March 19, 2024

Nonprofit encourages Newton High School students to think about college costs

Students should complete FAFSA no matter their plans

It's a vast understatement to say there are a few things to know about applying for college financial aid in the U.S.
However, there are organizations charged with making the process simpler and helping equip parents and students with information.

One of those organizations is a nonprofit called the Iowa College Access Network and one of its representatives made a Sept. 15 trip to Newton High School to talk about some of ICAN’s main missions.

The Free Application for Federal Student Aid, or FAFSA, is a daunting form to complete, as is the follow-up and information flow involved in its processing. Jessica Schultz came to NHS to explain to parents and students some important elements and changes to keep in mind in applying for financial aid.

Among the multitude of changes to the process Schultz listed is that the dreaded PIN — the four-digit personal identification number each student needed to remember, with the perceived fear of possibly never seeing another penny of aid — is a thing of the past.

“There are no more PINs,” Schultz said. “There is a user name and a password now, and each FAFSA account is Social Security number-specific.”

There are hundreds of other such details covered in a publication that bears ICAN’s name called “Paying for College: A Guide to the 2016-17 Financial Aid Process.” Schultz covered a few of the main points of the booklet, and encouraged parents to start right away on collecting the information needed to have ready when completing the FAFSA.

The FAFSA form feeds into a national government database used by colleges and universities to determine financial need and eligibility. Not only does it help directly link students to federal aid programs, it also can include grants, scholarships, work-study and loans.

Schultz also covered a few of the nuances of the data required on the FAFSA, such as listing investments, using the IRS data retrieval tool, 529 Coverdale accounts, untaxed Social Security benefits, expected family contributions (toward paying college costs), award letters and dependency determinations.

“Savings accounts, for example, are one of the many assets included in determining need,” Schultz said. “So if you’re saving up money for something like books or supplies, or get graduation gifts in the form of checks or cash, it might be wise to go ahead and spend that money early.”

Two big changes Schultz discussed at length during her one-hour presentation at NHS were the changing tax year and the early opportunity to complete a FAFSA. The earliest date to file for students going from high school to college in the fall of 2017 is Oct. 1, 2016.

The previous year’s tax information will be used, rather than the current year. Students entering college in the fall of 2017 will use their family’s 2015 tax return information.

Schultz said there are too many of these kinds of changes every year. Parents of students in the high school graduating class of 2018 or later should talk regularly with guidance counselors and organizations such as ICAN to stay up on the latest updates to the process.

“Write down things like passwords or usernames and the like,” Schultz said. “And when computer programs offer you the chance to ‘save a copy for your records,’ always say yes.”

Many questions can be answered on ICAN's website, www.icansucced.org, or by emailing Schultz at jschultz@ICANsucceed.org or calling her at 877-272-4692 ext. 4210.

For parents or students who want to meet in person to meet with an ICAN ad visor, Schultz said, they can always make an appointment to come to the nonprofit’s office, located on the DMACC’s Ankeny Campus.

“Some folks just understand concepts better when explained in person,” Schultz said.

Contact Jason W. Brooks at
641-792-3121 ext. 6532
or jbrooks@newtondailynews.com