Have you completed your Free Application for Federal Student Aid (FAFSA)? It’s easy put off tasks that are complex, boring, and time-consuming – and many students consider the FAFSA all three. (That’s why so many professionals don’t do their income taxes until the last minute!)
But just as you shouldn’t procrastinate about your homework, you shouldn’t delay your financial aid application. This year, you can fill out the FAFSA as early as October 1, 2016. Here’s why you should complete the FAFSA before the end of the Fall 2016 semester:
1.) States Don’t Wait. Remember: you use the FAFSA to apply for aid from the federal government, your state, and your school for the coming academic year. Many states have deadlines – usually in February or March – for state-specific aid, including grants. (Vermont has a first-come, first-served policy, which means you should apply as soon as possible after October 1, 2016.) Find out your state’s deadline, and make sure you submit the FAFSA well before that date. You don’t want to miss out on any aid, including grants and scholarships, which you won’t have to repay! (Please note that if you are a Vermont resident and want to apply for a VSAC grant, you should apply online after you complete the FAFSA.)
2.) Early Birds Get the Institutional Worm. Technically, you have until March 31, 2018 to apply for financial aid for the 2017-2018 year at Castleton. But the sooner you submit your FAFSA, the greater your chances of receiving aid from Castleton – or any college, for that matter. Castleton plans to start awarding financial aid to returning students in mid-February 2017, so be sure to complete your FAFSA by the start of the New Year.
Of course, there are legitimate reasons why students put the FAFSA on the backburner. Fortunately, you can apply early even if the following apply to you:
1.) You – or Your Parents – Haven’t Done Your Taxes Yet. No worries. This year, you can use your 2015 income information.
2.) Your Financial Circumstances Have Changed. Maybe you or your parents have lost a job. Maybe you’re working fewer hours than you did last year. If that’s the case, you may be reluctant to report last year’s income on the FAFSA because you’ll probably receive less aid than you need. Here’s what you need to do: report last year’s income on the FAFSA. Then, contact the Financial Aid Office. Explain that your income has changed and ask the staff to complete a professional judgement review. This will give you an opportunity to report your estimated income for the coming year. Bear in mind that you may have to provide proof of your income change, such as a layoff notice or information about unemployment benefits or severance pay.
Whatever your circumstances or concerns, you should never postpone the FAFSA. If you have questions about the application process, please call Academic Support at 468-1347 or stop by to schedule an appointment with a counselor. You can also contact the Financial Aid office at 468-6070.
-Dorothy A. Dahm