General Admissions & OTCAS FAFSA newbie question

[CAOT]

Hi all,

I'm gearing up to begin applying this coming summer/fall for (hopeful) entry fall 2017.

I'm new to FAFSA and FA and want to make sure I have my ducks in a row, because I'm going to need some aid.

From what I've read, FAFSA becomes available Oct 2016. Here are my questions:

1. Do I fill out FAFSA as early as Oct even though I have no idea a) if I'll get accepted this cycle or b) where I'll be going? If the answer is "yes," what school do I list on FAFSA? The most expensive?

2. Should I file my taxes as independent from my parents' beginning this year (as in, by next month?). I doubt I will get any FA if I have to declare family/household income, but not sure when the time is right for them to "cut me off" and not claim their deduction, haha! I am 21yo, if that makes any difference.

3. Anything else I should know/be doing proactively at this point? Words of wisdom, etc?

TIA!

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[ooottt]

1. Yep! You can fill it out in october, the earlier the better. You can list up to 10 schools so just put all the ones you're considering and you can update it as the application process continues, even after you submit it.
2. You can claim yourself as an "independent" student on your FAFSA when applying to OT school regardless of whether you are declared "dependent" on your taxes. This allows you to skip including your parents information on your FAFSA. However, check out the financial aid information from the specific schools you're applying to because some require parent info for institutional aid- I know this is the case for Columbia which is where I'll be attending.

 

[cb31]

Hi all,

I'm gearing up to begin applying this coming summer/fall for (hopeful) entry fall 2017.

I'm new to FAFSA and FA and want to make sure I have my ducks in a row, because I'm going to need some aid.

From what I've read, FAFSA becomes available Oct 2016. Here are my questions:

1. Do I fill out FAFSA as early as Oct even though I have no idea a) if I'll get accepted this cycle or b) where I'll be going? If the answer is "yes," what school do I list on FAFSA? The most expensive?

2. Should I file my taxes as independent from my parents' beginning this year (as in, by next month?). I doubt I will get any FA if I have to declare family/household income, but not sure when the time is right for them to "cut me off" and not claim their deduction, haha! I am 21yo, if that makes any difference.

3. Anything else I should know/be doing proactively at this point? Words of wisdom, etc?

TIA!

Im not sure where you got the Oct date, but typically the Fafsa for the entering class doesnt open until the 1st of every year. So since u are planning to start the fall of 2017 then u would fill out the Fafsa in January 2017. I've been filling out the Fafsa for the last six years and I have never applied in october. Also, you should just put all the schools u are applying to on ur Fafs and apply as soon as possible. I usually file in feb bc I like to wait until after I file my taxes, but do what is easiest for u.

Also, idk if ur parents claiming u or not will affect ur fafsa. If u have been making money on ur own u should be filing taxes even if ur parents claim u. But anyway, even if ur parents claim u on their taxes u will probably still be independent since u are applying to graduate school. BUT you should definitely contact one of the schools you are applying to get a definite answer on that question. If you need financial aid (meaning loans) you definitely want to set ur self up to get all of the federal loans available. And altho u can get a PLUS loan without qualifying for financial aid that loan has a higher interest rate than stafford loan so I would exhaust the stafford loan money first then go to the PLUS loan if you need more.

Words of wisdom, ask a financial aid officer that second questions bc its a really important one.. and if you need loan money don't put ur parents info on ur Fafsa.

Hope that helps.

 

[thebiggestsky]

I would exhaust the stafford loan money first then go to the PLUS loan if you need more.

Should I wait until I hear back from financial aid about the Stafford loans or start an app for the PLUS loans now? One does seem dependent on the other in terms of knowing how much extra I might need, but I also want to prepare far enough in advance in case I need to pursue other avenues. I will almost certainly need to go above the max allowed by the Stafford.

 

[nicole_meow]

Im not sure where you got the Oct date, but typically the Fafsa for the entering class doesnt open until the 1st of every year. So since u are planning to start the fall of 2017 then u would fill out the Fafsa in January 2017. I've been filling out the Fafsa for the last six years and I have never applied in october. Also, you should just put all the schools u are applying to on ur Fafs and apply as soon as possible. I usually file in feb bc I like to wait until after I file my taxes, but do what is easiest for u.

Also, idk if ur parents claiming u or not will affect ur fafsa. If u have been making money on ur own u should be filing taxes even if ur parents claim u. But anyway, even if ur parents claim u on their taxes u will probably still be independent since u are applying to graduate school. BUT you should definitely contact one of the schools you are applying to get a definite answer on that question. If you need financial aid (meaning loans) you definitely want to set ur self up to get all of the federal loans available. And altho u can get a PLUS loan without qualifying for financial aid that loan has a higher interest rate than stafford loan so I would exhaust the stafford loan money first then go to the PLUS loan if you need more.

Words of wisdom, ask a financial aid officer that second questions bc its a really important one.. and if you need loan money don't put ur parents info on ur Fafsa.

Hope that helps.

Thanks for your help!! One question, why shouldn't I put my parents info on my FAFSA? Would it affect my loans?


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[cb31]

Should I wait until I hear back from financial aid about the Stafford loans or start an app for the PLUS loans now? One does seem dependent on the other in terms of knowing how much extra I might need, but I also want to prepare far enough in advance in case I need to pursue other avenues. I will almost certainly need to go above the max allowed by the Stafford.

You should wait until you get your finacial aid package before applying or contact the school that you are attending and ask them when you should apply. Some schools will tell you not to apply before a certain a date... for example, I have summer classes for my OT program and my finacial aid office told me not to reaaply for the PLUS until after May 1st. When I was entering the program I was told not to apply before July 1st. So it various and may depend on the school. Also, unless you have outside extraneous bills, you shouldnt need to pursue other avenues of loans bc the plus loan allows you to take out the complete cost for tuition, fees, and living cost that isnt covered by your financial aid package. But beaware, that the PLUS loan is based on credit.

 

[cb31]

Thanks for your help!! One question, why shouldn't I put my parents info on my FAFSA? Would it affect my loans?


Sent from my iPhone using SDN mobile app

The stafford loan as well as work study (if you are interested in that) is need-based financial aid... idk ur parents financial situation, but if they make too much they will cause you not to qualify for need-based assistance. The PLUS loan is based on credit so as long as you have good credit you will be able to get that!

 

[nicole_meow]

I didn't know that need-based assistance still applied for grad school. Thank you!!!


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[PNW_OT]

Im not sure where you got the Oct date, but typically the Fafsa for the entering class doesnt open until the 1st of every year. So since u are planning to start the fall of 2017 then u would fill out the Fafsa in January 2017. I've been filling out the Fafsa for the last six years and I have never applied in october. Also, you should just put all the schools u are applying to on ur Fafs and apply as soon as possible. I usually file in feb bc I like to wait until after I file my taxes, but do what is easiest for u.

Also, idk if ur parents claiming u or not will affect ur fafsa. If u have been making money on ur own u should be filing taxes even if ur parents claim u. But anyway, even if ur parents claim u on their taxes u will probably still be independent since u are applying to graduate school. BUT you should definitely contact one of the schools you are applying to get a definite answer on that question. If you need financial aid (meaning loans) you definitely want to set ur self up to get all of the federal loans available. And altho u can get a PLUS loan without qualifying for financial aid that loan has a higher interest rate than stafford loan so I would exhaust the stafford loan money first then go to the PLUS loan if you need more.

Words of wisdom, ask a financial aid officer that second questions bc its a really important one.. and if you need loan money don't put ur parents info on ur Fafsa.

Hope that helps.

The FAFSA opens in October this year. This is the first year it is this early.