(Silly) Funding questions

[amc91]

So this may be a really silly question, but how does funding work? Does a FAFSA need to be filled out in order to receive offers of funding? Or do programs simply offer funding without a FAFSA? I assumed (maybe naively) that if a school wanted to offer it, they would, but then I saw for one program that a FAFSA had to be filled out by a priority deadline in order to be considered for any financial assistance.  An offer of admission is wonderful enough, so I never thought getting any funding offers would be possible. But now I just have to ask!

 

[racoomelon]

It depends on the program, but generally you don't need to file for FASFA in order to be considered for funding! None of my programs do-- funding is all based on merit. That said, one of the schools my brother applied to requires FASFA for funding (different field, but still). But they stated this very clearly in the letter they sent him. In the SLP field, I think TC Columbia does give funding based on the FASFA (and I'm guessing this is the program you're referring to). 

I think your best bet, if you'd like to be 100% sure and safe, is to email the director of the program and ask about funding opportunities.

[n22]

yea I'm kinda confused too lol. so all the schools that I'm considering the most I didn't get funding for so I will most definitely be taking out almost all loans. I did my fafsa kinda late (like really end of feb) so I feel like I won't hear back until after April 15th. I can commit before hearing back from fafsa right? Like it's not like they would deny me loans?

[Jolie717]

22 hours ago, amc91 said:

So this may be a really silly question, but how does funding work? Does a FAFSA need to be filled out in order to receive offers of funding? Or do programs simply offer funding without a FAFSA? I assumed (maybe naively) that if a school wanted to offer it, they would, but then I saw for one program that a FAFSA had to be filled out by a priority deadline in order to be considered for any financial assistance.  An offer of admission is wonderful enough, so I never thought getting any funding offers would be possible. But now I just have to ask!

 

I always thought you had to fill out the FAFSA if you want to qualify for federal student loans, but maybe I'm mistaken.  I know my schools required FAFSA submission for all of the scholarships and funding I applied for that were specific to each institution.

[kc1m2l8c]

11 hours ago, Jolie717 said:

I always thought you had to fill out the FAFSA if you want to qualify for federal student loans, but maybe I'm mistaken.  I know my schools required FAFSA submission for all of the scholarships and funding I applied for that were specific to each institution.

@amc91 Jolie717 is correct - you must fill out a FAFSA to receive any federal aid, including federal direct loans and PLUS loans. As far as institutional aid (funds from the school rather than the federal government), there are two types: merit-based and need-based. Need-based aid is awarded based on your expected family contribution and the cost of attendance. The FAFSA determines your expected family contribution, so you must have a FAFSA to be eligible for need-based institutional aid. However, need-based aid is reserved for undergraduate students at most institutions. Each school may also have merit aid that they award, and it depends on the school whether or not they require a FAFSA on file for you to be eligible for that aid. Chances are, a school's institutional aid will not cover your cost of attendance. Student loans would be used to cover the shortfall (unless you are receiving help from family or otherwise). You should complete the FAFSA to cover all bases (it's free - make sure you go to www.fafsa.gov to file). You can still file your FAFSA after the priority deadline and be eligible for aid. I hope that helps!

[Gingiestrong]

3 hours ago, kc1m2l8c said:

@amc91 Jolie717 is correct - you must fill out a FAFSA to receive any federal aid, including federal direct loans and PLUS loans. As far as institutional aid (funds from the school rather than the federal government), there are two types: merit-based and need-based. Need-based aid is awarded based on your expected family contribution and the cost of attendance. The FAFSA determines your expected family contribution, so you must have a FAFSA to be eligible for need-based institutional aid. However, need-based aid is reserved for undergraduate students at most institutions. Each school may also have merit aid that they award, and it depends on the school whether or not they require a FAFSA on file for you to be eligible for that aid. Chances are, a school's institutional aid will not cover your cost of attendance. Student loans would be used to cover the shortfall (unless you are receiving help from family or otherwise). You should complete the FAFSA to cover all bases (it's free - make sure you go to www.fafsa.gov to file). You can still file your FAFSA after the priority deadline and be eligible for aid. I hope that helps!

This may be a dumb question, but how late can you file your FAFSA and still be able to get aid? I started filing mine, but am waiting to finish it until I complete my taxes. The school I will most likely be attending doesn't begin classes until September 26th, so I thought I had some time, but I'm not so sure anymore haha. 

[DeWi]

57 minutes ago, Gingiestrong said:

This may be a dumb question, but how late can you file your FAFSA and still be able to get aid? I started filing mine, but am waiting to finish it until I complete my taxes. The school I will most likely be attending doesn't begin classes until September 26th, so I thought I had some time, but I'm not so sure anymore haha. 

You can use your info from 2014 taxes on the FAFSA and then update it later once you've filed 2015's taxes. That's what I did! Then you don't have to worry about waiting too long.

[kc1m2l8c]

@Gingiestrong This apparently depends on your state of residence (https://fafsa.ed.gov/deadlines.htm#). I can't imagine most states would have a deadline that preceded the tax filing deadline. Do you plan to file an extension or are you sticking with April 18? Also, you can submit your FAFSA before your taxes are finalized and then update it once your taxes are filed (it's just your responsibility to remember to update it - I'm not sure reminders are sent). If you do this, just make sure you select "going to file" in the FAFSA when it asks about your tax return status and use your best estimate on the figures (wages, taxes, etc.). If your earnings aren't significantly different from calendar year 2014 to calendar year 2015 (and you didn't get married or have a child in 2015), you can just use your 2014 income tax return information and then update it with your 2015 income tax information once you've filed. 

[racoomelon]

Okay, so I just want to check and make sure-- I saw that we can do FASFA as "will file", and then go back and change it. My parents still have my brother and I as dependents, so I have to wait for them to file their taxes. My dad has been a bit slow to do so this year, but I wanted to make sure I had my FASFA submitted sooner rather than later, so I did the "will file". 

This is okay, right? It said my FASFA was submitted and would be reviewed, then had a charming little blurb about how you can be charge up to 20k for misfiling. So I'm kind of worried about this, but I think I'm just over-thinking it. Gah. 

The other thing I was worried about is that I only chose my current school as the school option-- was I supposed to choose all of the potential schools I'd like to attend? 

[slpdee]

44 minutes ago, racoomelon said:

Okay, so I just want to check and make sure-- I saw that we can do FASFA as "will file", and then go back and change it. My parents still have my brother and I as dependents, so I have to wait for them to file their taxes. My dad has been a bit slow to do so this year, but I wanted to make sure I had my FASFA submitted sooner rather than later, so I did the "will file". 

This is okay, right? It said my FASFA was submitted and would be reviewed, then had a charming little blurb about how you can be charge up to 20k for misfiling. So I'm kind of worried about this, but I think I'm just over-thinking it. Gah. 

The other thing I was worried about is that I only chose my current school as the school option-- was I supposed to choose all of the potential schools I'd like to attend? 

I think you are supposed to list your potential schools right away. You can delete them once you make your final decision. Also, I am also considered a dependent on my parent's taxes, but I was confused about whether I could still do this since we are considered independent on FASFA now that were going to graduate school. So I called FASFA and asked them, and they said I could still be used as a dependent and just put in "will not file". I was told I did not have to put in any of their tax information, but this may be because I didn't work last year, since my undergrad school paid tuition and living expenses for me. 

[racoomelon]

@slpdee Thanks! That's more or less what I did, minus the potential schools part. I worked over the summer and currently work part-time, but I don't think I have to file because my parents are claiming me.