Category Archives: Students and Parents

Dependency Status, Students and Parents

Who’s My Parent on the FAFSA?

The answer to this question depends on your dependency status. If you’re considered an independent student, meaning you’ve answered YES to at least one dependency question on the Free Application for Federal Student Aid (FAFSA), you’ll report your own information (and your spouse’s, if married).

If you’re a dependent student for FAFSA purposes, you’ll need to provide information about your legal parent(s) on the application. A legal parent is your biological or adoptive parent, or your legal parent as determined by the state (for example, if the parent is listed on your birth certificate). If you have a stepparent currently married to your legal parent, you generally also must provide information about him or her.

If you need to report parental information, here are some guidelines to follow:

  • If your legal parents are married to each other, include information for both of them on your FAFSA.
  • If your legal parents (biological and/or adoptive parents) are not married to each other and live together, include information for both.
  • If your legal parent is widowed or was never married, include information only for your legal parent.
  • If your parents are divorced or separated and don’t live together:
    • Include the information about the parent you lived with most over the last 12 months. Also provide information for the stepparent, if your parent has remarried.
    • If you lived with each parent for an equal amount of time, include information for the parent who provided you the most financial support over the last 12 months, or during the most recent 12 months that you received support from your parent(s). Also provide information for your stepparent, if your parent has remarried
  • If your parents are divorced but are still living together:
    • Report their status as ‘Unmarried and both legal parents living together’
    • Include information for both parents
  • If your parents are separated but are still living together:
    • Report their status as ‘Married or remarried’ (not ‘Divorced or separated’)
    • Include information for both parents

One exception to note: The FAFSA will ask about your parents’ education level. Please answer the questions about the education levels of your birth or adoptive parents. A stepparent is not classified as a parent for those questions.

Be sure to check out UCanGo2’s Dependency Questionnaire for more information.

Apply Online, Financial Need, Students and Parents, Tax Information

Gather Your Tax Information

When you submit your FAFSA, or Free Application for Federal Student Aid, on or after Oct. 1 this year, you’ll be required to report your income and tax information, along with that of your parents or spouse, if applicable. When you complete the new FAFSA for the 2022-2023 academic year, you’ll need your 2020 tax return and W-2s.

Instead of manually entering your tax information on the FAFSA, many applicants will choose to use the IRS Data Retrieval Tool (DRT). The IRS DRT automatically transfers the income information from your tax return directly into the FAFSA.

Even if you use the DRT, it’s still helpful to have your tax return and W-2s on hand when you complete your FAFSA. Here’s why:

  • If your tax return was submitted as ‘Married Filing Jointly’ and the two people who filed the joint return are reporting their income on a FAFSA, they’ll still need to report their individual incomes separately. The W-2s will indicate the specific income for each.
  • Occasionally, the IRS website may be slow, or the IRS DRT connection may be a little uncooperative. It’s also possible that a filer may not qualify to use the DRT. In order to continue completing your FAFSA, you may find it easier just to enter the income and tax figures yourself. In order to do that, you’ll need your tax return. The good news here is that the FAFSA will direct you to the correct line on the tax return for the information requested.

Gather your tax returns before you start the FAFSA so you’ll be prepared. Having everything on hand will make the process go much faster and easier. Remember, Oct. 1 is right around the corner!

Apply Online, FAFSA Errors, FSA ID, Students and Parents

The FAFSA is Always Free!

College is an important financial investment in any student’s future. Between talk of scholarships and savings plans, it’s exciting to come across something completely free. The FAFSA (Free Application for Federal Student Aid) is one step in the college financial process that won’t cost you a cent. The FAFSA is an application that will help determine your eligibility for financial aid. The official application can be found at FAFSA.gov. Other websites may offer to process the application for you for a fee, but these sites are scams and are not the official free FAFSA application.

When filling out the free application on FAFSA.gov, you’ll need a FSA ID (Federal Student Aid ID). This is a username and password that you’ll use to log in to your application. It will also serve as your electronic signature. Create your FSA ID at fsaid.ed.gov and save your information on our FSA ID Worksheet. Once you create your FSA ID, you’re ready to log in to your free application. After your application is completed, the colleges that you applied to will send you a financial aid offer. This offer will list the amount and types of federal and state financial aid awarded to you. Remember, the official application is on FAFSA.gov and the FAFSA is always free!

FSA ID, Students and Parents

FAFSA Mobile App

Did you know you can complete, sign and submit your FAFSA using a tablet or smart phone?

