11 Benefits of a College Saving Plan

Most states offer college saving plans, or 529 plans, that allow families to invest money that can later be used for qualified higher-education expenses. These plans offer savings and tax benefits over other ways of saving for college. Here are 11 reasons you may want to consider a 529 plan, such as a College Savings Iowa plan.

1. You can choose, and change, your investment strategy.
College saving plans offer a variety of investment tracks to allow you to decide how to invest contributions. You may choose from among recommended investment tracks based on the age of the beneficiary and your comfort level with risk. Or you may wish to choose from among individual portfolios of specific bond and stock funds.

After choosing your initial investment strategy, you can make changes over time. You may make changes to existing contributions twice a year.

2. You receive tax benefits.
Your 529 assets grow deferred from federal and state income taxes as long as the money remains in the plan. Many states also offer additional state tax advantages for in-state residents.

3.Qualified withdrawals are not subject to taxes.
Withdrawals used to pay for qualified higher-education expenses are also tax-free. This means any growth from your principal investments in a 529 plan used for qualified expenses will never be included in your income tax.

4. The assets are less impactful on financial aid.
The formula used to calculate financial aid treats 529 plan assets more favorably than it treats savings or investments owned by the student. According to savingforcollege.com, a maximum of 5.64% of all parental assets, including 529 plans owned by a parent or a dependent student, is counted toward the expected family contribution for college by the federal financial aid formula, compared to 20% of student assets.

5. Anyone can start or contribute to a plan.
You don’t need to be related to the student you name as the beneficiary of a 529 plan you open. This means you can be a parent, grandparent or friend of the student who will use the money, or you can be the student. There are no income limits, age limits or annual contribution limits for account owners.

Someone who would like to make a gift to the student can also make one-time contributions to an existing account.

6. Minimum investments are small.
College Savings Iowa allows initial investments or contributions of $25 or more and a minimum of $15 for employers that offer payroll deduction. Investments in 529 plans can be as large or small as comfortable for families.

7. You are not limited to your state’s plan.
You may choose to use any state’s 529 plan even if you don’t live there or the student doesn’t intend to attend college in that state.

8. The money can be used for attendance and other expenses at a wide variety of institutions.
The student beneficiary can use the money to attend any eligible two- or four-year college, postgraduate program, trade or vocational school, online college and university programs and even some international institutions or study-abroad programs.

Besides tuition, money can be applied to other qualified higher-education expenses like fees, books, housing, meals, supplies, computers and printers, software and internet access.

9. Plans are transferable.
If the student beneficiary named on the plan doesn’t need the money, it can be transferred to an eligible family member of the student, like a sibling, child, parent or spouse.

10. You can always withdraw the money if needed.
If the student earns a scholarship or enrolls in a military academy, you can withdraw up to the amount of the scholarship or the value of the education tax-free. If the student passes away or becomes disabled and is unable to attend college, there is also no penalty for withdrawals.

If you withdraw money for any other reason than these circumstances and the withdrawal is not used for a qualified higher-education expense, a 10% federal tax penalty will may apply to any earnings. (You would receive the full value of your contributions minus any administration fees.) A tax adviser can help you understand tax consequences of non-qualified withdrawals from a 529 plan.

11. A 529 plan may encourage college attendance and graduation.
Researchers have found that when money is set aside for college, families save more. Even when budgets are tight, families with even relatively small amounts of money earmarked for college find creative ways to save more. Additionally, the perceived value of higher education increased and a high percentage of parents felt their children would finish college.

By: Iowa Student Loan

What to Do If a Financial Aid Award Is Inaccurate or Incomplete

When that financial aid award notification arrives, check it carefully. Here are some circumstances you may run into and what you can do.

Situation What to Do
Contact information is incorrect. Contact the financial aid office with updated information. The student should also log in to the FAFSA portal to update information.
Financial information has changed since you submitted your FAFSA. Contact the financial aid office about drastic financial changes due to loss of a parent’s job or other circumstances.
The student wants to be considered independent for financial aid purposes due to a severed relationship or abusive situation. Students with extenuating circumstances in regard to their relationship with their parents may contact the financial aid office to clarify the situation and determine the dependency appeal process.
An expected federal or state award is not listed. If the student qualifies for but didn’t receive a federal or state grant or scholarship, first determine if the award is automatically granted to all eligible applicants.

