Should we still file FAFSA???

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Discus: Financial Aid and Scholarships: May 2004 - Archive: Should we still file FAFSA???
By Shankins (Shankins) on Monday, May 31, 2004 - 04:22 pm: Edit

In looking over the FAFSA earlier in the year, we decided against going through with filing it. My husband's income is at about $90,000; mine at $19,500. With a bit of savings and owning a very small rental home, we just decided we wouldn't qualify. Well, he lost his job at the end of April due to a managerial change....should we pull everything together and file? His compensation package will be used up in October and with the telecom industry the way it is here (Dallas, TX) there's no guarantee he'll be employed immediately.
Bottom line....will losing his job now matter on the FAFSA and aid for next year?

By Jamimom (Jamimom) on Monday, May 31, 2004 - 04:40 pm: Edit

Yes, do file. Most schools require a FAFSA on file to open the financial aid process even if the info on it well not generate financial aid. It is one of the check list items. Any additional information should be given directly to the college, and depending on how they distribute financial aid will be taken into account. If a profile or institutional form is also required by that school, you will need to file that as well.

By Thumper1 (Thumper1) on Monday, May 31, 2004 - 05:13 pm: Edit

Absolutely, file the FAFSA. We didn't qualify for any need based aid either...but...if we had encountered a job layoff, or some other reason to have to appeal for aid during the school year, we wanted the FAFSA to be on file. That way there would be a baseline record with the university and if necessary we could appeal to them. We almost had to do so when DH was laid off from his job this year. Fortunately, he found new employment and this wasn't necessary. Also, if you file the FAFSA you will receive info about Stafford Loans. If you don't qualify for need based aid, these are unsubsidized, but the interest rates are very favorable...about $2400 for 1st year, then it goes up each year with about $5000 for the last year.

By Ellemenope (Ellemenope) on Wednesday, June 02, 2004 - 10:56 am: Edit

June 30th deadline for submitting FAFSA.

By Angstridden (Angstridden) on Wednesday, June 02, 2004 - 10:59 am: Edit

Also many scholarships require a copy of FAFSA.

By M1chaelmichael (M1chaelmichael) on Wednesday, June 02, 2004 - 12:50 pm: Edit

If he lost his job april 2004 then the financial aid for the 2004-2005 school year won't be affected because it uses income data from 2003. I doubt it would make a difference now filing the fafsa, but definitely for the 2005-2006 school year it will change things.

By Demingy (Demingy) on Wednesday, June 02, 2004 - 02:27 pm: Edit

You have to remember though that many colleges won't put you on financial aid for subsequent years if you didn't apply freshman year (didn't file a FAFSA).

By Icarus (Icarus) on Sunday, June 13, 2004 - 05:37 am: Edit

In regards to M1chael's comment, most colleges allow you to file an appeal for "projected year's income" or something to that effect, in the case of situations like yours. So, definitely file the FAFSA (with 2003 data), then appeal with your school.

By Hepidy (Hepidy) on Sunday, June 13, 2004 - 03:46 pm: Edit

Hi demingy

By Ndbisme5 (Ndbisme5) on Monday, June 14, 2004 - 01:28 pm: Edit

Everyone should file the FAFSA... after all its FreeAFSA

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