2014 FAFSA Myths

In our last post we discussed the 2014-15 Free Application for Federal Student Aid (FAFSA). Topics that were highlighted:

• An overview of the FAFSA
• How to properly complete the FAFSA 
• Information needed for the FAFSA
• Tips to accurately complete the FAFSA

This week, In and Around the Quad will demystify the FAFSA.

MYTH #1: I need to file my taxes before submitting the FAFSA. 
•     False. A family can submit their FAFSA by providing a reasonable estimate of their 2013 income taxes. The United States Department of Education works with the Internal Revenue Service to help connect a family's FAFSA information with their tax return once submitted. The sooner the FAFSA is submitted, the earlier the financial aid packages will be sent by schools.  

MYTH #2: Families that make too much money should not fill out a FAFSA.
•     False. There is no income ceiling to prevent a family from qualifying for federal student aid. There are several factors that go into the financial aid report besides money. Information such as size of family and the number of children in college concurrently. According to Sallie Mae, the typical family earning more than $100,000 received $5,451 in grants and scholarships during the 2012 academic year. Also, the FAFSA is only for federal student aid. Colleges can and will give out their own aid, but will need the FAFSA completed in order to make their decision. The FAFSA is simply a starting point.

MYTH #3: Colleges only look at what is stated on the FAFSA, though my situation has changed.
•     False. The Estimated Family Contribution (EFC) is only a government recommendation. Parents are encouraged to contact the financial aid office at each college to appeal their financial aid package. This office can make adjustments if there have been changes to a family's income or assets. Examples of items that may not show up on the FAFSA; loss of a job, using savings to start a new business, medical bills and/or having another child.

MYTH #4: If both parents are divorced and remarried, all of the parents' information must be entered on the FAFSA.
•     False. The information that should be entered on the FAFSA is that of the parent the student has lived with more than 50% of the time within the last 12 months. In addition, that step-parent's financial information MUST be included along with the student's tax information, if they filed an income tax. Unfortunately, the student cannot choose to enter the information of the parent/step-parent that makes the least amount of money to secure a lower EFC.

As you can see, all of the myths were false. Do not believe everything you hear. If you need correct
answers to other college financial aid myths or perhaps have other college admission questions, please Contact Us.

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2014-15 Free Application for Federal Student Aid (FAFSA)

January 1st was a very important date. Not only did it signal a new year, but it was the date the 2014-15 FAFSA was released. What is the FAFSA? It is the Free Application for Federal Student Aid. It is a form produced by the United States Department of Education that determines a family's Expected Family Contribution (EFC).

HOW DOES IT WORK?

The FAFSA is a 103 question form used to determine a family's EFC for college. Financial information is imputed into a formula developed by the United States Department of Education to determine the EFC. The EFC is then forwarded to up to ten designated colleges to individually determine a student's financial aid package.

HOW CAN IT BE FILLED OUT?

The form can be accessed online (www.Fafsa.ed.gov/) starting January 1st of each year and is submitted electronically. A family can opt to print a copy and send it via the mail, but this will delay the process by 2-4 weeks. The sooner the FAFSA is filled out, the quicker the information can be received by each college. The longer a family waits to submit their FAFSA can lead to a college having less financial resources to award to a family. 

WHAT IT LOOKS FOR?

To fill out the FAFSA, families will use their previous year's IRS Form 1040, Form 1040A or Form 1040EZ  (whichever Federal Income Tax Return Form that was used) both for the parent(s) and the student. Many of the questions ask about specific 'lines' on the tax form, such as adjusted gross income and balance of cash (savings and checking account). Other questions ask about a family's net worth (trust funds, stocks, bonds, certificate of deposits, etc...) and the number of children that will be attending college concurrently.

TIPS

Complete whichever IRS Form 1040 as soon as possible. A parent can estimate their earnings when filling out the FAFSA, but they will need to later adjust and provide accurate figures. The sooner taxes are filed, the quicker an actual EFC will be calculated. The student will then be closer to the front of the line to receive each college's maximum financial aid award. Make sure not to rush when you are filling out the form. There are an average of 10 errors estimated per form. Remember, the form is free. One should not pay to access a FAFSA website.

