FAFSA Checklist to ensure you have all information you need. A small time investment for your future could have a big potential payoff!

A smiling girl with her eyes closed lying down on the floor with her head in a pile of money.

It’s Financial Comfort

Tuition and fees can be overwhelming. By filing a FAFSA you will have a better understand of the actual cost. It is also the first step to qualify for many scholarship, grants, work-study, and student loans. The information you provide on your FAFSA helps determine the types and amounts of financial aid you may be eligible for. The FAFSA gives you access to four primary sources of financial aid, including:

    1. Federal financial aid
    2. State financial aid
    3. Aid from colleges, universities, and other postsecondary schools
    4. Some private scholarships and grants

If you file by April 1, you will be considered for the Access Missouri Grant program and will be guaranteed an award if you qualify.

It’s Made for YOU!

There is no downside to filing and the only way to know if you are eligible is to APPLY! Take control of your future. You have nothing to lose and everything to gain.

Check out our previous blogs about the new FAFSA, preparing for college and important things to know as you prepare for the 2024-25 school year.

4 Ways to Prepare for the 2024-25 FAFSA

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With the announcement that the 2024-25 FAFSA is delayed until December, many students and families are left wondering if there is anything they can do now to help prepare. The answer to this is yes! In fact, there are many steps you can take to help you prepare to file your FAFSA once it is released. Taking a little time to prepare now will help make sure you are able to file your FAFSA on time and be considered for all of the financial aid opportunities available. 

The following information and resources are available to help you prepare in the next few weeks.

1. Determine Your Classification

Student sitting on floor using laptopDepending on your circumstances, you are classified as an independent or dependent student. It is important to know what type of student you are before you file your FAFSA. If you are an independent student, you will only need to provide personal information for yourself and, if married, your spouse. If you are considered a dependent student, you will need to provide information for yourself and your legal parent(s). 

If you are not sure which type of student you are, review this helpful checklist. 

2. Create an FSA ID

Anyone who needs to fill out the FAFSA (or portions of the FAFSA) will need to create an FSA ID if they do not already have one. If you are a dependent student, at least one of your parents will need to create an FSA ID as well. It will take up to 3 business days for your FSA ID to be processed and approved, so you will want to create your ID before you need to file your FAFSA. To create your FSA ID, please visit studentaid.gov. You will need your:

Young student talking on phone, holding a piece of paper and looking at a computer screen.

    • Social Security number (or alternative identity verification)
    • Full name as it appears on your birth certificate
    • Date of Birth
    • Contact Information (physical address, phone number, and email address)

More detailed information and helpful tips can be found on our FSA ID infographic. You may also consider attending a FAFSA Frenzy: FSA ID Event  for free assistance with setting up your FSA ID. 

3. Collect Important Information

The FAFSA will ask many questions that will require you to provide information about your taxes, wages, and certain assets. If you are a dependent students, you will also need this information for your parent(s). This FAFSA Checklist may be helpful to you as you consider what information you should have available when it is time to fill out the FAFSA. 

4. Identify your Parent/Contributor

mother using a laptop in kitchen with teenagerIf you are a dependent student, you must include information about your parent(s) when you fill out  your FAFSA application. We understand all families are unique – some parents may be divorced, remarried, or you may live with someone other than your parent. So, how do you know whose information you should report? The information offered in this flowchart may help you determine whose information you need. You may also consider reviewing this flowchart developed by Federal Student Aid. 

For more general information and helpful resources, please visit the 2024-2025 FAFSA Information webpage. You may also review our FAFSA Frequently Asked Questions for detailed information about common questions related to the FAFSA and FSA ID. Finally if you are not already we encourage you to follow Journey to College on social media for helpful tips, reminders, and the latest updates. 

FAFSA Delayed in 2023: What to Do Now?

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The Free Application for Federal Student Aid (FAFSA) will not be available until sometime in December this year instead of the typical October 1 release. This delay is due to the form undergoing many revisions aimed at making the FAFSA easier to complete and to provide more students with money to attend college.

There are steps you can take now to help you prepare to file your 2024-25 FAFSA this winter. We strongly encourage students and families to use this extra time to learn about the changes and make sure you are ready to fill out the new form when it opens. 

The easiest way to learn about the 2024-25 FAFSA is to take advantage of the resources on our 2024-25 FAFSA information page. There you’ll find easy-to-follow steps and important FAFSA information.

