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Education for Justice |
FACT SHEET Y-14 |
Fall 2011 |
HELPING
YOUR CHILD
APPLY
FOR FINANCIAL AID
Every year the federal government gives out millions of
dollars in financial aid to college students.
This aid can be a grant, a loan or work-study.
·
A grant is
money that does not have to be paid back.
·
A loan is
money that you have to pay back after you graduate or stop attending school.
·
The work-study
program funds student employment in jobs approved by the college they
attend.
Most states and colleges also have aid programs to help so students can afford
to finish college. In order to get financial
aid, you have to fill out a “Free Application for Federal Student Aid”
(FAFSA). This application asks for
income information from parents (including stepparents) and from students.
WHO CAN GET FEDERAL STUDENT AID?
To get Federal Student Aid a student must meet certain
requirements. Generally, the student
must:
·
Be a
·
Have a valid Social Security number
·
Register with the Selective Service if male and
18-25 years old. Go to www.sss.gov for more information.
·
Have a high school diploma or GED or pass an
exam approved by the Department of Education
·
Be enrolled or accepted for enrollment as a
regular student working toward a degree or certificate in a program at a school
that participates in the Federal Student Aid programs.
Other requirements may apply. For more information, contact the counselor
at your child’s high school or the financial aid office at the colleges your
child would like to attend.
NOTE: A student can lose their financial aid if
they have a drug conviction for an offense that happened while they were
getting student financial aid. If your
child is arrested on drug charges, make sure they talk to a lawyer about their
student status.
MY
CHILD IS AN ADULT, WHY DO I HAVE TO BE A PART OF THIS PROCESS?
Student Aid is given based on financial need. The federal government says that all students
are dependents of their parents until the age of 24. Because of this rule, the Department of
Education needs the income information for parents of all students under age 24
so that they can decide financial aid eligibility.
There are exceptions to the “age 24 rule.” For instance, a student is considered
independent if:
·
the student has already gotten a bachelor’s
degree, the student is under 24 and both parents are deceased
·
the student is a veteran or currently serving in
the U.S. Armed Forces
·
the student is married
·
the student was a foster child after the age of
13
·
the student is homeless
or at risk of homelessness. This needs
to be documented by a homeless shelter, a transitional program or a high school
homeless liaison.
For questions about dependency issues contact a financial
aid administrator.
WHAT
IF MY CHILD DOES NOT LIVE WITH ME?
FAFSA requires information about the parents’ finances
unless the child meets one of the exceptions noted above. That is true even if the child does not live
with the parent. If you refuse to
provide the information, your children will not be able to get the financial
assistance to which they are entitled.
NOTE: People who had their parental rights to a
child terminated are not considered the child’s parents for the purposes of the
FAFSA.
HOW
IS MY PERSONAL INFORMATION USED?
Income information is used to figure out how much and what
kind of aid to give to the student. When
you sign the form you are agreeing to let the government check on the
information you give. They check by
looking at your tax returns.
HOW
IS FINANCIAL AID AWARDED?
The Department of Education (DOE) looks at the income
information in the FAFSA and makes a Student Aid Report (SAR). The SAR explains how much money the DOE
thinks the student and family should be able to put towards the cost of
school. This amount is called the
Estimated Family Contribution (EFC).
Each college or university uses the EFC to decide how much financial aid
to give to each student.
IF
I FILL OUT A FAFSA DO I HAVE TO HELP MY CHILD PAY FOR SCHOOL?
No. The FAFSA helps
colleges and universities figure out how much aid to give to your child. If your child applies for a school loan, the
bank may require an adult to co-sign before agreeing to the loan. By co-signing, you agree to repay the loan if
your child fails to do so. That is a
separate process from the FAFSA. Just
signing the FAFSA, does not authorize any loans or financial obligations in your name.
For more information:
§ U.S.
Department of Education at www.ed.gov
§ Call
1-800-4 FED AID (1-800-433-3243)
§ Get
in touch with the financial aid office at your child’s school
§ Get
in touch with a High School guidance counselor
To find other Legal
Aid Society materials, including any fact sheets mentioned in this
document, go to www.lawhelpmn.org/LASMfactsheets.
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Minneapolis
Legal Aid – CLE MN Legal Services Coalition |
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Legal Assistance. This document may be
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