In addition, keep as many assets out of the student's name as possible. Student earnings are weighted more heavily than parental money (nearly 20 cents to the dollar). Why is this? The logic is that a student has earned money and has saved over the years for college. Though that might not be the case, make sure to legally change the location of your high school student's assets by their 2nd semester of junior year or 1st semester of senior year (the FAFSA uses the previous year's tax returns, not the year they begin attending college). A FAFSA must be submitted each year a student is looking for financial aid; from the first year in college, until the last year of their doctoral program.

Howdy from Aggieland

Howdy! That is the official greeting of the 6th largest student body in the nation, Texas A&M University (TAMU). Founded in 1871 as the first public institution of higher education in Texas, TAMU is located in College Station, Texas, ninety miles northwest of Houston, Texas.

1.  Engineering

The Dwight Look College of Engineering boosts the 8th ranked engineering program of a public institution offering a doctorate degree and the 16th overall ranking for engineering programs in the nation according to U.S. News & World Report. The engineering program is by far the largest school at the university, boosting over 10,000 students, or more than 20% of their student population. Being that large is not enough for A&M as their goal is to increase the College of Engineering to 25,000 student by 2025. First year engineering students have their own dormitory, The Engineering Living Learning Community (ELLC), with five total floors, four for male students and one for female engineering students.

2.  Corp of Cadets

Stepping on the campus of A&M, one will not miss the Corp of Cadets. More than 2,300 students belong to the ROTC program, making it one of nations' largest uniformed student body. Texas A&M commissions more officers than any other institution other than the nation's service academies. The Corp of Cadets reside in special dormitories in the Quadrangle and the Memorial Student Center (MSC), which recently finished a 4 year renovation, is a memorial to all Aggies who have served. The highest ranking member of the Corp of Cadets is Reveille (currently VIII). She is a purebred collie and the official mascot of TAMU. She has a Corp member assigned to her at all times and has the power to dismiss class if she barks, because if you cannot keep Reveille interested, you cannot keep the students engaged.

3.  Aggie Spirit

Tradition was the first word I was told by an Aggie alum in reference to TAMU. That tradition goes along with another Texas passion, football. On fall Saturday's, Kyle Field will draw between 30-40,000 students, or almost half of its capacity. The 12th Man, as they are officially known, stand the entire game, while waving their official white towels, to support their fellow Aggies. Besides the football games, the tradition of the Aggie Ring, earned by students after 90 hours of credit, is recognizable to graduates of TAMU since 1894.  Other traditions on campus include placing a penny at the foot of the statue of former president Lawrence Sullivan Ross (or as his namesake in Monsters, Inc. is called, Sully), for help during exam week. Near the statue of 'Sully,' one will find an odd shaped Century Tree, the oldest tree on campus, where many traditions of good luck and marriage proposals occur.

4.  Friendliness

On my visit to campus, friendliness in the form of 'Howdy' was evident as I am greeted on the phone, by the student admissions office receptionist and by nearly every passing student whose eyes I catch. Not only do you hear 'Howdy,' but if an upperclassman hears something they enjoy, they 'Whoop!' If you are a underclassman, do not worry, each class has their own specific 'yell,' which is practiced at the Midnight Yell Practice and performed at football games. This Aggie Spirit is important to the culture of TAMU as 92% of freshmen return to TAMU for their sophomore year, an impressive statistic at such a large university. Lastly students who graduate from Texas A&M, 80.4%, are linked to the university forever. An Aggie never says goodbye, but while giving a' thumbs up,' exclaims "Gig 'Em!"

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High School Sophomores, Now is the Time To Think About College

If your college bound student is a sophomore, time is your ally. Use this time strategically and you can reap the most out of the college selection process. Use it foolishly, and you will need to read the following blog post in two years. Here are some tips on how to maximize your alliance with time. 

Rigorous Coursework

Over the years, I have had conversations with numerous college admissions representatives and the same people that read your student's college applications. One of most important factors colleges use to evaluate an applicant’s admissions are their high school transcripts. Each representative examine high school transcripts to assess how much a student has challenged themselves, especially looking for  Honors or Advanced Placement level coursework. They understand that these elite courses were not for each student and do not want to see poor marks on the transcripts. The suggestion was given for a high school student to enroll in the hardest courses that will challenge themselves, while experiencing success.