  • If an automatic award wasn’t received, contact the agency responsible for administering it and notify the financial aid office.
  • If the award is not automatic, funds may not be available for all applicants. You may try contacting the agency administering the award to see if any remaining funds will be awarded later.
An expected institutional award is not listed. Not all awards are automatically granted to all eligible students. If the FAFSA was filed by the college’s priority deadline, contact the financial aid office to determine if any institutional awards are still available. If the award was offered by a specific department, ask a financial aid representative if the office has been made aware of the award.
A state or federal award was submitted to the wrong college. Contact the agency responsible for administering the award. Also notify the financial aid office and the financial aid office at the other institution of the mistake.
An unexpected award is listed. Many colleges consider an application for admission to also be an application for other institutional awards. If the student doesn’t meet the qualifications for an award, contact the financial aid office to clarify.
A grant or scholarship awarded by an outside entity isn’t shown. Tell the college about all grants and scholarships received. If an award is missing, contact the financial aid office.
A work-study award is listed. This award may be dependent on the student finding a work-study position and earning a paycheck based on hours actually worked. Start with the financial aid section on the college’s website. If that doesn’t contain information about how to locate and apply for work-study positions, contact the financial aid office.
Not enough aid was awarded to cover costs of attendance. If there is a large difference between aid and costs, some options to consider are:

  • Contacting the financial aid office to inform them of the situation and see if any additional aid is available.
  • Increasing student employment to earn income to cover the shortfall.
  • Asking about monthly payment plans.
  • Exploring less expensive education options, such as a public university or community college.
  • Relying on gifts or federal PLUS Loans for parents to help pay for college.
  • Taking out private student loans to cover the remaining expenses.

By: Iowa Student Loan

Scholarship Tips for Parents

Many families find they need additional funds to pay for college. Especially if your family does not qualify for a lot of need-based financial aid, merit-based scholarships can help fill the gap.

While your student will be the one qualifying for scholarships, filling out applications and writing essays, parents can assist in several ways. Here are some steps you can take.

Encourage your child to participate in appealing extracurricular activities. Many scholarship committees are looking for well-rounded applicants who have accomplishments, leadership and involvement outside the classroom. Extracurriculars can include school, religious and community groups, volunteer efforts, sports, fine arts, employment and a variety of other activities. The specific activities—or the number or variety of them—should reflect your student’s interests and situation.

Frame the conversation by setting a budget. Many teenagers don’t have an accurate idea of how much college costs or how much their families are able or willing to spend on their education. Have an honest conversation about true current and estimated future costs for the types of colleges your student is considering and how much you can contribute. Then, you can discuss ways your student can contribute financially, including through scholarships.

Search early and often. Use free online search sites beginning as early as your student’s sophomore year to get an idea of the types of scholarships your student may qualify for. You can gather ideas about test scores, grades, activities or other specific requirements that your student may be approaching or considering. Your student should continue the search as he or she approaches senior year and throughout college because new opportunities arise at different stages.

Work together to brainstorm scholarship sources. Besides online scholarship searches, your family should consider additional sources of scholarships. Employers (yours, your student’s and those of other family members, as well as local employers), churches and nonprofit organizations, community and civic groups, local companies and high schools all may offer awards in varying amounts and for a variety of qualifications. Encourage your student to apply to both smaller and less selective scholarships as well as any more competitive awards he or she may qualify for. Don’t forget to investigate scholarships offered by the colleges and academic departments your child is considering; these are often the largest awards.

Set aside a specific time to devote to scholarships. As their senior year becomes more hectic with college applications, classwork and other activities, students may struggle to find the time to devote to a quality application. Help your child by designating a specific time to search for scholarships and manage applications and essays. The schedule may change in frequency as your student nears deadlines.

Help with ideas, editing and proofreading. Help your student come up with ideas for essay responses that fit the prompt while conveying what’s most important to your child. You may recall events or activities from earlier in high school that your student has now forgotten or considers unimportant. You can also provide a fresh eye to catch errors and other problems with essays and applications. Just remember that scholarship committees are used to reading student work and will recognize an overly involved parental hand.

Consider financial aid consequences. If your student will be eligible for need-based aid, like grants or work-study, investigate how each college treats merit awards. Some colleges will offset need-based aid with any outside scholarships; others allow a student to “stack” awards to maximize aid. If this information is not readily available in the financial aid, costs or admissions pages of the college website, contact the admissions office directly for details.

