There’s so much information available about financial aid that it can be hard to tell the facts from fiction. We’ve got you covered! Here are some common myths—and the real scoop—about financial aid and theFree Application for Federal Student Aid(FAFSA®) form.
MYTH 1: My parents make too much money, so I won’t qualify for any aid.
FACT:The reality is there’s no income cut-off to qualify for federal student aid. It doesn’t matter if you have a low or high income; most people qualify for some type of financial aid, including low-interest federal student loans. Many factors besides income—such as your family size and your year in school—are taken into account. Don’t make assumptions about what you’ll get—fill out the application and find out!
MYTH 2: The 2023–24 FAFSA® form launched on Jan. 1.
FACT:The 2023–24 FAFSA form launched on Oct. 1, 2022. You should submit a FAFSA form as soonas possible.
MYTH 3: I should use my 2022 tax information to fill out the 2023–24 FAFSA® form.
FACT:You must use your 2021 tax information to complete the 2023–24 FAFSA form. It does not matter if you or your parents have not filed 2022 taxes yet because the 2023–24 FAFSA form does not need that information. You will not have to update your FAFSA form after filing 2022 taxes either because 2021 information is what is required.
MYTH 4: I support myself, so I don’t have to include my parent’s info on the FAFSA® form.
FACT:This is not necessarily true. Even if you support yourself, live on your own, or file your own taxes, you may still be considered a dependent student for FAFSA purposes. The FAFSA form asks a series of questions to determine dependency status. (https://studentaid.gov/apply-for-aid/fafsa/filling-out/dependency) If you’re independent, you won’t need to include your parents’ information on your FAFSA form. But if you’re dependent, you must provide your parents’ information.
If you are a dependent student go to https://studentaid.gov/help/who-is-parent to determine which parent(s) should be included. (It’s not as obvious as you might think.)
MYTH 5: I should wait until I’m accepted to a college before I fill out the FAFSA® form.
FACT:Don’t wait. You can start now! You must list at least one college to receive your information. You SHOULD list all schools you’re considering even if you haven’t applied or been accepted yet. You can add up to 10 schools at a time. If you want to add another school after you submit your FAFSA form, you canlog in at www.studentaid.govand submit a correction.
The schools you list will use your FAFSA information to determine the types and amounts of aid you may receive.
MYTH 6: If I didn’t receive enough money for school. I’m just out of luck.
FACT:You still have options! If you’ve received federal, state, and college aid but still find yourself having to fill the gap between what your financial aid covers and what you owe your school, consider scholarships, part-time work, and payment plans.
MYTH 7: I should call “the FAFSA® people” (Federal Student Aid) to find out how much financial aid money I’m getting and when.
FACT:No, you’ll have to contact your school. Federal Student Aid does not award or disburse your aid, so they won’t be able to tell you what you’ll get or when you’ll get it. You will have to contact the financial aid office at your school to find out the status of your aid and when you should expect it. Just keep in mind that each school has a different timeline for awarding financial aid.
MYTH 8: There’s only one FAFSA® deadline and that’s not until June.
FACT:Nope! You should also be aware of your school deadline. The Vernon College financial aid priority deadline for the Fall 2023 semester is June 16, 2023. Submitting all required documents by this date ensures that we will have your financial aid file completed and awarded prior to the payment deadline.
MYTH 9: I only have to fill out the FAFSA® form once.
FACT:You have to fill out the FAFSA form every year you’re in school in order to stay eligible for federal student aid.
MYTH 10: I can share an FSA ID with my parent(s).
FACT:Nope, if you are a dependent student, then two people will need their own FSA ID to sign your FAFSA form online:
- You (the student)
- One of your parents
An FSA ID is a username and password that you use to log in to certain U.S. Department of Education (ED) websites. Your FSA ID identifies you as someone who has the right to access your own personal information on ED websites and is used to sign legally binding documents electronically. It has the same legal status as a written signature. Don’t give your FSA ID to anyone—not even to someone helping you fill out the FAFSA form. Sharing your FSA ID could put you at risk of identity theft and could cause delays in the FAFSA process!
If you’re a dependent student, your parent will need his or her own FSA ID to sign your FAFSA form electronically. If your parent has more than one child attending college, he or she can use the same FSA ID to sign all applications. You’ll need a unique email address for each FSA ID.
MYTH 11: Only students with good grades get financial aid.
FACT:While a high grade point average will help you get into a good school and may help with academic scholarships, at Vernon College financial aid recipients must maintain a cumulative GPA of at least 2.0 and have a successful pace of completion rate that is at least sixty-seven (67%) percent of all courses attempted at VC.
MYTH 12: It costs money to submit the FAFSA® form.
FACT:Absolutely not! You NEVER have to pay to complete the FAFSA form when you go towww.studentaid.gov. If you are paying a fee, you are not on the official government website.
Need more help?
FACT:The VC Financial Aid Office is available to answer your questions. Please call or come by and we will be happy to assist you. We want to provide you the financial support you need to afford your education!