Before the FAFSA opens you first have to create an FSA ID on studentaid.gov if you don’t already have one. Anyone who needs to fill out the FAFSA or portions of the FAFSA will need to create an account. This account will allow you to fill out a FAFSA, sign it, and have it processed in the quickest way possible. It will also allow you to correct any information or prefill your FAFSA form with information from a previous year.

Help with creating an account and preparing for the FAFSA is available during free FAFSA Frenzy: FSA ID events in November and December. Check out the FAFSA Frenzy calendar to find an event near you.

Look ahead to the FAFSA Frenzy events in January, February, and March, when you can get assistance filing the FAFSA and enter to win a $500 Journey to College Scholarship. FAFSA Frenzy events are hosted at high schools, colleges, Missouri Job Centers, and libraries across the state.

When the 2024-25 FAFSA opens, it is important to fill it out the FAFSA as soon as possible because it could earn you more money. In Missouri, there are some deadlines to remember. To be eligible for the Access Missouri Financial Assistance Program, you must file your 2024-25 FAFSA by April 1, 2024. Students who qualify for Access Missouri and file before February 1, 2024, are guaranteed to receive an Access Missouri Award. 

Other deadlines to remember are June 30, 2024, the final day to file a FAFSA, and September 14, 2024, the last day to file corrections or updates to your FAFSA. Some colleges and universities have their own deadlines, so make sure you are meeting those as well.

We will continue to post updates and announce the official date the FAFSA will open once it is available. Follow MDHEWD’s social media pages for the latest helpful information and updates.

5 Reasons to File a FAFSA

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Every year, the U.S. Department of Education gives roughly $120 billion in federal loans, grants, and work-study funds to more than 13 million college students. These funds are awarded only to those who file a Free Application for Federal Student Aid (FAFSA).

By not submitting a FAFSA, students are leaving billions of dollars on the table, and are missing out on a pretty great deal. Federal loans have low interest rates, federal grants don’t need to be repaid, and work-study programs are a great way to pay for college while building your resume. And about 90 percent of high school seniors who submit a FAFSA enroll in college the following fall semester, whereas only about half of the high school seniors who do not submit the form end up enrolling in the fall. Filing a FAFSA to see what financial aid you qualify for could be the deciding factor.

The point is, there is NO reason you shouldn’t submit a FAFSA, and countless good reasons why you SHOULD. Here are five:  

More than just a loan

While most students submit a FAFSA as a way of securing a low-interest loan from the federal government, filing a FAFSA is also the only way to become eligible for certain types of aid that don’t need to be paid back. Every year, millions of dollars in grants and scholarships from states and universities are distributed based on financial need, and the only way to qualify for this aid is by submitting a FAFSA.

Most students qualify

You may qualify for free aid, like the Pell grant, or Access Missouri grant, but you won’t know unless you file. Anyone with a household income below $250,000 is eligible to receive some form of federal aid, as long as they submit a FAFSA. While only 5 percent of U.S. households make too much money to qualify for federal aid, more than 40 percent of high school seniors fail to file a FAFSA.

Federal loans are easier to pay off than private loans

Some students, instead of filing a FAFSA, choose to borrow money from private lenders such as banks, credit unions, state agencies, and even schools. However, there are many benefits to choosing a federal student loan over a private student loan.

The first is interest rates. In most cases, the interest rate on Federal loans is lower than those of private loans. The federal interest rate is also fixed and won’t change, whereas private loans can have variable interest rates, which are harder to predict.

Payments on Federal loans aren’t due until six months after you graduate or leave college, so you’ll have a grace period to land on your feet before your first payment is due. However, many private lenders require students to start making payments while they are still finishing school. Federal loans can also be deferred or put in a forbearance period if you are experiencing certain hardships, like a job loss or medical issue.  

It’s free to submit

It costs nothing to file a FAFSA, and you won’t be required to accept any aid you are offered. High schools across Missouri host FAFSA Frenzy events, where students can receive free help filling out their FAFSA. The FAFSA is easier now than it has ever been, with more simplified questions coming in the next few years.

Your financial situation could change

Unexpected crises, such as a global pandemic, create financial difficulties. One day, you could have a complex spreadsheet, mapping out exactly how you plan to pay for every one of your expenses; the next day, something bad happens – your income level changes, your employer goes out of business, a family member has a medical emergency, etc. – and your entire plan is sent into a tailspin. When special circumstances arise, you can appeal to your college’s financial aid office for additional assistance. Filing the FAFSA gives them a starting point to understand your financial situation. If things have changed, colleges can often use what’s called “professional judgment” to help you overcome new financial challenges and help get you back on your feet.