Visit Colleges

If you have not already stepped foot on a college campus, perhaps now is the time to plan a visit. As I have stated in a previous blog post, this is a great way to determine if your student is the proper fit for a campus. Being a first semester sophomore, it is a good time to expose students to a college campus. Perhaps there is a local campus that has an 'open house' on a fall day. Take advantage of the campus tour and the admissions information session. Researching online, reading brochures and talking with college admission representatives at fairs cannot replace the unique 'feel' of each campus. This experience will benefit the entire college bound family.

Take Interest Inventories

Sophomore year is the right time for a student to explore potential college majors. Students should seek subjects they enjoy in school and discuss potential career options. Students can talk to family members in potential fields or search out these careers online. Another good way is to take an interest inventory. Perhaps their high school uses Naviance or a similar program to seek potential majors/careers. If not, they could seek out a professional to administer a Myers-Briggs Type Inventory or similar test. Once they receive their results, students should discuss the results with their family, then research ideas that are of interest to them. This will help guide the college selection process. 

Internships/Job

Another way to find a potential career or college major is for the student to seek out employment in a field of interest. This will provide invaluable experience in the field while being exposed to its everyday tasks. If a job is not available at a particular company, perhaps there are summer internship opportunities or even a job shadow program. This will also help build a student's communication skills and high school resume, while exposing them to the concept of networking with potential employers. 

Do you have other ideas on what a high school sophomore can do to prepare for college? Add in a comment and let us know.

Need help with your sophomore applying to college? Have other college admission questions? Contact Us

College? My High School Student is Only a Freshman.

The first quarter of a freshmen's high school career has just ended. You are saying to yourself, "this is surely too early to think about college." Actually it is not. Freshmen have two big advantages in the college search process; time and a blank slate. Time because there is plenty of it to conduct a proper college search and a blank slate because students can properly create an impressive transcript and college resume. Here are four ways to do that.

Develop Good Study Habits

If a student has not already done this, make sure they develop this lifelong habit now. Perhaps a student is overwhelmed by a fall sport or participating in every extracurricular that has been announced over the PA. The best study skill is always time management. Establish a plan as to when the student will be completing their homework each night, including reviewing class notes and rereading the material. Make sure they are working in a well lit area that is free of distractions. Other important habits that are often overlooked include ensuring the student receives the proper amount of sleep (to focus in school) and eating a proper diet (eating brain foods such a fruits and vegetables). Stay consistent with these study skills and do not develop ones your student will not be able to break.

Earn Good Grades

It seems simple, but often it is not. Many times a high school freshmen does not think their actions can impact the rest of their life. It can and does. If a freshman earns poor grades, they have to work that much harder to raise their Grade Point Average (GPA). Remember, colleges only consider a student's first six semesters of school work because they apply during the first semester of senior year. If a student receives a 'D' during their freshmen year, the 'twak' you just heard could have been a college closing the door on your student. Colleges consider GPA during the admission process, along with the rigor of courses taken. It is never too late to begin to correct mistakes. It is never too early to learn new skills.

Get Involved

If your student has not already done so, they should get involved. Every school has a plethora of sports, clubs and activities. If they are unsure about a club's activities, they should seek out the sponsor or attend a meeting. Remember, they are not obligated to attend the next meeting. In addition to being involved, these activities are the beginning to their college resume. Colleges seek students who actively participate in clubs. They should seek out leadership roles in one or two clubs, another item that would look great on a college resume. Joining clubs can help students find new friends, establish their college resume and perhaps even find their passion, which could lead to their future career. 

Find Your Passion

"Choose a job you love, and you will never have to work a day in your life." said Confucius. This is very true, but how do we know what we love to do? The best way is to seek out opportunities until we find something that we enjoy. Perhaps none of those activities will be your student's passion, but somewhere along the way, your student will find it. Seek out many opportunities, whether it be: volunteering, applying for a job, clubs, sports, or academics. As my mom told me, "It is always easier to quit than join.” This is sound advice. Hopefully along the way, you find your passion. 

Do you have other advice for a high school freshmen? Add a comment, we would love to hear it!

Need help with your sophomore applying to college? Have other college admission questions? Contact Us

Is My High School Junior Behind the College Eight Ball?

There is a fair amount of time for a college bound high school junior to be thinking about college. But if a family does not take advantage of this time, there will be plenty of seniors in a panic at this point next year. A well planned timeline can help a junior properly prepare for college.

