For seniors graduating from high school, the possibilities are endless. There are career opportunities, military opportunities, and higher education opportunities to explore. For those high school graduates who choose a higher education path, there are in-state and out-of-state options. For some, the process of deciding on a school, completing the applications, and searching for financial aid can become overwhelming. Unfortunately, this sometimes means that students miss out on opportunities that might provide financial support for higher education – opportunities like the Free Application for Federal Student Aid (FAFSA).

FAFSA is a form students complete to determine eligibility for financial aid including grants, loans, and work study opportunities. This financial aid comes from the federal government and provides funding for education beyond high school. All students wishing to enter into a program beyond high school in the 2016 – 2017 academic year should complete the form.

The challenge is that too few students are completing the FAFSA and are missing out on financial aid that could help pay for their education. Consequently, too many students do not finish or even start a post-secondary program.

Why aren’t families completing the FAFSA?

In addition to possibly being overwhelmed by the many choices and responsibilities students have, there are also a number of myths about financial aid that add to the reasons why families do not complete the FAFSA.

• My parents make too much money. There is no income cut off in the financial aid formula, which means that everyone should complete the FAFSA, regardless of income. Also, a family’s financial aid circumstances may change during the year due to illness, job loss, etc. If a FAFSA had been filed, on time, an adjustment can be made in response to changed circumstances before the start of college.
• My grades are not good enough. Most financial aid is based on need, not on merit.
• I won’t have my taxes completed until after the financial aid deadline. There is a section in the FAFSA where you can indicate: “I plan to file, but have not yet.” Once taxes are filed, the updated financial information can be added.
• The FAFSA is too difficult to complete. Plenty of assistance tools are available to help families complete the form. Families can also reach out to financial aid offices at all colleges or high school counselor to get help. Two organizations that are ready to help:
  • National Association of Student Financial Aid Administrators provides tools and suggestions for the financial aid process.
  • Ed.gov Blog provides several posts on FAFSA including: 7 Steps to Filling Out the FAFSA | ED.gov Blog
• I don’t want the government knowing my income information. The government already knows income information as this information comes directly from taxes filed. Furthermore, income information submitted on the FAFSA is not shared with anyone.

Deadline:

To start the process, seniors entering college in the fall of 2016 should complete the FAFSA, NOW. Students will need income and tax information from 2015. Additionally, students will need to get a FSA ID - one for the student and one for the parent - in order to sign the form electronically. These can be acquired at fafsa.ed.gov.

Each state and university have different financial aid deadlines. Students can determine the deadlines for each school through this link. June 30, 2017 is the federal deadline in which one can file a FAFSA for the 2016-2017 academic year.

Catherine Hart is a Master Coach with NC New Schools/Breakthrough Learning