Recognize the accomplishment. If your child earns one or more large scholarships or many smaller ones, your family may be able to significantly reduce the amount spent on college. You may want to reward your student by matching a portion of the earnings. The match money could be designated for books or other expenses not covered by the awards or you may leave its disposal up to your student. Regardless of the final outcome, remember that your student has put at least some and possibly a great deal of time and effort into the scholarship process. Recognize that with sincere words, a tangible reward or other gesture.

By: Iowa Student Loan

Replacing Non-Renewable Scholarships

As the academic year comes to a close, many college students face a harsh financial reality: Scholarships and grants that made the current year affordable will soon come to an end. Some awards are only intended to be applied to the first year of college; others carry renewal requirements, such as a minimum GPA or a specific major, that go unmet.

If fewer scholarship and grant funds will be available to you or your student next year, start planning now to make up the shortfall. Here are three ways students may replace non-renewable scholarships.

1. Find new scholarships. Although many scholarships are available to freshmen, you may be able to find scholarships for upperclassmen with a little effort.

  • If you have settled on a major, start with your academic department or college. Search the department website, visit the departmental office and talk to your academic adviser.
  • Stop in the campus financial aid office and see what scholarships are offered to students who have your academic and extracurricular interests.
  • Check with professional and pre-professional organizations about programs to help students in your intended career field.
  • Search online databases for upperclassmen scholarships. Certain scholarships like those offered by the Elie Wiesel Foundation for Humanity and the Morris K. Udall Foundation are only for upperclassmen, while others allow applicants of any undergraduate level.
  • Look for local and small scholarships. A lot of students tend to compete for national and large scholarships. You may have better luck standing out among applicants for smaller and local awards.

2. Increase earnings. If you are unable to earn new scholarships, you may want to consider adding work hours.

  • During the school year, you may be able to find positions on or near campus that allow you to prepare for your intended career while earning money. Look for jobs as a teaching assistant, tutor or research assistant.
  • Resident Assistants in the dorms may qualify for reduced room and board costs, while other campus positions may allow you to study during slow times. Businesses near campus often hire college students during the academic year as well. Even part-time positions can pay well over time.
  • Over breaks, you can work more hours to increase income. Summer research on campus or for private, nonprofit and government organizations can help you create career connections.
  • If you need an internship to meet graduation requirements, look for paid positions that will offset your tuition, housing and transportation costs. Some colleges and organizations also offer stipends to help students who have an unpaid internship or co-op.

3. Lower costs. Especially in combination with increased earnings, lower costs can help you make up for the loss of non-renewed scholarships.

  • Consider living off campus. Carefully weigh the cost for paying rent (most leases run a full year instead of the 10-month academic term), furnishings, utilities, groceries and transportation against room and board rates to determine if moving will save you money.
  • Even small changes can help you save a large amount of money if you are consistent and diligent.
  • Plan ahead when purchasing furnishings, supplies and books to save. Make sure you take advantage of the least expensive option that will allow you to succeed.
  • Stick to a budget to cut costs year-round. Know where you can save the most money with a little effort.

By: Iowa Student Loan

Winners Announced for 2017 Save Now, Save Later Program

Parents across the state of Iowa are getting a $1,000 boost to their student’s College Savings Iowa® account this winter, thanks to Iowa Student Loan’s Save Now, Save Later: College Savings Plan Parent Giveaway.

Fifty parents have been chosen as winners in the program’s fourth year. Each parent will receive the $1,000 deposited directly to the College Savings Iowa account of their registered child. The registration period ran during September and October and was open to Iowa residents who have a student in grades six through 12 at an Iowa school.

“This program really helps highlight the importance of saving for college and being proactive with planning for your child’s future,” said Shari Higgins, a 2017 winner from Nevada. “The information presented was useful and something I can come back to later as I have questions.”

Parents who registered had a chance to experience the Parent Handbook, a new online educational module from Iowa Student Loan. The handbook provides financial literacy tips for parents with students in middle school or high school.

After the registration period, entries were chosen at random from nearly 4,000 qualified participants. Iowa Student Loan works directly with College Savings Iowa on the giveaway. College Savings Iowa is the state’s direct-sold 529 program, administered by State Treasurer Michael Fitzgerald.

