Financial Aid for College - LCHS North
FAFSA for 2024-2025 is delayed.
Federal Student Aid recently announced a delay in the launch of the 2024-2025 Free Application for Federal Student Aid (FAFSA). MI Student Aid would like to ensure that high school counselors and lead administrators are aware of the delay. As you know, the FAFSA typically opens on October 1 of the student's senior year, however, the 2024-2025 FAFSA is scheduled to open in December 2023. This delay is due to several updates and simplifications Federal Student Aid is implementing to improve the overall FAFSA process for students and families.
The link below will take you to the FAFSA YouTube channel where you can find guidance in filling out the FAFSA.
- FAFSA Step-by-Step Guide that walks students and families through each question of the FAFSA, including screenshots and explanations and a FAQ page for students with special circumstances. Here is the link https://www.standoutcollegeprep.com/fafsa-questions/
If you’re applying for financial aid for academic year 2023-2024, you can submit your FAFSA starting in December, using your 2022 income tax return.
To start your FAFSA application click here.
- Be sure to submit the FAFSA every year you’re in college.
- Aid is awarded on a first-come, first-served basis, so know your deadlines and apply as early as you can to maximize your financial aid.
Do I still have to complete a FAFSA every year?
Yes, every student should complete a FAFSA every year beginning October 1, for the next school year they plan to attend.
Why should I apply so early?
Some financial aid is awarded on a first-come, first-served basis, so the earlier you apply, the bigger and better your financial aid package could be.
How will an earlier FAFSA and the change to the income year benefit me?
- Students (and their parents, if applicable) will not need to estimate income information and will not need to update their income information as in the past since the FAFSA now only requires taxes already filed.
- There will be more time for students to explore and understand financial aid options and apply for private scholarships for undergraduate and graduate students.
- Applying early means getting your award notification earlier. Students who file October 1 or shortly thereafter, can expect to begin receiving award notifications in December.
- Students will be more prepared for the payment due date.
- Receiving an award notification earlier encourages students to complete their financial aid requirements earlier.
How will I complete the FAFSA in October if I don’t file taxes until the following April?
Beginning with the 2017-18 FAFSA, students (and parents, if applicable) have been able to report income and tax information from an earlier tax year.
Different Types of Financial Aid
The federal government provides grants for students attending college or career school. Most types of grants, unlike loans, are sources of free money that generally do not have to be repaid.
Grants can come from the federal government, your state government, your college or career school, or a private organization. Do your research, apply for any grants you might be eligible for, and be sure to meet application deadlines!
Certain scenarios may require that a portion or all of the grant funds be repaid: for example, if you withdraw from school before finishing an enrollment period such as a semester, or if you receive a TEACH Grant and do not complete your service obligation.
Scholarships are gifts. They don't need to be repaid. There are thousands of them, offered by schools, employers, individuals, private companies, nonprofits, communities, religious groups, and professional and social organizations.
You can learn about scholarships in several ways, including contacting the financial aid office at the school you plan to attend and checking information in a public library or online. But be careful. Make sure scholarship information and offers you receive are legitimate; and remember that you don't have to pay to find scholarships or other financial aid.
For more information please check out the scholarship tab on the counseling office webpage.
If you have any questions about scholarships you may be eligible for, make an appointment with your counselor.
Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student’s course of study. If you work on campus, you’ll usually work for your school. If you work off campus, your employer will usually be a private nonprofit organization or a public agency, and the work performed must be in the public interest.
If you apply for financial aid, you may be offered loans as part of your school’s financial aid offer. A loan is money you borrow and must pay back with interest.
If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. Loans made by the federal government, called federal student loans, usually have more benefits than loans from banks or other private sources. Learn more about the differences between federal and private student loans.
Financial Aid Myths Busted
Think you won’t qualify for federal financial aid? Think again. It’s available to students and families across all income levels.
Myth: My family’s income is too high to qualify for financial aid.
Student and family income isn’t the only factor that the government uses to decide if a student qualifies for a federal student loan. The only way to know for sure is to fill out the FAFSA.
Myth: My family has money saved for college so we won't get any aid.
Student and family savings may not be a major factor when a school decides if a student qualifies for Unsubsidized federal student loans. There are allowances for savings and assets. Your family isn’t expected to sacrifice home equity or retirement savings to pay for a student’s education.
Myth: My sister/brother wasn't eligible for much financial aid last year, so I won’t be eligible when I enter college.
On the contrary, the number of family members in college may have a favorable impact on your financial aid eligibility.
Myth: I’m only attending college part-time, so I won't be eligible for financial aid.
Financial aid is available for part-time students. Talk to the financial aid offices of the colleges you’re interested in attending about aid for part-time students.