Standardized Test Prep

If the college bound student has not yet taken a standardized test, this should be done as soon as possible. Completing the ACT and/or SAT will help the family understand the potential colleges they should consider. Perhaps your student hit a ‘homerun’ the first time they took the ACT. This will alleviate much of the stress of trying for higher scores when engaged in the college selection process. If the score is not what a student would have hoped, do not worry, a student can take the exam as many times as they wish. Perhaps purchasing some test prep booklets, using an online test preparation course or even working with a tutor would benefit the student to raise their score.

College Fairs and Reps

The time is here for a student to actively engage in the college selection process. This can be done by talking to college admission representatives. Your high school junior should personally converse with as many colleges as they can in order to gain a proper perspective on the types of schools and their offerings. Students can do this when admission representatives come to their high school to 'recruit' students or by seeking out a local college fair.

Campus Visits

If you have not already stepped foot on a college campus, perhaps now is the time to plan a visit. As I have stated in a previous blog post (4/8/13 blog post), this is a great way to see if your student is the proper fit for a campus. Is it a very active campus? Intellectual campus? Athletic campus? Does the culture of the campus fit with the personality of your student? Researching online, reading brochures and talking with college admission representatives cannot replace the unique 'feel' of each campus. Walk the quad, eat lunch in the dining hall and sit in on a freshmen level course to answer these potential questions.

Bank Accounts

Begin to examine your financial accounts to determine the amount that can be used to pay for college. Consider how much has been earned in a college saving program and how far that will stretch. Will this be able to pay for four years at a university or will loans have to be considered? Perhaps the time is now to begin searching for scholarships. If nothing else, shift as much money as possible out of the college bound student's name by the end of the calendar year, the first semester of junior year. This is because when filling out financial aid forms, including the government's form (2/4/13 blog post) fall of senior year, you will use the previous year's tax returns. Thus, the student's financial situation will be required and these forms assume that money in the student's name will be used for college. This will then lower the amount of your financial aid package.

Need help with your junior applying to college? Have other college admission questions? Contact Us

MY SENIOR HAS YET TO APPLY TO A COLLEGE!

No need to panic, that will only create more stress. There is still time to make the proper college selection. Make sure to have a detailed strategy and stick to a tight schedule to decide where to apply.

The College Essay

The first strategy for a college bound senior would be to complete the Common Application (CA) and answer one essay prompt. This application is shared by 517 colleges and universities in the United States and 6 foreign countries. Each college can add unique features, but the majority of the application is as the name suggests, common. Most likely your senior will apply to a few schools that accept the CA, thus once they decide on which CA schools to apply to, they can submit their application immediately.

How Will Your Student Apply?

Applying to college has changed drastically in the past 15 years. In addition to no longer using paper applications, colleges have different application deadlines.

The first deadline is Early Decision (ED). This is a binding agreement between the student and college stating if admitted, the student will withdraw all other applications and accept admission into that school. These are usually due beginning November 1^st. 

Early Action (EA) This application deadline means the student will apply earlier than the majority of students to a particular college/university. This usually takes place between November 1st to December 1^st. Colleges agree to act on their application earlier, usually by the end of the calendar year.

Regular Decision This is the standard or last date that a student will be considered for admission into the college. Some schools will notify students in the applicant pool on one date, others will have Rolling Admissions; admitting/denying students within weeks of their application being submitted. 

Visit Campuses

Now that applications have been submitted, consider visiting campuses. As stated in a previous blog post (How to Get the Most Out of Campus Visits, 4/8/13), this is a great way to see if your student is the proper fit for a campus. Is it a very active campus? Intellectual campus? Athletic campus? Does the culture of the campus fit with the personality of your student? Researching online, reading brochures and talking with college admission representatives cannot replace the unique 'feel' of each campus. Walk the quad, eat lunch in the dining hall and sit in on a freshmen level course to answer these potential questions.

Avoid Senioritis

Senioritis is a terrible ‘disease’ plaguing seniors. The best remedy is to make sure your college bound senior does not develop poor study skills and maintains their grades. Even though colleges consider a student’s first six academic high school semesters for admission, colleges still review their senior year course schedules. Most even require first semester and final transcripts be sent. This ensures the admitted student has continued to make academic progress and can handle the rigors of a particular school. Every year students have their acceptance rescinded because the student did not take their senior year education seriously. Make sure this does not happen to your college bound student!

Need help with your senior applying to college? Have other college admission questions? Contact Us