Winners of the Save Now, Save Later program:

Name City Name City
Kelsey Lorenzen Davenport Kristin Johnson Urbandale
Erika White Vinton Shari Higgins Nevada
Dawn Atwood Colfax Heather Kingsbury Vinton
Shanan Redinger Hanlontown Jennifer Sassman Waverly
Rhonda Sirfus Johnston Jennifer Tischer Mount Vernon
Michele Foreman Cedar Rapids Mary Hauptmann Algona
Kelly Willis Waverly John Flint Cedar Falls
Melissa Korell New Sharon David Finley Estherville
Rhea Wright Perry Karen Hamilton Council Bluffs
Rosely Imler Knoxville Susan Swartzendruber Knoxville
Amanda Lawless Saint Lucas Jason Carlson North Liberty
Jamie Carlson Guthrie Center Mary Dietrich Pleasant Hill
Sara Laures Cedar Falls Amy Carlisle Griswold
Amy Wilson Coralville Tami Wise Urbandale
Andrea Juergens Adel Lee Brungardt Council Bluffs
Dawn Gunderson Muscatine Nicole Metcalf Climbing Hill
Jody Fairbanks Anamosa Mundi McCarty Solon
Stephanie Gengler Merrill Julie Borelli Carroll
Andrea Masteller Clive Angela Beer Cedar Rapids
Amanda Salyars Muscatine Christina Hlas Adel
Eric Kovaleski Bouton Gayle Shatek Mason City
Kathy Oulman Forest City Regina Critchlow Carlisle
Tim Bloom Newton Tracie Rogiers Buffalo
Thomas Evans Dubuque Jody Sturmer Blue Grass
Amy Hammer Cedar Falls Scott McCarty Ottumwa

By: Iowa Student Loan 

 

College Visits 101

The college applications are in and the FAFSA is filed, so what should you and your student do while you wait to hear about acceptances and financial aid awards? Many families choose this time to visit or re-visit their top choices for next year. Here’s what you can do to make the college tour a valuable experience this winter.

Determine your itinerary for each trip.
The number of colleges you visit in a single trip depends on a number of factors, including the time available to you and your student, transportation and lodging costs, your and your student’s tolerance for multiple visits, and campus schedules.

Try to make a logical plan for visiting multiple colleges in a single region or trip to avoid backtracking, extra expenses or lack of time to see everything you want to. Also consider your student’s current commitments, such as class projects or extracurriculars, that may be distracting while he or she is traveling.

Check each school’s admissions website for blackout dates, campus breaks and scheduled events to help you choose an optimal date for each.

Contact each college.
Your student should be able to find the admissions officer responsible for your home region online and investigate the options for visiting. Some things to consider:

  • Is a scheduled visit day for scholarship recipients, accepted students or high school seniors the best venue for you and your student?
  • If your student hasn’t been accepted yet, does the college consider interest in its acceptance decision and how can your student best demonstrate that while on campus? If an interview is required or optional for acceptance or for a scholarship opportunity, is there an opportunity to do that?
  • Would you prefer a group campus tour and information session or a more individual experience if available?
  • Is your student able to attend an academic class, spend the night with student, or speak with club or activity leaders?
  • Will your student want to meet with an athletic coach, a professor who offers research opportunities, an academic sponsor or other faculty?
  • Do you and your student want to investigate resources for any special needs, such as dietary concerns, physical limitations or learning styles?

Allow your student to investigate and schedule any meetings or tours.

Sign up as required.
You may need to reserve a spot for a campus tour, informational session or special activity. Many colleges offer an online signup; you or your student may need to call or email others. Make sure you understand the process for joining a tour, meeting with faculty or students, lunch at a dining hall and other activities.

Determine what to do if you miss a scheduled time due to travel delays, weather or illness.

Do your homework.
Research statistics and information on the colleges’ websites, read reviews and student comments on social media, and compare offerings with tools like College Navigator. By making an effort ahead of time, you’ll know more about what to expect and what to look for. In addition, it frees you and your student to gather information that’s not readily available elsewhere.

See what to ask and what not to ask on college visits.

Be ready to create a record.
Depending on the number of colleges on your list, you and your student may easily start confusing or forgetting information. Be prepared to help with a notebook or notecards, by snapping photos, and bringing lists of questions you and your student have discussed for each campus.

After a round of visits, allow your student some time to digest information and form opinions before you ask for his or her thoughts about a campus or share yours.

Enjoy your trip.
Consider your student’s frame of mind when visiting colleges and be prepared to duck out early, graciously, if your student is overwhelmed or doesn’t feel a campus is the right fit. Find appealing activities to do in the surrounding communities if you have the time to provide a break from the tours and to experience life around campus.

Consider a respectful game of campus tour bingo to prevent tours from blending together.