The myStudentAid mobile app was first released in 2018 by Federal Student Aid (FSA), a division of the U.S. Department of Education. This made it possible to access your FAFSA form using the app or your mobile browser. In December 2020, an updated version was released, offering a variety of new tools provided by FSA. The app now offers a more user-friendly design, as well as a Financial Aid Summary that allows you to keep track of your student loan and grant history. It also offers the ability for borrowers to track their loan repayment progress.

To access this tool, students, parents and borrowers will need to download FSA’s myStudentAid app. From there you can set up your FSA ID, or use your current ID to complete and submit your FAFSA as well as take advantage of these new features. Want to know more? Watch the YouTube video that walks you through the FAFSA step by step using the mobile app. You’ll find it FAFSA-nating!

Students and Parents, Uncategorized

Questions to Ask Your Financial Aid Office

As you navigate the college financial aid process, you may experience some twists and turns that you didn’t expect. When you’re enrolling in a technology center, career school, community college, or four-year college or university for the first time, you may not be sure what questions to ask the financial aid personnel at your school of interest. Here is a list of questions you may want to ask in order to have a better understanding of how it all works.

  • What types of financial aid do you offer?  
  • If I’m awarded a scholarship, will it change the amount of aid you can offer me?
  • Does your school have a deadline for FAFSA submission? What are the consequences if I don’t meet the deadline?
  • When will I know how much financial aid I’ll be eligible to receive?
  • Am I considered to be a dependent student, or independent?
  • Is there a way to change my dependency status?
  • What should I do if I have a circumstance that causes my/my parent(s)’ income to change?
  • Are there resources available to help me investigate other types of aid, such as state grants and scholarships?
  • Do you offer an installment plan that would allow me to make monthly payments through the year? If so, are there any associated fees?
  • What is the average student loan debt for your graduates?

Most of these questions can only be answered by a knowledgeable financial aid officer, since no two students’ circumstances are the same. Many factors are considered to determine your financial need, which is based on the data you supply on your FAFSA. Always be patient with those who work in the financial aid office! They want you to attend their school, but they must follow federal regulations to the letter. The more you know, the more you can help them assess your situation.

Dependency Status, Financial Need, Grants and Scholarships, Money Management, Student Loans, Students and Parents, Types of Financial Aid, Work Study

Grants, Work Study and Student Loans

As you prepare to pay college expenses, it’s important to know the amount of federal financial aid that may be available to you. Each year, grant amounts and student loan interest rates are subject to change. Here’s what you can expect for Academic Year 2021-2022.

Federal Pell Grant: Available to undergraduate students who qualify based on the level of their financial need as determined by Federal Student Aid, a division of the U.S. Department of Education. Beginning July 1, 2021, the maximum allowable Pell amount you may be able to receive for one year of college will increase to $6,495.

Federal Work-Study Program: If your campus administers work-study funds, you may be able to sign up for a part-time job, either on-campus or an approved site off-campus, enabling you to earn money to pay some of your college expenses. The maximum amount you can earn in the work-study program will be determined by your level of financial need. If you’re interested in work-study, be sure to ask the financial aid office if would qualify for the program.

Federal Student Loans: To provide relief to student loan borrowers during the COVID-19 national emergency, the interest rate on most federal student loans borrowed before July 1, 2020 is currently 0%. In addition, federal student loan borrowers are automatically being placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payments. This 0% interest and suspension of payments will last through September 30, 2021, but you can still make payments if you choose.

The following table outlines the projected federal student loan interest rates for Academic Year 2021-2022, beginning October 1, 2021, after the COVID-19 relief program has ended:

Loan TypeBorrower TypeFixed Interest Rate
Direct Subsidized and Unsubsidized Student LoansUndergraduate students (through Bachelor’s degree)3.73%
Direct Unsubsidized Student LoansGraduate or professional students5.28%
Direct PLUS LoansParents of undergraduate students OR graduate/professional students6.28%

Be sure to visit StudentAid.gov for up-to-date information regarding interest rates and special allowances due to the COVID-19 pandemic.

Financial Need, Money Management, Students and Parents

Living on a College Budget

Before your first day of college, it’s important to consider creating a budget for the upcoming school year. If you know how much financial aid you’ll receive, evaluate your other monthly expenses that are a priority. You may have responsibilities such as car payments and maintenance, cellphone service and miscellaneous items. Remember that financial aid can only be used for educational, and some living expenses, so a budget can help with planning for other important purchases. Here are a few tips to assist with developing a budget while in college.

Talk it out. Talk to those who are helping you pay for college. Whether it’s a parent or guardian, conversing with those who are supporting your educational pursuits allows expectations to be set for everyone involved. Even if you’ll be supporting yourself financially in college, inform others that you’ll need to be wise with managing your resources and may not be able splurge on certain items or activities. Talking it out allows everyone to be on the same page.

