FROM SUSAN CHADWICK, DIRECTOR OF FINANCIAL AID
With October 1 right around the corner, many students and families have financial aid on their minds, especially as we continue to navigate the challenges of COVID-19. Suddenly there are questions about changes in income, how retirement should be reported on the FAFSA (Free Application for Federal Student Aid), and what an FSA ID is used for in the process. While financial aid applications can appear daunting at times, there are many tips and tricks that can help you along the way.
- Know your deadlines! When are all these forms due? For Bryn Mawr, financial aid applications are due the same day as admission applications for prospective students. Sooner is always better than later!
- Make a list of what is required. Not sure what we need? Bryn Mawr requirements for a financial aid application consist of four main items:
– the FAFSA (for US citizens and permanent residents)
– the CSS Profile (all students)
– 2020 Federal Tax Return with schedules (for US citizens and permanent residents)
– 2020 W2s (for US citizens and permanent residents)
There may be a few additional items we need, and if this applies to you we’ll let you know through your application portal (where you check the status of your admission application).
- Create your FSA ID. Before you can complete the FAFSA, you need to create an FSA ID. This is a username and password that will be used to file and sign your FAFSA, as well as complete federal paperwork for student loans. Both the student and at least one parent need to create an individual FSA ID tied to their personal information. Each FSA ID will be linked to your legal name, birth date, and social security number. You will also need a personal email address. DO NOT use an email address linked to your high school! You will use this username and email for the next four years (possibly longer if you attend graduate school), and if you lose access to your high school email address after graduation it is extremely difficult to reset your password should you need to do so.
- Use the correct legal name and social security number. This one sounds easy, but it trips up more people than you might think! If your last name is hyphenated or appears a certain way on your social security card, it is important that you use your legal name exactly as it appears. If you do not, it will cause a big problem. If your parent(s) do not have a social security number, use all zeroes. Do not make up a number. If you make a typo on your social security number, you will not be able to correct this information, you will need to fill out an entirely new application.
- Have your tax returns ready. Ready to fill out the FAFSA and/or the CSS Profile? Having your tax return and W2s next to you while completing the forms is CRITICAL to success! On both forms, when you click on a field to type your answer, a helpful hint will appear on the side of your screen. This helpful hint will tell you the exact line to reference on your tax return! Copy the numbers and you’re well on your way.
- Be consistent. Some of the questions on the CSS and FAFSA will ask for the same information. If you report conflicting information, there will be a delay in processing your financial aid application. Be sure that you use the same figure for your assets, particularly the figures for cash/savings and investments. Investments can be a pesky question for families when you are not sure what to include. Use those helpful hints on the application to get clarification. On the FAFSA, you do not report the value of retirement accounts such as a 401k, nor do you report the value of your primary residence. On the CSS Profile, home value and retirement account value will be asked in specific questions. They won’t be included in a large investment figure anywhere on the application.
- Use the IRS Data Retrieval Tool. On the FAFSA, there is a handy tool called the IRS Data Retrieval Tool, or DRT. This tool will allow you to auto-populate your FAFSA right from the information reported on your tax forms from the IRS! Not only will this make filling out the application much easier for you, but it also helps the financial aid office to guarantee the accuracy of your application. Another perk? One-third of FAFSAs are selected for a process called Federal Verification. This means the school must collect a little more information from your family to verify that every data field on your FAFSA is correct. By using the DRT, you are less likely to be randomly selected for this process.
- Don’t leave fields blank. Leaving fields blank may cause an error or a delay in processing your application. If there is no amount to report, add a zero to ensure clarity and accuracy.
- Do not use commas or decimal points. Round to the nearest whole number. If you try to use decimal points, both forms are going to add extra zeroes, significantly inflating your income and/or assets!
- Use prior prior year income information. You read those instructions right. This allows families to complete the forms earlier and with finalized information, allowing institutions more time to get families accurate financial aid awards in the spring. For example, you will use 2020 tax information when completing financial aid forms for the 2022-2023 academic year. If you feel 2020 is not an accurate reflection of your family’s financial situation (ex. someone lost a job in 2021, your family income was impacted by COVID-19, or there was a one-time bonus or other income inflation in 2020), contact the Financial Aid Office. We will ask for documentation of the change along with your 2021 tax return and W2s (when they are available) and your projected 2022 income to see if we are able to make an adjustment.
- Many families impacted by COVID-19 had lower income in 2020. Please remember that while we are basing your financial aid eligibility on 2020 for the 2022-2023 academic year, in future years we will ask families to reapply with the next tax year. As financial aid eligibility is assessed every year if your family income or assets went up in 2021 or 2022 your aid eligibility will go down in future years (if all other factors remain similar). Is this scenario applies to your family, we suggest reaching out the financial aid office to make sure you understand how your aid may change in a future year, so you can ensure you can make the four year commitment to your institution.
- Who to list on the FAFSA/CSS Profile. Are your biological parents divorced, and you’re not sure who should be listed on the FAFSA or CSS Profile? There’s a great youtube video provided by the Department of Education onlineto help you figure out who you should include on the FAFSA. If you split time between two separate households, you will only include the parent and siblings who you live with most of the time. For the CSS Profile, you will include information for all parents and stepparents, regardless of who you live with the majority of the time. If you split time between two households, you will fill out the CSS Profile with each parent.
Above all — ask for help! If I have one tip, this is it! We are here to help you and your family and hope if you have questions you will send us an email to firstname.lastname@example.org. We are here to help you at any point throughout the process. We’ve also compiled a great financial aid resource library for your use.