By: Iowa Student Loan

Plan and Portion for College Success

Thanksgiving is a time to reflect and gather with family, but a successful holiday often requires advance planning and thoughtful portions of each element. Success after high school can be accomplished in the same way: having a plan in mind and accomplishing it in portions beginning as early as middle school.

Portion One: Determining Options

The first step is often considering the options available to your student. Will your child pursue a military career, a trade apprenticeship, a two-year degree or certificate, a four-year bachelor’s degree, or a professional degree spanning years of education and training?

Even if you and your student don’t have a clear determination yet, exploring the options — including important considerations like cost and entrance requirements — will lay the foundation for the following portions.

Portion Two: Financial Planning

Using the options found above, you and your student can explore costs for possible education or training programs and start to plan ways to pay. Look at average costs and costs at the high and low ends of the spectrum, as well as the recent history of cost increases to get an idea of how much your student might be expected to pay in total for his or her education.

Will you need to increase the amount you’re currently saving for postsecondary education? What other options, like college savings accounts, will be useful to you from a tax and financial standpoint? You may wish to consult a financial planner or tax adviser who is knowledgeable about paying for college for assistance.

Portion Three: Academic Requirements

Using some of the education options from above as a guide, determine the entrance requirements for each so you can make a plan for academics through high school. Options to take specialized or advanced classes may be available as early as middle school to allow for more of the same at the high school level.

Consider whether dual enrollment, Advanced Placement, International Baccalaureate, Project Lead the Way or other high school programs will allow your student to earn transferrable credits that cost much less than tuition. School and college counselors can often point students to programs that are most suitable for their goals.

Additionally, explore standardized test score and GPA requirements for admission and for specialized honors, merit or other programs. A goal helps your student understand why it’s worthwhile to complete homework and prepare for the ACT or SAT.

Portion 4: Scholarships

As high school graduation approaches, you and your student can start to look for scholarship opportunities that will provide funding for college or other postsecondary options. Knowing the requirements for earning specific scholarships ahead of time allows your student time to do what is needed to qualify.

Scholarships are often awarded by colleges and corporations for academic or athletic achievement, but other opportunities that don’t require specific accomplishments are available. Check into whether scholarships are offered by parents’ and student’s employers, organizations your student is involved in, community organizations and leagues, local businesses and the state and federal governments, as well as other sources.

Portion 5: Aid Application

Beginning the fall of your student’s senior year in high school, you and your child may begin completing financial aid applications to have a better idea of expected cost. The Free Application for Federal Student Aid, or FAFSA, is an online application that you and your student complete to qualify for federal and state aid (including grants, work-study and loans) and for financial aid awarded by colleges. Some colleges also require another application to award aid from their own resources.

Your student need not have made a final college choice when completing financial aid applications, but the colleges listed on the FAFSA that have accepted your student for admission will generate a financial aid award packet that lists your student’s expected costs for attendance, your family’s expected contribution from savings and earnings based on the information provided on the financial aid application, and the aid that college will award your student. These packages are meant to help your family make an informed choice about the program most affordable to your family while still meeting your student’s goals.

By: Iowa Student Loan

Choosing a College: Consider Costs

Cost of attendance is often the biggest factor in choosing a college, but the affordability of any particular college or university can be difficult to determine. Here are some steps you can take.

1. Know how much your family can pay for college.

The actual amount you can afford to spend may depend on a variety of factors. Be clear and honest about how much parents are able to contribute and the amount the student will be able to earn or save for college.

2. Understand actual cost of attendance numbers.

Colleges provide current cost information for tuition, fees, housing, meals and other expenses on their websites. Look at these numbers carefully to understand how they are determined. Do tuition and fees change based on number of credit hours? Are students living in residence halls required to pay for a more expensive meal plan? Are the average transportation or living expenses high or low for your situation?

3. Gather information about scholarship programs offered by the college.

The school website is also a source of information about eligibility for the different scholarships offered by the school. Check to see if any apply to your situation and whether they are guaranteed for any eligible student or are competitive awards.

4. Research scholarships, grants and other aid recently awarded to similar students by the schools you’re interested in.

Many colleges and universities offer data about the number of students who received aid and how much total aid was awarded through a document called the Common Data Set. To find it, type the name of the institution and “Common Data Set” in your internet search engine.

5. Estimate your family’s costs.

A net cost calculator can help estimate the amount you may be expected to pay at a particular institution. Search online for the name of the school and “net cost calculator” to find that institution’s tool. Some calculators allow you to input your family’s financial and other information to estimate available scholarships and aid; others are less robust and will provide a more general estimate of net cost. Certain factors, like a family business, may affect the accuracy of net cost calculators.

