The Free Application for Federal Student Aid, known as FAFSA, is something every graduating senior or student pursuing post-secondary education and training should apply for.
The FAFSA must be renewed each year a student continues in post-secondary education. Oct. 1 is the usual time the FAFSA opens. However, due to changes this year, the application open date was delayed to Dec. 31, and it is currently open for students and their families to complete.
A common misconception about the FAFSA is that it is only applicable to colleges and universities. There are many other education and training programs that also qualify for financial aid. These include cosmetology programs, specific allied health education and training programs, massage training schools, and vocational programs.
The FAFSA has undergone major changes, and the term contributor is now a part of the language regarding who should complete a portion of the FAFSA on behalf of the student. Students under 24 years of age, who are not deemed independent, need contributors to complete the FAFSA. Typically, this is the custodial parent or guardian, who provides financial support for the student more than half of the year, and whose tax information must be used to help verify eligibility for funding. As a part of the new changes, step-parents are considered contributors.
Under the umbrella of financial aid are federal grants, state grants, and low interest federal student loans. The PELL grant is the most known source of federal funding for income eligible students. In Washington, when students apply for FAFSA, they are also applying for state aid, a separate pot of money that can offer grants. The Washington College Grant is an example of another opportunity for students to receive funding.
Many income-eligible students who attended middle school in the state of Washington were enrolled in the College Bound Scholarship Program. Essentially, this program works in collaboration with the federal student aid program to offer additional grant funding. Students who are in the foster care system in Washington also have greater access to funding because of high need due via the Passports to Careers Program.
Federal student loans are available for both students and parents. Students pursuing an undergraduate degree are capped each year on how much they can borrow; this amount increases yearly, and these loans belong to the student. Parents also have to borrow federal Parent Plus Loans on behalf of their student. These loans are also offered at a lower interest rate via federal loan servicers and belong to the parent. A credit check is done to determine eligibility. Student loans can be declined and do not have to be a part of the financial aid package if that is not desired. If students and parents borrow student loans, they must complete online loan entrance counseling and sign a Master Promissory Note via www.studentaid.gov. Loans go into repayment after 6 months of ending an education program, whether by graduating or discontinuance. Students pursuing post-bachelor’s graduate degrees are no longer eligible for federal grants, but there are student loans available.
Once the FAFSA is complete, the Department of Federal Student Aid looks at all factors related to a family’s income and uses a Student Aid Index to determine how much funding the student is eligible for.
Washington state students who are undocumented or do not qualify for federal aid because of immigration status cannot complete the FAFSA but can complete the Washington Application for State Financial Aid by going to wsac.wa.gov.
If you have questions related to completing financial aid, please contact April Eberhardt, M.Ed., who has been trained in financial aid and can provide support and resources via e-mail at: aprilriv1976@gmail.com.