What students, parents need to know about financial aid during outbreak

May 31, 2020, 4:35 AM
(Pixabay Photo)...
(Pixabay Photo)
(Pixabay Photo)

If you have a college-bound teen or current college student, you probably already know filling out the Free Application for Federal Student Aid (FAFSA) is one of the best ways to apply for scholarships and grants to help cash flow that degree.

And let’s be real, the FAFSA is already confusing enough on its own, so having to think about COVID-19 on top of that just adds to the stress.

But don’t worry. We’re about to break down what you and your kids need to know about the FAFSA this year:

What to know about FAFSA deadlines

The FAFSA form has three deadlines: federal, state and school. Here’s the lowdown on each one.

Federal: To get financial aid for the 2019–2020 school year, the federal deadline is June 30, 2020. For the 2020–2021 school year, it’s June 30, 2021.

State: For some financial aid, like in-state scholarships and grants, deadlines vary by state.

Certain states may be pushing back their deadlines, so check the website to see how your state is handling it.

School: The schools your kids are going to, or applying for, usually have earlier FAFSA deadlines than the federal deadline. But just like the state deadlines, each school might be responding differently to the coronavirus and changing their deadlines as a result.

Bottom line is this: your kids should check with their school’s financial aid office and state guidelines to make sure they have their FAFSA forms turned in on time. And even if your kids have already missed the school and state deadlines, there’s still time to make the federal one!

What to know about FAFSA when schools are closed

If the college or colleges on your kid’s list are currently closed, don’t stress.

The U.S. Department of Education’s Central Processing System will still process your FAFSA info and send it to all the schools you list on the form.

That way, your kids will still be able to get financial aid when schools do reopen.

You can also check with each individual school to make sure they’re still processing FAFSA forms, and to learn more about their plans for reopening.

What to know about FAFSA when your income changes

If you or your kids have lost work during this crazy time or your income has dropped a ton, know that you’re not alone.

There are plans in place to help with those situations, and your child might be able to have their financial aid adjusted.

Make sure you and your child both answer all the questions on the FAFSA form about income, and include any tax documents they ask for.

Be sure to reach out to the schools your child is applying to after you’ve submitted the form, so you can talk through any changes in your finances.

Remember, your kids can get scholarships, grants and student loans by filling out the FAFSA.

Scholarships and grants are great, but student loans can seriously hurt their future. Be sure they carefully read the fine print in their award letters before signing any kind of agreement.

Paying cash for college isn’t easy, especially right now, but it can be done with the help of work study programs, scholarships, and other financial aid you can get through the FAFSA. Don’t take out student loans!

If you and your kids need more tips on filling out the FAFSA and graduating debt-free, I’ve got you covered with some free resources.

Dave Ramsey

(Pexels Photo)...
Dave Ramsey

Dave Ramsey says: Remember to be a team when tackling finances after layoffs

A couple getting through double layoffs in the household should focus their finances on day-to-day and hold off paying down debt.
6 days ago
(Pexels Photo)...
Ken Coleman

Is enrolling in college the best choice for you to find success?

More and more people are wondering if they should spend the time and money to attend college when they can get a job without the expense.
8 days ago
(Pexels Photo)...
Dave Ramsey

Dave Ramsey says: Pay off $3,000 co-signed loan in arrears if you can

If you have the money, and you can pay off an old debt without putting yourselves in a bind financially, do it. That’s the right thing to do.
13 days ago
(Pexels Photo)...
Kristina Ellis

What you can do this year to work toward being student debt-free

Let’s review what happened with student loans in 2022, look ahead at what’s coming, and talk about what to do to work toward being debt-free.
15 days ago
(Pixabay Photo)...
Dave Ramsey

Dave Ramsey says: Parent should learn to take better care of personal finances

Bailing out a person who is irresponsible with money won't help them. But if you do, make the payment contingent on financial counseling.
20 days ago
(Pexels Photo)...
Rachel Cruze

Tips for 1st-time budgeters to take control of your money in 2023

Getting your finances in order can feel big and overwhelming, but we’re going to break it down in a way that’s simple and manageable.
21 days ago

Sponsored Articles

Day & Night Air Conditioning, Heating and Plumbing

Company looking for oldest air conditioner and wants to reward homeowner with new one

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.
(Pexels Photo)...

Sports gambling can be fun for adults, but it’s a dangerous game for children

While adults may find that sports gambling is a way to enhance the experience with more than just fandom on the line, it can be a dangerous proposition if children get involved in the activity.
(Desert Institute for Spine Care photo)...

Why DISC is world renowned for back and neck pain treatments

Fifty percent of Americans and 90% of people at least 50 years old have some level of degenerative disc disease.
What students, parents need to know about financial aid during outbreak