Financial Aid

Financial Aid

Attention Seniors 2016! You can NOT apply for Financial Aid until your parents file their 2015 Tax Returns!!!! So, there is nothing you can do until after Jan. 1 (other than keep records up to date and organized :)

EducationQuest out of Kearney will be doing a Financial Aid/FAFSA workshop at

Southern Valley on Monday, November 16th at 7:00 p.m.

Follow these steps to complete the FAFSA:

www.fafsa.ed.gov

Preparation key to applying for financial aid

Preparation is the key to successfully completing and filing the Free Application for Federal Student Aid (FAFSA). The FAFSA is the application for state, federal and college-specific financial aid. Even if you don’t think you’ll qualify for need-based financial aid, you should complete the FAFSA to qualify for low-interest student and parent loans.

Follow these steps to complete the FAFSA and the financial aid process:

Ask your college(s) for their FAFSA priority filing date. Because some types of financial aid are awarded first-come, first-served, it’s important that you submit the FAFSA before that date.

Request a Personal Identification Number (PIN) for you and a parent at www.pin.ed.gov. The PIN is your signature for the online FAFSA.

Complete tax returns early as the FAFSA requires current tax information

Gather these student and parent items:

  • 2014 federal tax returns and, if applicable, Schedule K-1 (Form 1065)
  • 2014 W-2 forms
  • Student’s driver’s license number
  • Social Security numbers
  • Birth dates
  • Date parents were married, separated, divorced or widowed
  • Current cash, savings and checking account balances
  • Current investment values (stocks, bond, mutual funds, CDs, etc.) excluding retirement accounts
  • Value of business (if more than 100 employees)
  • Value of investment farm (Do not include the value of a family farm that you or your parents live on and operate.)
  • 2014 child support (paid and/or received)
  • 2014 ADC/TANF welfare benefit
  • 2014 Social Security payments received from SSI or SSDI
  • 2014 Workers compensation
  • Other untaxed income in 2014 such as veteran’s benefits, housing/food/ living allowances for military and clergy
  • Alien Registration Number for eligible non-citizens

Be prepared to answer these FAFSA questions which relate to grant eligibility:

1. Did your student or anyone in the household receive any of the following federal benefits?

Supplemental Security Income

Food Stamps

TANF

Free or Reduced Price Lunch

WIC

2. Did your student complete at least two Advanced Placement courses with a passing test score of 3 or higher?

3. Did your student complete and pass the following high school courses?

4 years of English

3 years of math (Algebra I and above)

3 years of science (2 of 3: Biology, Chemistry, Physics)

3 years of social studies

1 year of a language other than English

Complete and file the FAFSA electronically at www.fafsa.ed.gov before your college’s priority date.

Expect a Student Aid Report acknowledging that your form was processed.

Expect Financial Aid Award Letters in the spring from the colleges you listed on your FAFSA detailing the assistance they’re offering (could be combination of scholarships, grants, work-study and student loans).

Apply for student and parent loans (if necessary) in the summer through your college

Check out these free FAFSA tools and resources

Visit the Completing the FAFSA section at www.educationquest.org where you’ll find:

FAFSA Checklist provides a complete list of items you need to gather before you complete the FAFSA

College Funding Estimator estimates your FAFSA results

FAFSA Tutorial provides user-friendly clarification of each FAFSA question

Financial Aid Video explains the types of financial aid and how to apply

For FREE assistance with the FAFSA, make an appointment with EducationQuest. Call the Kearney office at 800-666-3721. Call now as appointments for February are quickly filling up.