This time of year is economically stressful because while working adults are focusing on filing their taxes, many students are also completing their Free Application for Federal Student Aid.
Along with a good education comes a good chunk of money out of your pocket. Thankfully, there is federal student aid to help fund education beyond high school. While some students benefit from grants and scholarships, there is also financial aid available to students in the form of work study and student loans.
The federal student aid office of the United States Department of Education provides more than $150 billion in aid to nearly 14 million students and their families, according to the 2011-12 guide to Federal Student Aid.
The financial aid office at Fresno State provides informational material for students to access regarding financial aid availability. There are pamphlets with information for grants, work-study programs and student loans. This includes helpful hints for preparing to file the FAFSA, receiving financial aid and repaying student loans.
In addition to calling the financial aid office to conduct business, students can also visit the office to meet with a representative regarding their financial aid status. The office is commonly known to be over-crowded at times, especially when approaching the FAFSA deadline, which is March 2.
While patiently waiting to receive help in the financial aid office, chemistry major Brittney Block said that for her, the FAFSA process has been fairly easy with parental assistance.
“My mom fills out her income tax information right away,” Block said.
Students, like Block, that plan the process beforehand have more time to work on the application should they run into a problem.
It is convenient for Block’s parents to be involved in the process because for students that are claimed as a dependent on their parents’ taxes, a large portion of the FAFSA requires parental information. This helps to determine the students expected family contribution, ultimately determining the amount and form of financial aid that the student will receive.
Some students prefer to file the FAFSA application as soon as it is available at the beginning of the year, even if they have not yet filed their taxes.
Undeclared major Vanessa Medina said that she, too, has had no problems with her FAFSA applications thus far because she files her application as soon as possible.
“I select the ‘will file taxes’ option, so I can complete my application and fill in the tax information later,” Medina said.
This gives Medina the advantage of having her application submitted early while she can still access the application to edit her income tax information after she files her taxes.
“One thing that we try to emphasize is to file the FAFSA early,” Maria Hernandez, director of financial aid at Fresno State, said.
Hernandez said that many students and their parents are under the impression that they need to have completed their taxes to file the FAFSA, which is not true. It is easier for students to file the FAFSA and return to it with tax information, Hernandez said.