Financial aid information for Seniors

Financial Aid Information for Seniors - FAFSA What?

FAFSA is the Free Application for Federal Student Aid. The information gathered on the FAFSA provides the federal and state government, as well as most postsecondary institutions, with the financial information needed to determine the amount of financial aid that a student is eligible to receive. Since this aid is based on need, it is very important to gather financial information from the family to make proper determinations. Therefore, the FAFSA should be filed as soon after January 1 as possible.

The easiest and quickest way to file the FAFSA is online… www.FAFSA.gov **BEWARE OF SCAM WEBSITES! Always use the website that ends in .GOV (dot GOV)! ** Must I Include My Parent’s Financial Information When I Apply for Federal Student Aid? The federal student aid programs are based on the concept that it is primarily your and your family’s responsibility to pay for your education. And because a dependent student is assumed to have the support of parents, the parents’ information has to be assessed along with the student’s, in order to get a full picture of the family’s financial strength. If you’re a dependent student, it doesn’t mean your parents are required to pay anything toward your education; this is just a way of looking at everyone in a consistent manner. A person is NOT eligible to receive need based aid WITHOUT parental financial information UNLESS: • You will be 24 or older by Dec. 31 of the school year for which you are applying for financial aid; OR • Will you be working toward a master’s or doctorate degree (beyond bachelor’s degree); OR • You are married or separated but not divorced; OR • You have children who receive more than half of their support from you; OR • You have dependents (other than children or a spouse) who live with you and receive more than half of their support from you; OR • At any time since you turned age 13, both of your parents deceased, you were in foster care, OR you were a ward or dependent of the court; OR • You are an emancipated minor or are you in a legal guardianship as determined by a court; OR • Are you an unaccompanied youth who is homeless or self-supporting and at risk of being homeless; OR • Are you currently serving on active duty in the U.S. armed forces for purposes other than training; OR • You a veteran of the U.S. armed forces. If a person can meet one or more of the criteria listed above, then they will be considered an “independent student” for eligibility purposes for financial aid.

If a person does NOT qualify as an independent student, their financial eligibility will be based on the person’s and their parents’ income and assets, and they will be required to report their financial information on all financial forms they complete. If a person feels that they have a special circumstance that will qualify them as an independent student to receive federal funds, they should talk to the Financial Aid Officer at the school they plan to attend.

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