Do you need financial aid for college?
What has changed?
- The Free Application for Federal Student Aid (FAFSA) will be made available to all students for early submission – October 1
Why are these changes beneficial?
- More families filing the FAFSA can use the built-in link to the Internal Revenue Service (IRS) to use the Data Retrieval Tool (DRT) to import income information directly to the
FAFSA with fewer errors
- Families whose FAFSA is selected for verification will be able to turn in official Federal Tax Return Transcripts or use the IRS DRT to import information to the FAFSA immediately
Why should I file a FAFSA early?
- Some financial aid funding is limited – the earlier you apply the more likely it is that you will be awarded these funds, if you qualify
- Applying early may give you the information you need to make informed decisions about financial planning and college selection
If I file the FAFSA early, will I know about my financial aid package earlier?
There are several factors in determining financial aid awards that may not be available to financial aid offices in October. Final costs for tuition, fees, room and board are often set much later. Also, final state grant award formulas may not yet be approved by state legislatures. Some financial aid offices will provide estimated information until these types of information are made final.
What if my family’s current income is very different from the tax information provided on the FAFSA?
If your family has experienced unemployment, divorce, a reduction in income for other reasons, or if other special circumstances exist contact the Friends University financial aid office. We will perform what is known as a Professional Judgment and work with you to document the changes to your family income situation and make appropriate adjustments to your FAFSA information.