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Introduction to Financial Aid Awareness Month - Financial Aid FAQ

Every February, Financial Aid (FA) Awareness Month is recognized by the FA community to spread awareness and give information to students and their families in hopes of making financial aid a little less scary. University of Advancing Technology's Sr. Financial Aid Administrator Braden Heath put together some Frequently Asked Questions to provide pertinent information most students are looking for. 

Start Your FAFSA Today! UAT's School Code 017188.

Frequently Asked Questions:

Q. How soon do I need to file the FAFSA, and should I still apply if I think my family makes too much money?

A. The sooner you fill out the FAFSA, the better. The application is free, and it's not just a way to determine how much federal student aid you'll receive. State governments, and some colleges and universities use information from the FAFSA to determine what state and institutional aid you qualify for. But state agencies and individual schools also have different deadlines to qualify for aid -- so keep track of all of the deadlines and get a head start. Even if your household income is too high for you to qualify for federal grants or work-study funds, the FAFSA is also used to determine federal student loan eligibility. There's no harm in applying, and on average, it only takes 15 minutes to fill out the FAFSA. Please note, beginning with the 2024-25 school year, an FSA ID is required for individuals associated with the application.

Q. Will I need to fill out the FAFSA form each year?

A. Yes. Eligibility for federal student aid does not carry over from one award year to the next, so you will need to fill out the FAFSA form for each award year in which you are attending.

Q. What happens with the FAFSA information once submitted to the University?

A. UAT will use your FAFSA information to determine your eligibility for aid and will use this information to build your personalized financial aid offer. States also use FAFSA information to award their own aid.

Q. What are some common mistakes students and families make when filling out the FAFSA?

A. The first mistake you can make is not filling out the FAFSA in the first place! Don't assume that you can't afford college - the FAFSA opens the door to many different opportunities for financial aid. Keep in mind that you don't need to know where you'll be attending school in order to file the FAFSA, and you don't need to have your taxes completed yet for the previous year because you will use tax information from two years prior. Applying online makes filling out the FAFSA easier because the online form uses skip logic to only ask relevant questions. You will also have the option to transfer your IRS data to automatically populate the FAFSA, which simplifies the application process, helps reduce errors and lowers your chances of being selected to verify the information on your application.

Mistakes can delay your FAFSA application. Avoid these common errors:

  • Leaving blank fields: Enter a “0” or “not applicable” instead of leaving a field blank.
  • Avoid using commas or decimal points. Always round to the nearest dollar.
  • Listing an incorrect SSN or driver’s license number – double and triple-check these entries to ensure accuracy.
  • Use your legal name as it appears on your Social Security card.
  • Listing marital status incorrectly. The Department of Education wants to know your marital status on the day you sign the FAFSA.
  • Failing to list both parents if they live together: If both your legal parents (defined as biological or adoptive parents) live in the same household, you are required to list both parents on the FAFSA even if they are not married.
  • Forgetting to list the college: Reach out to the admissions or financial aid office for the Federal School Code, which is used to add our school to your FAFSA.

Q. Who will be a contributor on my FAFSA?

A. Dependent students can learn more about who their required contributor should be using this guidance provided by the Department of Education.

Q. Can I file the FAFSA if myself or my contributor(s) don’t have a social security number?

A. A Social Security Number (SSN) is required for students who are looking to complete the FAFSA, except for students who are residents of the Freely Associated States (Marshall Islands, Micronesia, and Palau). If the student SSN field is blank for online and paper FAFSAs, the FAFSA will not be processed. 

While the ability to create an FSA ID has historically been limited only to parents who can be verified with a Social Security Number (SSN), now all parent and spouse contributors without an SSN can create one using the Department of Education's newly developed system to validate identity. This allows all contributors, including undocumented individuals, to create an FSA ID. Check out these step by step instructions on how to add contributors without a SSN can obtain a FSA ID. 

Q. What are the reasons my contributor might be asked to manually enter financial information on the FAFSA?

A. The most common reasons a contributor may be asked to manually enter their financial information on the FAFSA include:

  • The contributor’s marital status has changed since filing their IRS tax return for the applicable tax year.
  • The contributor filed taxes in a U.S. territory (Puerto Rico, Guam, American Samoa, U.S. Virgin Islands etc.)
  • The contributor indicated on the online FAFSA that they have not filed a tax return but plan to.
  • The contributor is a victim of IRS tax-related identity theft.
  • The contributor’s identifiers do not match IRS records.
  • The transfer of federal tax information (FTI) was incomplete
  • IRS data is unavailable due to an IRS system-related outage. Try again later by making a    correction to your FAFSA.

Q. Myself and/or my contributors have not filed our 2022 taxes yet (for 24/25 FAFSA) – what are our options?

A. If you or your contributor have not yet filed their 2022 taxes and were required to do so, we recommend reaching out to a tax professional for assistance. Generally, those who are eligible to file taxes must do so in order to be eligible for federal aid.

Q. How can I set myself up for success when repaying my student loans?

A. There are several repayment plans for student loan borrowers. The best way to set yourself up for success is to pick the repayment plan that's best for you to avoid falling into default.Once you graduate, drop below half-time enrollment, or leave school, your federal student loan goes into repayment. However, for most federal student loan types, you have  a 6-month grace period before you are required to start making regular payments. Note that not all federal student loans have an automatic grace period, and it helps to know which loans accrue interest during the grace-period. When your loan enters repayment, your servicer will automatically place you on the Standard Repayment Plan, but you can request a different repayment plan at any time. If you aren't sure which repayment plan best fits your needs, visit studentaid.gov/manage-loans/repayment for more information. It's also important to communicate with your student loan servicer and let them know if you need help in repayment. You can find out who your servicer is through the National Student Loan Data System for Students by selecting "Financial Aid Review." 

 

Financial Aid Defined:

Cost of Attendance – An estimate of your total costs for the defined school year. All direct costs are outlines in the cost of attendance.

Direct Costs – These are the items that will be charged to you on your student account. These include tuition, fees, meal plan, and room and board (if applicable).

Federal Direct Subsidized Loan – This is a student loan borrowed from the Department of Education (FAFSA). A subsidized loan does not accrue interest while you’re enrolled at least half time.

Federal Direct Unsubsidized Loan - This is a student loan borrowed from the Department of Education (FAFSA). An unsubsidized loan begins to accrue interest when it is disbursed and continues to accrue interest while you’re in school. Please visit this page for current rates and information regarding interest accrual.

Grants & Scholarships – These types of funding are based on merit, achievement, or financial need. Federal grants are based on your FAFSA submission.

Parent Plus Loan – A credit-based federal loan borrowed by a parent to supplement a student’s financial aid. The Parent Plus loan is most commonly used to cover a remaining balance for their dependent instead of having a payment plan directly with the school.

Private Alternative Loan – This is a lown borrowed from a bank or private lender. These credit-based loans are available for both students and parents.

Payment Plan – UAT offers payment plans which allow you to pay your balance over the course of the semester.

Award Year – This is the school year for which financial aid is used to fund a student’s education. Generally, this is a 12-month period that begins on July 1st of a given year and ends on June 30th of the following year.

Academic Year – An academic year is one complete school year at the same school. For schools, like UAT, that operate on a year-round program of instruction, eight months is considered an academic year (two semesters).

 

Take the next step - explore your financial aid options today! 

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