Smart Money Moves
Your monthly guide to Financial Aid Information: Oct 2020
In this issue, you will find:
- The FAFSA is OPEN! APPLY TODAY!
- How to Get Started: Creating and Using your FSA ID for FAFSA
- CSA #20- CFNC FAFSA Days- Sponsored by College Foundation of North Carolina
- Common Myths about Applying for Financial Aid
- CSS Financial Aid Profile
- Centennial Scholarship Endorsements Due Nov 1
- Need Help? Schedule a Zoom Appointment!
The FAFSA is now OPEN! Apply TODAY!
The Free Application for Federal Student Aid, or FAFSA, is a form Colleges and Universities use to determine your eligibility for federal, state, and college-sponsored financial aid, including state grants, federal student loans, and work-study programs. The only way to know if you are eligible to receive state and federal financial aid funds is to submit a FAFSA.
The earlier you submit your FAFSA, the better chance you will have at securing the maximum amount of federal and institutional financial aid for college. Don't wait, get your FSA ID and get started on your FAFSA today!
How to Get Started: Creating and Using your FSA ID for FAFSA
What’s an FSA ID? The FSA ID is a username and password you use to log in to certain U.S. Department of Education websites, including fafsa.gov, StudentAid.gov, and StudentLoans.gov.
The FSA ID is your legal signature and shouldn’t be created or used by anyone other than you—not even your parent, your child, a school official, or a loan company representative. You’ll use your FSA ID every year you fill out a Free Application for Federal Student Aid (FAFSA® ) form and for the lifetime of your federal student loans.
How do I get an FSA ID? Visit fsaid.ed.gov to create an FSA ID. You’ll need your Social Security number, full name, and date of birth. You’ll also need to create a memorable username and password, and provide answers to some challenge questions so you can retrieve your account information if you forget it. We strongly recommend that you provide a mobile phone number and email address when you make your FSA ID. Providing a mobile phone number and/or email address that you have access to will make it easier to unlock your account, retrieve your forgotten username, or reset your forgotten password.
Important: An email address and mobile phone number cannot be used with more than one FSA ID. If you share an email address with someone else, then only one of you will be able to use that email address to create an FSA ID. This applies to your mobile phone number too.
FSA ID Tips : One of your parents might need an FSA ID as well. If you need to provide information about your parents on the FAFSA® form, one of your parents will have to sign the form. Your parent can create an FSA ID and then sign the FAFSA form electronically using that FSA ID. Not sure whether you’ll need to put your parents’ information on the FAFSA form? Check out StudentAid.gov/dependency.
Remember: You should create your own FSA ID and your parent should create his or her own FSA ID. Also, make sure to use the correct FSA ID when signing the FAFSA form electronically.
Don't miss CSA #20- CFNC FAFSA Days- Sponsored by College Foundation of North Carolina
Do you have questions about your FAFSA application?! Do you need individual assistance? Join CFNC for a series of live virtual FAFSA Days. These events are sponsored and hosted by CFNC.
This year's College Foundation of NC FAFSA Day's will be hosted virtually. During these sessions representatives from financial aid offices across the state, will assist students with their individual FAFSA needs. A general overview of the 21-22 FAFSA, a discussion of the top 10 FAFSA mistakes, and an introduction to RDS followed by Q&As will be offered on the following days and times.
Registration is required using the links below. This event is hosted by CFNC (not Crosby Scholars) Students should register for each session that they want to attend. Once they register, they’ll receive a confirmation email with their unique link to join the webinar.
- Monday, October 12, 2020; 4:00 p.m. – 6:00 p.m.
- Tuesday, October 13, 2020; 9:00 a.m. – 11:00 a.m.
- Wednesday, October 14, 2020; 4:00 p.m. – 6:00 p.m.
- Thursday, October 15, 2020; 11:00 a.m. – 1:00 p.m.
This event is hosted by CFNC (not Crosby Scholars) Students should register for each session that they want to attend. Once they register, they’ll receive a confirmation email with their unique link to join the webinar.
