As an extension of NCNM’s commitment to share important information on financial aid, we offer this reminder to all students:
Be sure to complete your FAFSA as soon after January 1st of each year to ensure that you do not miss out on available aid.
Visit www.fafsa.gov and complete your 2016-2017 application today.
One thing to consider, however, is that the FAFSA asks for your tax return information for the current year. Often, this information might not be available until the end of January, at the earliest. Keeping this in mind, you can choose to either wait until you or your family files income taxes for the year or complete your FAFSA using estimates derived from the previous year’s tax returns and other documentation. Note: If you do this, you will need to return later and correct any discrepancies between the estimated values and the current year’s tax returns.
Priority Filing Dates and Important Information
Here are some key points to keep in mind.
February 15, 2016
To be considered for Federal Work-Study, your 2016-2017 FAFSA should be filed no later than February 15, 2016. The funds are awarded on first come-first serve basis until all funds have been exhausted, and will only be awarded to the highest need students as determined by the U.S. Department of Education.
March 1, 2016
If you meet the qualifying determination of a high-need student, but miss the February 15, 2016 deadline, you may be placed on the Federal Work-Study Wait list, as long as your FAFSA is filed by March 1, 2016.
NCNM receives an annual allocation for its participation in need-based aid programs, such as the Federal Workstudy Program (FWSP). Institutions across the nation have seen a significant reduction in their FWSP funding allocations over the last few years and this has resulted in changes on how these funds are administered.
Federal workstudy funds are administered in the following manner:
- Funds awarded to high need students only as determined by the U.S. Department of Education
- Annual award reduction for all eligible students
- FWS recipients who fail to maintain satisfactory academic progress will lose their ability to participate for the remainder of the year regardless.
- FWS awards do not begin until fall term each year. Students with a desire to work in summer term must sign an Intent to Enroll form.
- Students who estimate their taxes must submit corrections once their taxes have been filed. NOTE: Corrections may result in a change of FWSP eligibility.
You must transmit your FAFSA to NCNM. Our federal school code is B07624.
You do not need to wait until your 2016 taxes have been prepared if this means missing the priority filing dates. Instead, you may use estimated tax information which can be corrected later. Note: If you do report estimated financial information, you will be required to submit a valid (signed) FAFSA correction once your tax forms are completed. You can also select the IRS data match.
You’ll need an FSA ID to electronically sign your FAFSA. If you do not have an FSA ID, you may get one at fsaid.ed.gov.