Let’s Do Some Myth Busting

You may have heard one or more of the following myths that are common in the world of college financial aid. We’ll tell you the real story.

Myth #1: If I didn’t submit my FAFSA last fall, it’s too late for me to apply for financial aid for the coming academic year.

Fact: You may be surprised to learn that you can submit a Free Application for Federal Student Aid (FAFSA) for the 2017-18 school year through June 30, 2018! Your college must have your correct, completed information by your last day of enrollment in the 2017-18 school year in order to meet this deadline.


Myth #2: Back in the fall, I used my 2015 income and tax information on my 2017-18 FAFSA, so I need to update that information with my 2016 figures after I’ve filed my taxes.

Fact: Since the FAFSA is now available each year on October 1 (three months earlier than it used to be), there’s a new requirement for the income and tax information that you must use on your application. Instead of using data from the prior year, you’ll submit the information from two years prior to the year for which you’re applying for financial aid. So you won’t use your 2016 tax info until you submit your 2018-19 FAFSA.


Myth #3: My family makes too much money to qualify for financial aid, so I don’t need to submit a FAFSA.

Fact: There are many factors used in the formula that determines your eligibility for financial aid—not just income. While it’s true that having a great family income may keep you from receiving a Pell Grant, there are still other forms of financial aid that are worth looking into, meaning you’ll probably still need to submit a FAFSA. Scholarship committees may also ask to see your Student Aid Report (SAR), which is a summary of all the data you submitted on your FAFSA. So why not give it a try? The FAFSA is free, and it could open up opportunities for financial aid that can help you achieve your dream of higher education.

Oklahoma’s Promise Day

Oklahoma's Promise Day 2017 logo, #KeeptheOKPromiseOklahoma’s Promise allows eighth-, ninth- or 10th-grade students from families with an income of $50,000 or less to earn a college tuition scholarship. Family income may not exceed $100,000 at the time the student begins college and before receiving the scholarship. Students must also complete a specific high school curriculum, achieve at least a 2.50 GPA in the curriculum and overall abide by certain conduct requirements in high school.

On Tuesday, April 18, Oklahoma’s Promise will hold a rally at the State Capitol to celebrate the program’s 25th anniversary. Please join us to show appreciation for Governor Mary Fallin and the Legislature’s ongoing support of the Oklahoma’s Promise program and to encourage elected officials to continue to protect the program’s dedicated funding source.

The rally will be held at the Oklahoma State Capitol, first floor rotunda at 12:30 p.m. A reception will follow on the fourth floor rotunda at 1:30 p.m.

Email okpromiseday@osrhe.edu to confirm you will join us for Oklahoma’s Promise Day!

 

The IRS Data Retrieval Tool Remains Down Until October 1

Students, Parents and Educators!

News is circulating today that explains why the FAFSA IRS Data Retrieval Tool was taken offline last month and will continue to be offline until the beginning of the next FAFSA cycle, which is October 1, 2017. Read this article from The Washington Post to learn more.

The FAFSA can still be completed by manually entering your 2015 tax information, however the process may take a little longer.