Hello senior students and parents! 

By now, you have likely heard about the FAFSA, or Free Application for Federal Student Aid. The FAFSA will open on October 1st, so this is a one month heads up so you can be prepared and ready to file when it opens. I'm going to use this email as an explanation of what the FAFSA is, when to file it, what to have ready, etc. 

What it is: "FAFSA stands for Free Application for Federal Student Aid. This form is used to determine the amount of money a family is expected to contribute to the price of attending a postsecondary institution. The results of the FAFSA are used in determining student grants, work study, and loan amounts."

Why it's important: Filing the FAFSA is important, regardless of whether or not you think you will qualify for financial aid. It's well worth your time to do so (plus it's easy, so no excuses). After you file the FAFSA (and have been accepted to a college), you will receive your formal financial aid offer. It's only then you will know how much your education is going to cost for that particular school (this is a reason you should consider waiting to accept an admissions offer until after you receive all financial aid offers if finances are an important part of the equation). The FAFSA also serves as the paperwork necessary to qualify for federal loans (all students, regardless of income, qualify for $5,500 in federal loans. This is a student loan in the student's name). The interest rate you will get is way better than the bank for these federal loans. 

What can I do right now? There is no longer a PIN for the FAFSA; it has been replaced by what is called the FSA ID. The FSA ID is how you submit the FAFSA electronically. It serves as your certified digital signature. You can sign up for this now (and I recommend you do so). Both you and your student will need an FSA ID to complete the FAFSA. Only one parents needs an FSA ID. You can get that set up right now through this link:  https://fsaid.ed.gov/npas/index.htm 

When can I file the FAFSA? Starting October 1st, you will be able to use that FSA ID to complete the FAFSA. October 1 is the earliest you can complete the form (this is a much earlier deadline -- it used to be January 1. Parents who have filed before, take note!). I recommend doing it as soon after October 1st as possible. You do not need to have filed this year's​​​​ taxes to complete the FAFSA. Instead, you'll be using tax information from the most recently filed tax year (this is also a relatively new change to the FAFSA, called Prior-Prior-Year. You can read more about that here). The important thing is filing early. 

Where do I go to file the FAFSA? This is the link you can use to file the FAFSA starting in October: https://fafsa.ed.gov 

What do I need to have ready? 

• Your Social Security Number
• Your most recent federal income tax returns, W-2s, and other records of money earned. (Note: You may be able to transfer your federal tax return information into your FAFSA using the IRS Data Retrieval Tool. If you have filed your taxes electronically you can use the IRS DRT, and you should because it minimizes the risk of your FAFSA being selected for verification, which happens to about one-third of filers and delays the sending of your financial aid offer)
• Bank statements and records of investments (if applicable)
• Records of untaxed income (if applicable)
• An FSA ID to sign electronically.

If you have any questions about how to file the FAFSA, there are numerous free resources out there. Here is a link to a super in depth guide put out by a company called Edvisors, which specializes in college financial aid consulting. It's a terrific guide. 

For nuanced or unique questions, I would consult the website finaid.org. 

One more thing to be aware of with financial aid forms is that there are several colleges, especially private colleges, that require additional forms like the CSS profile or a university specific financial aid form. To check to see if any of your colleges require the CSS Profile (in addition to the FAFSA), you can check this link: https://profileonline.collegeboard.org/prf/PXRemotePartInstitutionServlet/PXRemotePartInstitutionServlet.srv 

For every school to which you have applied, you should consult the school's financial aid webpage. Check the deadlines and requirements for each college. 

I hope your fall is off to a great start. I am thankful for so many things, and working with awesome students and families is one of the most important in my life. I truly love what I do and I am honored and thankful to you for allowing me the opportunity. 

Let us know if you have questions. We are always happy to be helpful. 

A new data analysis from the Department of Education has found that 68% of students opted last year to have the FAFSA sent to just one school. The conclusion we draw from this? Students are either deciding too early in the process where they will attend college or not applying to enough schools in the first place.
 
National Decision Day, the day when students must notify their chosen college of their intent to enroll and pay their deposit, is May 1st of the senior year. However, this report as well as my own work with students suggests that many are making up their minds much earlier, even before financial aid packages are awarded, which usually happens in March or April.
 
This number is troubling, and likely an indicator of the want to be over and done with a process that can be riddled with anxiety and uncertainty. For most families the cost of college is a big factor in their decision where the student will attend. Yet, many of these same students and families start the enrollment process before having their financial aid award. You don’t truly know how much your education will cost until you have filed all financial aid forms (FAFSA, CSS Profile) and received the results of those filings from colleges.
 
My suggestion to parents and students is this: the fall application season is about creating smart options from which to choose in March or April, after you have all the pieces of the puzzle in front of you (admissions decisions, honors college decisions, scholarship offers, financial aid awards). When financial aid and costs truly are a driving factor, deciding in November, right after you get an admissions offer, where you will attend is premature. Why not wait and use these interim months (between the offer of admission and the time you get your financial aid award) to really compare on a deeper level the differences between your prospective schools?
 
I hear and understand the concern about housing, and it’s my opinion that colleges often use housing as leverage to entice students to deposit before they really need to do so. Here’s what I recommend: call the housing office. Ask about when housing actually fills up. Most colleges prioritize housing for freshman, and many guarantee it. Call and get the facts straight from the housing office itself before feeling the pressure to deposit from admissions.
 
Students, families, and college counselors work collaboratively for many months helping to create a smart list of colleges that will provide a good set of options for the student in the senior year. Let all those options play out before rushing into a decision, especially when cost is an important or decisive factor.

Here's this week's batch of scholarships. Give us a call with questions! 

1. City Pride Scholarship: $1,000
Use bullets and pictures to represent a list of 30 great things about your city. 
DEADLINE 7/1/14

2. Ten Words or Less Scholarhip: $500
DEADLINE 6/30/14

3. Youth Volunteer Scholarship Award: $500
DEADLINE Nov. 30, 2014