Please be advised that the IRS Data Retrieval Tool (DRT) will be unavailable Saturday, Jan. 12, from 5:00 a.m. to 11:00 a.m. Central Standard Time. The DRT is used for transferring student and parent tax information from the IRS to the FAFSA application. During this outage, users may still access and complete the FAFSA. However, if any action requires entry of federal tax information, it must be provided manually. Applicants may wish to complete the FAFSA after the outage is over.
We hope you have a great 2019! Be sure to fill out your FAFSA!
How do I fix an error on my Student Aid Report?
Since most students file their FAFSAs electronically, it’s quick and easy to make your corrections online, as well. On the home page at FAFSA.gov, click ‘Log In’. If you’re making changes to your answers, click ‘I am the student’. If your parents are making a change to their answers, they should click ‘I am a parent’. Your parents can log in using your personally identifiable information, and they’ll also need your Save Key. Don’t let anyone else log in with your FSA ID!
Find the section where the correction(s) will be made. Make your changes, and don’t forget to click the ‘Submit’ button on the last page when you’re done. In a few days, another Student Aid Report (SAR) will be sent to your inbox. Review it once more to make sure your changes have been made.
If you aren’t able to make a change, notify the financial aid office at your college or university. A financial aid professional will need your Data Release Number (DRN)–a four-digit code found in the top half of your Student Air Report–to access your FAFSA. Don’t give anyone in the financial aid office your FSA ID.
If you encounter any problems while making corrections, call Federal Student Aid (FSA) at 1.800.433.3243.
A 529 Plan can be a huge benefit in paying college expenses. However, this college savings account can be tricky to report on the FAFSA. If the account is in the student’s name or in the custodial parent’s name, then the 529 Plan should be reported as a parent asset on the FAFSA. If the student is independent, meaning s/he doesn’t have to report parental information, then the plan should be reported as a student asset. The plan doesn’t have to be reported as an asset if someone other than the student or custodial parent owns the account, such as a grandparent or family friend.
Another aspect of the 529 Plan that can be challenging is distributions from the account. Distributions are funds taken from the 529 Plan for any reason. Students and parents only have to report a distribution from the account if the plan wasn’t reported on the FAFSA as an asset. Here are some guidelines to ensure that you accurately report any 529 Plan distributions:
- A non-qualified distribution – funds taken from the account for non-educational expenses – will be included in the Adjusted Gross Income (AGI) of the student’s federal income tax return. The AGI will be a part of the student’s total income, so the student will just need to report his or her income on the FAFSA.
- A qualified distribution – funds taken from the account for educational expenses – should be reported as the student’s untaxed income on the FAFSA.
- A distribution made from an account that the student or the custodial parent does not own must be reported as the student’s untaxed income on the FAFSA, as well.
The best option for reporting a 529 Savings Plan is to leave the account in the student’s name or in the custodial parent’s name. By doing this, the Plan will be reported as an asset and the family won’t have to report distributions made from the account. For more information on how to report the 529 Plan on the FAFSA, visit Edvisors.com/plan-for-college.
Although a student must have a valid Social Security Number to complete the FAFSA (Free Application for Federal Student Aid) and qualify for federal student aid, undocumented students are eligible for other forms of financial aid for college.
*Remember, if your parent does not have a Social Security Number, but you do, you are eligible to complete a FAFSA and receive federal student aid. Your parent, however, will not be able to set up an FSA ID (Federal Student Aid ID) to electronically sign the FAFSA. Instead, he or she can print, sign and mail in a paper signature page.
One form of aid undocumented students can receive is the Oklahoma Tuition Aid Grant (OTAG). This is available to students who can answer yes to the following questions:
- Have you graduated from a public or private high school in Oklahoma?
- Have you resided in Oklahoma with a parent or guardian while attending a public or private high school in Oklahoma for at least two years prior to graduation?
- Have you satisfied the admission standards for the institution?
- Have you provided to the institution a copy of a true and correct application or petition filed with the United States Citizenship and Immigration Services (USCIS) to legalize the student’s immigration status?
If you answered yes to these questions, you should apply for OTAG as soon as possible after October 1 prior to each year you plan to attend college. You can find the application for undocumented students at: https://content.xap.com/media/8335/2019-20-OTAG-undoc.pdf.
Undocumented students may also receive scholarships through their college or university, foundation offices or private companies. Check out a list of scholarships for DACA and Dreamer Students here and search and apply for additional scholarships by visiting UCanGo2.org, OKcollegestart.org and OCCF.org.