Essentials first, fun second. When developing a budget, account for necessities first, – housing, transportation, utilities etc. – then designate money for entertainment. Using this order can ensure your living needs are taken care of while still giving you room to enjoy leisure activities. Some college campuses host many fun, free events that could make the most of a small entertainment budget.  

Discounts and sales help. Check to see if your favorite stores offer a college student discount, as many companies do. While this tip may not directly relate to developing a budget, it can help you stick to the one you create. Clipping coupons along with shopping on sale can also assist with managing your finances. Browse retailers’ websites or apps for coupons and sales that may help with purchasing items on your shopping list.

Avoid budget busters. Daily coffee runs or trips to the vending machine can eat away at your budget. You don’t have to stop these altogether, but limit yourself to one or two splurges a week. Buying a coffeemaker and snacks from the grocery store can minimize the impact of these habits on your budget. Additionally, instead of eating out often, utilize your college meal plan or pack a lunch. You can see what habits are busting your budget by using a budget tracking app. Trackers can show your spending behavior and give you insight to routines that may need to change.

To learn more about tips for budgeting while in college, visit OklahomaMoneyMatters.org.

Students and Parents, UCanGo2 Resources

UCanGo2.org College Planning checklists

UCanGo2.org helps students prepare for
their transition to college. The most popular
publications UCanGo2 offers are the college
planning checklists. These checklists are available
for grades 6-12 and college freshmen, to help
students identify the steps they should be taking
to reach their higher education goals.

College Freshman Checklist: Students can use
this list to stay on track during their first year
of college. One of the tasks listed is to “Search
for money.” If a student needs help finding
scholarships, they can learn more about financial
aid and saving for college from the publication Are
You Looking for Money?

Senior Checklist: 12th-grade students may notice
many of the steps focus on the Free Application
for Federal Student Aid, or FAFSA, which serves
as the financial aid application for college.
UCanGo2 offers a variety of FAFSA publications:

Deadlines, Financial Need, Grants and Scholarships, Students and Parents, Types of Financial Aid

Oklahoma’s Promise Deadline

If you just completed the 8th, 9th or 10th grade, be aware of a very important deadline that’s approaching quickly! In order to apply for the Oklahoma’s Promise scholarship, your application must be postmarked on or before June 30, 2021.*

The current application requirements for high school sophomores are as follows:

  • Must be an Oklahoma resident
  • Application must be received on or before June 30, 2021 *
  • The parents’ federal adjusted gross income must not exceed $55K per year. ǂ

In order to receive the scholarship, you must also graduate from high school with an overall grade point average (GPA) of 2.50 or higher and a separate GPA of 2.50 or more in the 17 curriculum units required by Oklahoma’s Promise.

Even if you’ve decided college isn’t for you, be sure to apply if your family qualifies. By missing this deadline, you’d be closing the door to an opportunity to have some or all of your college tuition paid by the Oklahoma’s Promise scholarship program. Keep the door open!

One more thing: Be sure to submit a Free Application for Federal Student Aid (FAFSA) on or after October 1 in your senior year. Oklahoma’s Promise requires that you submit a FAFSA for each year that you’ll be attending college.

*Homeschool applications must be postmarked before the student’s 16th birthday.

ǂ Special income provisions may apply to children adopted from certain court-ordered custody and children in the custody of court-appointed legal guardians as well as families receiving Social Security disability and death benefits.

Financial Need, Money Management, Students and Parents

Oklahoma 529 College Savings Plan

While you’re exploring the many options available to help you pay for college, keep this in mind: It’s much less expensive to save for college than it is to repay student loans–with interest. One savings option you’ll want to check out is the Oklahoma 529 College Savings Plan (OCSP). Here are a few benefits of the OCSP:

  • It’s a tax-deferred account
  • Multiple family members and friends can contribute to the account on your behalf
  • It can pay for more than just tuition (covers fees, some room and board costs, etc.)
  • It can be used at any accredited college in the U.S., and even certain colleges abroad
  • Up to $10,000 can be used annually toward K-12 tuition
  • There are several contribution options available that make adding to your OCSP easy and convenient
  • An OSCP can be opened with as little as $25, and subsequent deposits can be as little as $25
  • Contributors can deposit a maximum total of $300,000 to your account.

To see the huge difference between saving and borrowing to help you pay for college, read Saving vs. Borrowing at OK4Saving.org.

Visit OK4Saving.org to learn more about the 529 plan or to open an account.