STUDENTS MUST CHECK THEIR CROSBY SCHOLARS STUDENT PORTAL FOR INFORMATION ON HOW TO REGISTER AND HOW TO RECEIVE SENIOR ACADEMY CREDIT
CFNC's Financial Aid 101 Events
After the FAFSA, but before your first day on campus, you need Financial Aid 101. What is an award letter? You had to report your 2019 income on the FAFSA you just filed; what if your household situation has changed in 2020? And what if you are selected for verification? Financial aid administrators will be on hand for live chat, resources will be offered specific to your questions, and a short presentation every 15 minutes will help in case you don’t even know what to ask.
Common Myths About Applying for Financial Aid
1. My parents make too much money, so I won't qualify for 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.
2. I should use my 2020 tax information to fill out the 2021-22 FAFSA form.
FACT: You must use your 2019 tax information to complete the 2021-22 FAFSA form. It doesn’t matter if you or your parents haven’t filed 2020 taxes yet, because the 2021-22 FAFSA form doesn’t need that information.
3. 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.
4. 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 should list all schools you're considering, even if you haven't applied or been accepted yet. It doesn't hurt your application to add more schools. If you don't end up applying or getting accepted to a school, the school can just disregard your FAFSA form.
5. There's only one FAFSA deadline and that's not until June.
FACT: Nope! There are at least three deadlines you need to check: your state, school, and federal deadlines. You can find the state and federal deadlines HERE.
6. I can share an FSA ID with my parent(s).
FACT: Nope, if you’re 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 such as fafsa.gov.
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.
Your FSA ID 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!
7. It costs money to submit the FAFSA form.
FACT: Absolutely not! You NEVER have to pay to complete the FAFSA form when you go to www.fafsa.org. If you're paying a fee, you're not on the official government website.
8. Only students with good grades get financial aid.
FACT: While a high GPA will help you get into a good school and may help with academic scholarships, most federal student aid programs do not take grades into consideration when you first apply. However, keep in mind that if you want to continue receiving aid throughout your college career, you will have to maintain satisfactory academic progress as determined by your school.
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.
10. The 2021-22 FAFSA form isn't available until Jan 1.
FACT: The 2021 FAFSA form opened Oct. 1! You should submit your FAFSA as early as possible because some states and schools have limited funds.
CSS/FINANCIAL AID PROFILE
The College Board’s CSS/Financial Aid PROFILE® is an online application that collects information used by almost 400 colleges and scholarship programs to award financial aid from sources outside of the federal government.
North Carolina Colleges that REQUIRE CSS PROFILE are:
- Davidson College
- Duke University
- Elon University
- UNC Chapel Hill
- Wake Forest University
PROFILE applications can be accessed beginning October 1. You should complete the Fall 2020/Spring 2021 PROFILE®.
The PROFILE Application is customized for the student and his or her family following registration. It contains questions about the student's and parents' households, income, assets, and expenses. Applicants are provided with step-by-step instructions and a customized Pre-Application Worksheet. (student.collegeboard.org/css)
Centennial Scholarship Endorsements - NC State University
The Wilson College of Textiles at North Carolina State University is now accepting endorsements for our Centennial Scholarship program, one of the largest college-based scholarship programs at NC State. Ask your advisor, mentor, counselor or youth pastor to endorse you for this dynamic scholarship opportunity by November 1.
The Centennial Scholarship program is designed for students who are interested in career fields such as engineering, business management, design, chemistry, polymers, forensics, medical fields, fashion merchandising and retail management.
- ITT Centennial Scholarship
- Awarded to the top Centennial
- $22,000 / year for 4 years and $7,500 in enrichment fund
- Kimbrell Centennial Scholarship
- Awarded to the 2nd top Centennial
- $20,000 / year for 4 years and $7,500 in enrichment funds
- Centennial Scholarship
- $15,000 / year for 4 years and $7,500 in enrichment funds
- Up to 8 awarded per year
- Pioneer Scholarship
- $14,000 / year for four years and $4,000 in enrichment funds
- Up to 4 awarded per year
- North Carolina Textile Foundation Scholarship
- $5,000 / year for 4 years
- Prestige Scholarship
- Minimum award is $2,500 / year for 4 years
Competitive applicants demonstrate high academic achievement, strong leadership qualities, involvement in extracurricular activities and civic engagement and an interest in textile-related careers. For scholarship consideration, students must submit a NC State admissions application by the November 1 deadline.
Click here to endorse.
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