FAFSA: One of the keys to college success
Students transitioning from high school to college face multiple time-sensitive decisions related to their future plans. When students attended high school in person, encouragement from multiple sources – both formal and informal – were readily available. This year, with pandemic restrictions in place, much of the informal encouragement that took place in the hallways and lunch room, and during extracurricular activities or programs, has been limited. M3 is reaching out to the community to assist in encouraging high school seniors to complete the Free Application for Federal Student Aid (FAFSA). Here are some basics:
Why is this important?
The FAFSA is the key that unlocks multiple sources of college financial aid. While it is a U.S. Department of Education form, a student’s estimated family contribution (EFC), which is calculated from financial information submitted in the FAFSA, is sent directly to the colleges they select and required for students to gain access to multiple other financial awards. These awards include state of Wisconsin grants and scholarships awarded by individual colleges. Students who have a “0” or low EFC, indicating the greatest need, are eligible for the maximum amount from grants and other financial aid.
Financial aid is time sensitive
While the federal Pell grant can be awarded at any time, other forms of financial aid including state grants and scholarships are awarded on a “first-come, first-served basis” from a limited pool of resources. Early application to the FAFSA ensures students have access to the highest amount of financial aid.
Students and parents submit 2019 tax information for the 2021-22 FAFSA
The FAFSA opens every year on Oct. 1. Since students and families already have their 2019 tax information, the FAFSA should be filled out as early as possible, even if 2020 tax information is not submitted. Note: After completing the FAFSA, students can contact their college’s financial aid office to indicate any significant changes in 2020 income as a result of the pandemic or other circumstances.
Students fill out one FAFSA form annually
Students may apply to multiple colleges, but they need to fill out only one FAFSA form for the next academic year. Within the FAFSA, students indicate the names of the colleges that should receive their financial information.
Help is available! In addition to meeting with counselors, students can visit the Milwaukee Public Schools College and Career Centers through their virtual hours. More information is available on the MPS College and Career Centers website.
With all of us working together, across the city, we can help more students complete the FAFSA and gain the financial support needed to continue their education beyond high school. FAFSA completion has been shown to correlate with higher college attendance rates because students see the financial aid available to them.