FASFA Facts & Myths

FASFA Facts & Myths

Everfi: Keys to Your Future Lesson 3

When applying to colleges it’s easy to forget about or delay applying for financial aid. By learning more

about the process, you won’t miss an opportunity to get financial support.

Lesson Objectives:

• Define different forms of federal financial aid

• Define FAFSA & the 8 key steps in the process

• Review facts and falsehoods about FAFSA

• Be aware of other financial support options that are not provided by the federal government

There is a lot to know and we can’t cover it all. Today let’s clear up some of the misinformation about FAFSA.

The federal government offers:

• Loans

• Grants

• Work-study Funds

What do you know about the three resources the federal government offers

• Loans

• Grants

• Work-study funds

Loans-

borrowed money you must repay with interest (a % of the total that is added onto the loan).

Grants-

financial aid you don’t repay (unless, for example, you leave school and owe a refund).

Work-study-

a program in which you work on campus to earn money that is applied to school expenses.

There are other ways to receive aid, such as scholarships. For this lesson, we will focus on learning how to apply for

federal aid.

Mandatory

To apply for college you MUST apply for federal financial aid: Free Application for Federal Student Aid (FAFSA).

8 Steps to Filling Out the FAFSA® Form - ED.gov Blog

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Directions:

Read each statement and decide if it’s a fact or a myth. You are not expected to know the answer from the prior reading necessarily.

Multiple Choice

If your parents make “good” money, you will not qualify for

financial aid.

• Fact

• Myth

MYTH

There’s no income cut-off to qualify for federal student aid; most people qualify for some type of financial aid, including low-interest federal student loans.

Multiple Choice

The size of your family can help determine if you qualify

for financial aid.

• Fact

• Myth

FACT

Many factors such as your family size and your year in school are taken into account.

Multiple Choice

You should submit a FAFSA form as early as possible.

• Fact

• Myth

FACT

Some states and schools have limited funds.

Multiple Choice

You should list every school you plan to apply to even if

you are unlikely to be accepted.

• Fact

• Myth

FACT

You can add up to 10 schools at a time and schools cannot see other names.

Multiple Choice

You call FAFSA to find out how much money you qualify for.

• Fact

• Myth

MYTH

Contact the financial aid office at each school to find out the status of your aid and when to expect it.

Multiple Choice

Different schools have different deadlines.

• Fact

• Myth

FACT

Yes and there are at least three deadlines to check: your state, each school, and federal deadlines.

Missouri's FASFA Deadline

For priority consideration, submit your application by Feb. 3, 2020. Applications are accepted through April 1, 2020, at midnight CT.

Multiple Choice

A FAFSA ID is created to be shared by you and your

parents.

• Fact

• Myth

MYTH

If you’re a dependent student, two people need their own FSA ID to sign your FAFSA form online.

Multiple Choice

You can apply for financial aid even if you don’t have a

high GPA.

• Fact

• Myth

FACT

Grades may help with academic scholarships, most federal student aid programs do not take grades into account when you first apply.

Multiple Choice

Applying to FAFSA is free.

• Fact

• Myth

MYTH

Yes, there is NO cost.

Multiple Choice

Tax information is needed to complete the application.

• Fact

• Myth

FACT

Yes, and the requirements can change, so read updated information on the FAFSA site.

Multiple Choice

Applying for FAFSA can hurt your chance of admission

at a college.

• Fact

• Myth

MYTH

Many colleges practice a need - blind policy (your admission isn’t affected by finances). At need-aware college the majority are not denied because of finances, though it enters the equation).

Multiple Choice

Some colleges require a FAFSA to be considered for

certain non-need-based scholarships.

• Fact

• Myth

FACT

Often to verify US citizenship.

Open Ended

Besides loans, grants, and work-study, what other ways can you get financial support for college?

Tuition-free colleges

There’s a handful of schools that don’t require tuition. A few states, including Maryland, New York, Oregon and Tennessee, offer tuition-free schools with restrictions based on residency, household income or other factors. Other colleges waive tuition; however, they require some form of service requirements and may bill for room and board.

https://www.rgj.com/story/news/money/business/2019/10/15/top-alternative-funding-sources-college-vocational-school/3991560002/

Enlist in the military

The military offers a range of benefits. These include job training, enlistment bonuses and academies that combine higher education and officer training.

https://www.rgj.com/story/news/money/business/2019/10/15/top-alternative-funding-sources-college-vocational-school/3991560002/

Scholarships

To find local scholarships, look for local community foundations, credit unions, doctor offices, law offices, Elks Clubs, Rotary Clubs, and any other local businesses that may offer funding. You can also check with your school’s guidance office since local businesses and organizations often email their applications to local high schools and colleges to keep on hand.

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Applying for college has a lot of moving parts: grades, entrance exam scores, application essays, letters of recommendation. Financial aid can be a life saver for many students and families.

Remember, the time to apply for financial aid is DURING the college application process, not after. There are resources to help you step-by-step, so don’t be afraid to do some additional research.