6. Determine a realistic timeline.

The amount of time it takes the average student to graduate may vary depending on the school, specific program and other factors. The graduation rates provided on the school’s Common Data Set may help you determine a realistic timeline.

7. Compare a reasonable estimate of the actual cost for a total college career to the amount you can afford to pay.

This information will help you decide if a college is affordable to your family. Remember, this is only an estimate, and you may be able to work with the financial aid office, increase earnings, reduce expenses or find additional funding to make a college choice more affordable.

By: Iowa Student Loan

10 Things You Need to Complete the FAFSA

10thingscompletefafsa

Now that the FAFSA, or Free Application for Federal Student Aid, is open, set aside a little time to complete it. Before you start, make sure you have these items available if they are applicable to you.

Item Dependent Students Parents
List of schools you wish to send FAFSA results to

X

FSA ID username and password

X

X

Biographical information like Social Security number, drivers license number, birthdate, marriage and divorce dates

X

X

Alien registration number for non-citizens

X

X

2016 income tax returns, W-2s and other records of money earned in 2016

X

X

2016 bank statements and investment records

X

X

2016 untaxed income records

X

X

2016 businesses and farms records

X

X

Child support received or paid

X

X

By: Iowa Student Loan

FAFSA: What You Need to Know

If college is in the picture for the 2018–2019 academic year, now is the time to file the FAFSA, or Free Application for Federal Student Aid. Here are answers to some of the most important questions about the FAFSA.

Why should I file the FAFSA?

Regardless of financial situation, filing the FAFSA is the first step to qualifying for many forms of aid, not just those based on income. Federal Student Aid’s Myths About Financial Aid (PDF) provides more information on why all students should submit the FAFSA.

Whose information goes on the FAFSA?

The student who will attend college will provide biographical and financial information on the FAFSA. Dependent students, whether or not they are financially supported by their parents, will need to provide parent or guardian biographical and financial information.

Is the FAFSA only for federal aid?

The federal government uses the income, family size and other information provided on the FAFSA to award federal aid in the form of grants, work-study and loans. You need to file the FAFSA to qualify for federal work-study and federal student loans. In addition, many states and colleges and some private organizations use the information to determine eligibility for grants, scholarships and other aid.

When should I start?

The 2018–2019 FAFSA opened on Oct. 1 and is available until June 30, 2018. Some types of aid have limited funds, so the earlier the FAFSA is completed and submitted, the better the chances of receiving more financial aid from those programs.

Remember to complete a new FAFSA the fall before each new college year.

What information will I need?

The student should create an FSA ID to make it easier to complete and access the FAFSA. You can also gather identifying information (Social Security numbers for student and parent, driver’s license number, and Alien Registration number if applicable); federal tax information or returns from 2016; records on any untaxed income; and balances for cash, savings and checking accounts, investments, and business and farm assets for both the student and parents.

Note: You may be able to use the IRS Data Retrieval Tool to pull in applicable tax information while you complete the FAFSA, but this information will not be displayed on the online FAFSA or your Student Aid Report.

If you have any questions on the information you will need to provide, start by reviewing the Completing the FAFSA guide (PDF).

Where do I start?

You can complete your FAFSA online at https://fafsa.gov.

You may also download a PDF form to print and complete or call (877) 433-7827 to request a form be mailed to you. Some colleges may allow you to file your FAFSA at their financial aid office.

Do I need to do it all at one sitting?

You may save the information entered into the FAFSA online if you need to stop before completing it. Then, when you’re ready to finish, log back in to complete the form, sign and submit it.

What will happen next?

Within three weeks after submission, you’ll receive a Student Aid Report, which summarizes the data you submitted. You should review this report carefully and follow the instructions for correcting any mistakes.

Your Student Aid Report will also tell you if you’ve been selected for verification. This is not necessarily an indication that something is wrong; verification may be based on a random selection or because one or more of the schools listed requires all FAFSAs to be verified. If you are selected, follow the instructions to verify your information with the requested documents.

Federal Student Aid also shares the information you submitted with the colleges you listed when you completed the FAFSA, your state and the states of colleges you entered. Each college you have been accepted to will follow its own timeline to send you a financial aid award packet detailing the financial aid available to you if you choose to attend that school.

More information is available from Federal Student Aid.

By: Iowa Student Loan

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