We at Do-Gooder Consulting really want to implore anyone
with a student going to college - whether high school senior, returning
student, or an adult even thinking
about going to college - to fill out the Free Application for Federal Student
Aid (FAFSA) NOW! Don’t wait!
Back in our day, the FAFSA was filled out by hand. The
financial aid officer also had to calculate by hand, which made the process
long and strenuous. Any revisions would be equally as long , so it was suggested
that students wait until taxes were done before submitting the FAFSA. That
allowed families to make copies of tax forms, and provide accurate information.
Financial aid programs like the Illinois Monetary Assistance Program (MAP)
grant were able to provide money up until classes actually began.
However, technology, especially through the web and
computers, has completely changed the process - for the better. Using www.FAFSA.gov families can quickly input (and
change) information. Most people send
their taxes in online, whether by using an application at home such as Turbo
Tax, or going to a professional such as H & R Block, or even most independent accountants. That information can then be easily
downloaded via the IRS Retrieval Tool. That one click often replaces the
photocopies and mailings and calls to the financial aid office of the past.
The downside of the technology upgrades is that since it makes
it easier to fill out applications for financial aid, more people know about
the opportunities and are rushing to take advantage of it. We talked about the shrinking MAP deadlines
in the past. Even though the state of Illinois is having problems now with
disbursing MAP funds for the current year, in order to possibly funds for the next school year (2016-2017), Illinois
residents need to fill out the FAFSA within the next week.
We previously wrote about MAP deadlines, with 2015 running
out by approximately Valentine’s Day (Feb. 14). Below is our projections for
when MAP money will run out not just for the upcoming school year, but the
school year following.
In looking at the graphic, you may have noticed that our
projection for the end of MAP money is the middle of this November. That’s
because of some major changes with the FAFSA for the next school year.
Do-Gooder Consulting documented these changes in an earlier blog.
There are some good reasons for this change. The earlier deadline, which now coincides with many college application deadlines. This allows students to make a timely decision to see if a college is a good fit not just academically but also financially. See our graphic below for details on the need to have both a completed FAFSA and a college application that is not just completed, but accepted by the college.
There are some good reasons for this change. The earlier deadline, which now coincides with many college application deadlines. This allows students to make a timely decision to see if a college is a good fit not just academically but also financially. See our graphic below for details on the need to have both a completed FAFSA and a college application that is not just completed, but accepted by the college.
The main trouble will be for families who have returning
students. They will think “Didn’t we just fill this out?” And that feeling is justified, as it may have
been 8 months or less when they filled out the FAFSA. That is going to require a change in mindset.
For years, Do-Gooder Consulting has advocated FAFSA completion sessions at the
beginning of the year. We have worked with churches to do such a session
following their service on the first Sunday of January.
Now, we encourage churches to hold such a session in October
or if needed, November. Nonprofits can work with families with holding evening
sessions, or also during the day if the families have Columbus Day or Veterans’
Day off. It’s a huge shift in
scheduling, and may conflict with other activities. But if going to - and
graduating - college is a priority, then lifestyle changes need to be made.
So please, plan accordingly, so your student can get the best financial aid possible. If you are part of a church or nonprofit (or even business that wishes to maximize help for your employees, customers and their families), please contact us at Do-Gooder Consulting, and let’s see how we can work together for the best interest of students. We would be happy to help you organize a coalition of organizations to maximize resources and impact. Feel free to call or text Do-Gooder Consulting at 872-222-8008 or e-mail at blog@do-gooder.us
So please, plan accordingly, so your student can get the best financial aid possible. If you are part of a church or nonprofit (or even business that wishes to maximize help for your employees, customers and their families), please contact us at Do-Gooder Consulting, and let’s see how we can work together for the best interest of students. We would be happy to help you organize a coalition of organizations to maximize resources and impact. Feel free to call or text Do-Gooder Consulting at 872-222-8008 or e-mail at blog@do-gooder.us
