Febraury 2020 - Financial Aid Awareness Month - Here’s what you need to know.
According to the National Center for Education Statistics, nearly 20 million students fill out the FAFSA every year and as of 2016/17, around 85% of all first time students attending a 4 year degree school are awarded some type of Financial Aid. Every year, the education community takes the month of February to raise awareness & provide important information to families about the access to federal, state, and institutional student aid available to them.
If you make a lot of money or do not have good grades, does it even makes sense to apply?
Many people assume they won’t qualify for financial aid for a variety of reasons, but you won’t know for sure unless you try and you have nothing to lose as the application process is completely free.
When should you apply?
The 2020-21 FAFSA form has been available to fill out since October 1, 2019 and the enrollment period ends on June 30, 2020. It is highly recommended to fill out the FAFSA as soon as possible but it’s not too late! The 2020-21 FAFSA application will apply to the academic year starting July 1, 2020 to June 30, 2021.
What do you need to fill out the FAFSA successfully?
According to the Department of Education, here are the 7 items you will need ahead of time:
- FSA ID
- Social Security Number
- Driver License Number
- Tax Records – For the 2020-21 FAFSA form, income information from 2018 will be needed.
- Records of Untaxed Income
- Records of your Assets
- Lists of Schools Interested to Attend
For more details on the above items, visit the Department of Education Blog.
Here are some other resources from the National Association of Student Financial Aid Administrators that will be helpful for you to review as you prepare to fill out your 2020-21 FAFSA.
About the Author
Bleakley Financial Group
For over 35 years, Bleakley Financial Group has been providing customized financial planning and wealth management services to a diverse array of clients across the country. Our team consists of more than 100 financial professionals, from financial advisors and research assistants to client support associates. Bleakley services over $8.4 billion in client brokerage and advisory assets across four different custodial platforms.