November is National Scholarship Month, and it’s an excellent time to begin applying for scholarships if you haven’t done so already. Many scholarship providers are posting new scholarship information and competitions for the next academic year, and November is also an ideal month to dedicate some time to finding scholarships for college (think Thanksgiving Break!). Remember, scholarships are ‘free money’. They’re gift aid that doesn’t have to be paid back.
There are many ways students can qualify for scholarships. They are often based on a student’s talents, abilities, skills or participation in extra-curricular activities. They can also be given because of a student’s ancestry or religious affiliation, or for a variety of other reasons.
Apply for as many scholarships as you can. Many experts say that high school seniors should apply for 2-3 scholarships each week. But where do you begin? We suggest starting your search at UCanGo2.org and okcollegestart.org, where you’ll find hundreds of scholarship opportunities. Also, be sure to check out UCanGo2’s Scholarship Success Guide, where you’ll find many more websites that you can use to investigate scholarships of all types and helpful tips for maximizing your scholarship dollars.
For helpful information about all types of financial aid that are available, be sure to check out UCanGo2’s Are You Looking for Money? booklet.
Will I be considered a dependent or independent student on my Free Application for Federal Student Aid (FAFSA)?
While completing your FAFSA, you’ll answer up to 13 questions about your dependency status. If you answer NO to every question, you’ll be considered a dependent student and will be asked to supply your parents’ income and tax information as well as your own.
If you answer YES to any one of those questions, you’ll be considered an independent student and will be asked to supply only your own income and tax information (and your spouse’s, if applicable).
Exceptions can sometimes be made for dependent students who are unable to supply parental information. If the FAFSA says you’re dependent and you believe your status should be changed to independent, be sure to discuss your situation with a financial aid officer at your school(s) of interest. Fair warning, though—the FAFSA states that you won’t be switched to an independent status simply because:
- You don’t live with your parents.
- Your parents don’t provide you with financial support.
- Your parents refuse to contribute to your college expenses.
- Your parents don’t claim you as a dependent on their income tax return.
- Your parents don’t want to provide their information on your FAFSA.
On Oct. 1 (today) the 2019-2020 Free Application for Federal Student Aid, or FAFSA, becomes available for students to complete in order to receive financial assistance for college. In order to receive most types of federal and state aid, students must submit a FAFSA annually. To make sure you apply for all the financial aid that’s available to you, complete your FAFSA as soon as possible after Oct. 1.
This year students can access the FAFSA by visiting FAFSA.gov or by using the myStudentAid mobile app. Prior to completing the application, set up your FSA ID (Federal Student Aid ID) and gather personal documents and financial information. Students and parents will each need to create an FSA ID in order to electronically sign the FAFSA. It’s best to create your FSA ID now before starting your FAFSA, if possible. Go to fsaid.ed.gov to create your FSA ID and utilize our FSA ID worksheet to help you keep up with your login information for the FAFSA.
It’s best to gather all the materials you’ll need before you start the FAFSA, such as your Social Security card, driver’s license and important financial information. Parents and students will need their tax return and other income information from tax year 2017 to accurately report their data. By taking the time to create your FSA ID and to gather your important documents before you start the application, you’ll be ready to successfully complete the 2019-2020 FAFSA when you start the application.
For additional information, please visit StartWithFAFSA.org.
Completing the FAFSA is as easy as 1, 2, 3… 4, 5!
- Gather Materials – You’ll need your social security card, current bank statements and, if you’re a dependent student, your parent(s)’ information. For the 2019-2020 FAFSA, you’ll also need your 2017 W2s and tax returns.
- Create an FSA ID – This username and password is used to electronically sign your FAFSA and other important financial aid paperwork. Visit fsaid.ed.gov to sign up.
- Fill It Out – The FAFSA is available at FAFSA.ed.gov after October 1 each year. Check out the “Tool Tips” question mark box beside each field for assistance with each question.
- Sign & Submit – Enter your FSA ID to serve as your electronic signature. Don’t forget to click submit at the bottom of the screen.
- Follow Up – Watch your email for a Student Aid Report (SAR) and information from the schools who’ve received your FAFSA results. Be sure to follow up with the financial aid office at your school if you have additional questions.
NEVER pay to complete the FAFSA; the FAFSA is always free. As a matter of fact, that’s what the first F stands for: Free Application for Federal Student Aid.
If you plan to submit the form online, be sure to file at FAFSA.gov, and avoid sites that offer to complete and submit your FAFSA for a hefty fee.
Also, be on the lookout for companies that claim they’ll help you with your FAFSA. These companies will often charge you for assistance that you could get for free elsewhere. If you are looking for help with the FAFSA, visit our FAQs page or our resources page to find helpful tips through the process. You can also visit https://fafsa.ed.gov/help.htm to find more assistance.