If you want to maximize the amount of financial aid you are eligible for, the Free Application for Federal Student Aid (FAFSA) submission process for federal loans is now open.
Traditionally, high school and college students couldn’t fill out their FAFSAs until Jan.1. Beginning this year, however, the government will use the prior year’s tax information, allowing for an Oct. 1 filing kickoff.
“The goal with moving things up a few months is to allow high school students to compare financial aid offers when possible, and to allow all students to get their finances organized earlier,” said Cathy Kay, director of the Office of Student Financial Aid. “We encourage our students to file their FAFSAs as soon as possible — certainly sometime this fall — to ensure they’re not leaving money on the table.”
In fact, Wayne State is providing some incentives to that end.
Students with complete admission applications by Dec. 1 will be considered for merit scholarships and also be entered into a drawing to win one of five $500 book scholarships.
Despite the push to fill out FAFSAs, Kay said it’s also important that students and their parents take their time when doing so to avoid any errors.
To help students, the Office of Student Finanical Aid is offering FAFSA Fridays, during which a financial aid officer will assist students with the filing process. FAFSA Fridays will be held on Oct. 14 and 28 and Nov. 11 from 11 a.m. to 1 p.m., and on Oct. 21 and Nov. 4 and 18 from 2 to 4 p.m. in the Undergraduate Library, Lab A. No appointment is needed.
For many families, the IRS Data Retrieval Tool will transfer income and tax information from tax returns to the FAFSA and accurately fill in the data fields for you.
"This is a good idea because it not only simplifies the FAFSA, but it should reduce the likelihood of your FAFSA being selected for verification, saving you potential headaches," said Kay.
Kay said if you collect all of your data, for most people it should take around an hour to fill out a FAFSA.
Items you’ll need are:
- Federal Student Aid IDs for the student and the parent
- 2015 tax return information
- Information on child support payments
- Current bank account statements
- Investment accounts (if applicable)
- Social Security numbers
- Your name must be listed on your FAFSA as it appears on your Social Security card
To be considered for a WSU Grant award, the FAFSA must be filed by March 31, 2017. Students whose FAFSAs are filed after March 31 will be considered only for the Federal Pell Grant and Federal Direct Loans.
Michigan residents should file the FAFSA by March 1, 2017, to be considered for a State of Michigan scholarship.
Detailed information about federal financial aid is available at studentaid.ed.gov. Additional information about WSU financial aid is available on our website at wayne.edu/financial-aid.
File the FAFSA online at fafsa.gov using the Wayne State University school code 002329.
If you have questions about the financial aid process, contact the Student Service Center at 313-577-2100 or studentservice@wayne.edu.