Okay, since it’s literally January 1, 2016 right now…Quick info: my teachers want us to fill in our FAFSA ASAP and give them proof that we did when we get back from break. Yes, I filled out some parts beforehand (which was the 2015-2016 one)and created my account in case about 2 days ago; but I didn’t turn that one in. I logged back in today so I can double check and turn in when the clock strikes 12. The confusing part is here is that I saw a new tab that said: “Start FAFSA 2016-2017”. I filled in the parts like I did with the 15-16 one, but the problem was that my parents do know their whole 2015 income yet. So I saved it left it there. Can someone help???
I’m a senior in high school who is applying as a college freshman in Fall 2016 btw.
As of now, am I supposed to turn the 15-16 one (which I have tax info from '14 & just needs to be signed) or the 16-17 one?
Is it okay if my parents are “Will File for 2015 tax” and just put in their '14 tax info in the 2016-2017 FAFSA application?
Am I able to make changes once I turn in my application?
I really new to stuff like this, and this is my grade for a couple of my classes, and most of all I heard the later you turned the FAFSA in, the less money you’ll get because it’s first come first serve. ;___;
^2016-2017 FAFSA is based on 2015 tax returns. Your parents & you may use 2014 tax returns to estimate the 2015 tax returns if little changes in these two years
What do you mean, your teachers want “proof”? What kind of proof? Your family finances are not really any of their business. I don’t see how they can legally require you to submit proof of submitting FAFSA as a graded assignment for high school.
After you submit it & it gets processed (a day later) get a screenshot of the main page which says “Your FAFSA has been processed.” & print it. Don’t show your teachers any part of the app/financial info.
Yes, the 16-17 one
Will file is ok. You can correct later. Only use 2014 return if income is similar/the same. You don't wanna get a bad EFC estimate or have a college give you an erroneous package before you correct it. If too different, use 2015 paychecks.
Yeah, you can go back and change it. Except for assets.
I don’t understand the “proof” part and giving a grade. What if a student has no help filling it out, no PC, no printer?
Do they want the SAR? Student aid report? I would not recommend that since it has your financial info and EFC on it.
You can maybe print out a copy of the confirmation email after you submit FAFSA. Or follow Lilliana’s suggestion.
Bottom line, FAFSA should be filled out by parent and student. Bank balances, investment info, need to be reported as of the day the FAFSA is submitted and student alone might not know these numbers.
Yes the income can be estimated, for employees the last paystub can be used, it’s a bit trickier with self employment income.
Do not worry guys, we only need to show them a screenshot of a confirmation of turning it in. No financials or personal stuff here. Thanks for all your help, it helped me fill in stuff that I was confused on.
You and your parent would file the 2017-2017 FAFSA using your best guess estimates of your parents income/assets for 2015 (they can take the income information from their last pay stub). and submit. you can print a copy copy of your confirmation page for your school.
Actually @austinmshauri , we live in NYS and it is their business as schools are now being evaluated on their FAFSA completion rates. Unless you actually opt out of the process, NYS and most other states who give out need based state aid/ scholarships now participate in the FAFSA Completion Initiative. Your school will receive the information directly from HESC regarding the filing status information of students in your school whole filed the FAFSA and who has filed (you can look at it over a number of years).
In addition, NYS high schools can now apply for the New York State’s College Action Grant, which awards up to $5,000 to high schools that promote activities aimed at increasing the rate of low-income New York State high school seniors who apply to college, complete the FAFSA, and ultimately enroll in a college. has several FAFSA days where they assist families in completing the FAFSA. In addition there is a New York State’s Student Financial Aid Awareness Campaign’s FAFSA Completion Hands-on Workshops and FAFSA Completion days held January – March, 2016
We just got our 2016 fafsa number - 16000. Does that mean, if our daughter applied to 7 different schools, and none of them are 16k/year (BC, BU, Lesley, etc…) and she chooses one of those, it could mean that we shell out 16k/year for the college (meaning: get a loan for 16k for first year)? And the rest is picked up somehow else?
It means that 16k will be the minimum that you will pay at each school for the 2016-2017 school year.
If you chose a school that cost less than 16k, you will have no financial need so you will not receive any aid.
IF you cannot afford your 16k EFC, yes, you may have to borrow it.
AT 16k you are not eligible for any federal grants (Pell, SEOG, FWS).
Keep in mind that most FAFSA only schools do not meet 100% demonstrated need. For BC and BU, you will have to fill out the CSS profile for institutional aid.
The price tag is always higher (except for like 3-4 schools). Most schools do not meet need. The few that do don’t follow the FAFSA EFC & assign you an institutional one instead.
The way to get a $16k net price: get a full tuition merit scholarship or get into one of the HYPS schools, which, based on anecdotal results, tend to assign an EFC like the FAFSA one or lower.
thanks. We did fill out the CSS profile. And we went to a program which gave us estimated % need for schools.
For example, Lesley is 70% need met (62% gift/38% self). If approx cost if 40k less 10k presidential merit, what would i expect to pay if all goes well (ha!)
@jtolpin Based loosely on the info you have provided if Lesley agrees that your EFC is $16,000, then your need would be $24,000 with a COA of $40,000. So, if they meet 70% of need you can expect $16,800 from them, leaving you with a price tag of $23,200. To make that figure even worse schools consider work study and student loans as part of “meeting need,” so it is possible that you might get nothing on top of the 10k as they can package in $5500 in a student loan and the other $1300 as work study. And yes, the 10k presidential gets rolled into meeting your need, so essentially you end up no better with than without it.
I read that a few times, and still got confused by it… I figured if the COA is 40k and she got a 10k merit based scholarship, and we got an EFC of 16k, we shouldnt have to pay more than 16k… (I know that would never happen, but Im confused by the numbers above) I do understand she’d take out a loan for the $5,500. My wife says when she was in college, she took out much more than that in loans. Is that possible to do now? (so the loans are in our daughters name, and not ours) Given she has 0 credit.
@jtolpin If the COA is $40k and your EFC is $16k, the need is COA-EFC= $24k
They meet 70% of need, so that is $16.8k
That would be the aid you get. If $10k is merit, then they might give you a grant of $6.8k.
But as @planner03 pointed out they might consider the $5.5k loan and $1.3K work study as “aid”.
So if the COA is $40k and you get $16.8k total aid then your net cost is $23.2k
But you might actually have to come up with all but $10k (merit) yourself (if loans and work study are considered “aid” by a school).
Some schools are more generous than others, most FAFSA schools (public) will only give merit and federal or state aid. then gap the rest.
Some private schools give institutional grants, but often only up to the tuition cost.
If you got a full tuition merit scholarship, then room and board could be paid with parent contribution, student summer earnings and possibly the $5.5k student loan.
I do understand she’d take out a loan for the $5,500. My wife says when she was in college, she took out much more than that in loans. Is that possible to do now? (so the loans are in our daughters name, and not ours) Given she has 0 credit.