Mythbusters- The Financial Aid Edition, Part I

There’s a lot of misconceptions and misinformation about financial aid so in this post, we’re going to bust the most common myths.  Now is the time to apply for financial aid for the 2018-19 school year but applications for the current school year are still being accepted.  Test your financial aid knowledge by completing the true/false quiz.  Scroll down for the answers.  Look for Part II of Mythbusters- The Financial Aid Edition next week.

True or False? 

  1. You must be a full-time student to receive financial aid.
  2. You need to fill out the FAFSA (Free Application for Federal Student Aid).
  3. Late applications will still be accepted.
  4. Once your FAFSA’s filled out, you’re done.
  5. You can’t fill out the FAFSA if you haven’t completed your most recent tax return.

  1. False– Although financial aid awards are initially awarded for full-time attendance, students going part-time can receive aid.  Part-timers must complete a quarterly adjustment form so aid can be adjusted to the reduced credit load.
  2. True-The FAFSA is released annually each October 1st and you must reapply each year.
  3. True– Applications are accepted throughout the year.  Planning ahead is crucial if you want your aid in place when tuition is due.  Allow 6-8 weeks to complete the application process.  If your aid is not in place when tuition is due, you’ll need to self-pay and then receive your award retroactively.
  4. False– There’s always follow-up paperwork that needs to be completed once Whatcom has received your FAFSA.  Get that paperwork in so your aid isn’t delayed.
  5. False–  FAFSA asks for tax return information from two years prior.  For example- if applying for financial aid for the 2017-18 school year, use your 2015 tax return.  For the 2018-19 FAFSA, use your 2016 taxes.

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