For many, the financial aid process can be more than a little intimidating. One of the most crucial aspects of the process? The FAFSA- the Free Application for Federal Student Aid. I sat down with Colin Tucker from Penn State’s financial aid office to get the scoop on some changes to the FAFSA process this year.
Don’t panic- for the most part, the FAFSA process will remain the same. This year, however, the FAFSA opened already, where in the past it didn’t open till January. For those who are proactive and want to get one part of the application process out of the way on the earlier side, this is great news for you!
In addition, because the application has already opened, applicants can use their 2015 tax information when completing the FAFSA.
One piece of advice Tucker offers to students is to utilize the data retrieval tool, which works directly with the IRS in order to put tax information directly on the application. According to Tucker, FAFSA actually prefers the use of this tool, because it makes it easier for them to verify the numbers.
For Penn State, the main difference comes from the new recommended FAFSA completion date. In years prior, applicants wouldn’t have to submit the FAFSA until March. However, this meant that students wouldn’t hear back about possible financial aid packages until potentially the end of the month, which would be cutting it close to decision time.
“College is a huge expense,” says Tucker, “Financial aid is a huge decision factor.”
For this reason, this year Penn State will be changing its recommended submission date to February 15th – a few weeks earlier than the previous year. This will help students get their financial aid packages back earlier and will give them more time to make their decision. The Department of Education will confirm receipt of the FAFSA upon submission; Penn State will confirm that they received the FAFSA at a later date.
While Tucker says prospective students will not be able to get answers to their specific financial aid questions until mid-March, he does encourage anyone to reach out if they have any questions as they go through the process.
Above all, Tucker reminds potential students that the FAFSA is absolutely free to fill out. Many companies will offer the FAFSA for a fee, but they aren’t to be trusted.
Log onto FAFSA.gov to start your application today, and feel free to contact Penn State’s financial aid office if you need guidance along the way. Penn State is here to help!
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