Tennessee’s Higher Education Commission is strongly urging high school seniors to submit their student aid applications by March 1. That’s the deadline to qualify for the state’s tuition-free community college program, Tennessee Promise.
The stakes of filling out the Free Application for Federal Student Aid on time are high. That’s according to Mary Jo Terry, a student loan expert and partner at Yrefy.
“What you’re going to miss out on is possibly having school paid for,” Terry said.
The FAFSA helps determine how much help students should get to pay for school. Colleges and the government use the information to create student aid packages.
The FAFSA for the 2023-24 school year opened back in October 2022. Experts advise filling it out as soon as possible to maximize aid, like grants and scholarships. That’s because some of it is first-come, first-served. The longer families wait, the more likely they are to receive aid that must be paid back later, leading to higher student loan balances.
For folks who’ve procrastinated and still want to complete the FAFSA by March 1, Terry offered the following steps to prepare:
- Both the student and a parent/guardian need to create a Federal Student Aid ID account at studentaid.gov. Students and guardians will use this portal to sign and submit the FAFSA.
- Parents or guardians should gather last year’s tax returns and this year’s W-2s. Information like social security numbers will also be needed to complete the form.
- Then, it’s time to fill out the FAFSA. The federal student aid website offers a more detailed breakdown of each step of the process here. Terry said students can’t do this part alone.
“Honest to goodness, you have to have your parent or guardian with you when you’re filling this out,” she said.
Terry emphasized that school counselors are also excellent resources for families who need help navigating the paperwork.
A few days after FAFSA is submitted, students will get a Student Aid Report. Terry recommends reading it closely to double check for mistakes. It will include an estimate of how much each student’s family can afford to help pay for college.
Because the tax returns families use to fill out the FAFSA are from 2021, it’s possible the financial situation for many has changed between now and then. If a family experienced a change, like a parent getting laid off, Federal Student Aid recommends reaching out to institutions’ financial aid offices to explain the circumstances.
The programs with looming deadlines
Since its inception, more than 120,000 students have participated in Tennessee Promise. It covers tuition at community and technical colleges, as well as some other schools with eligible associate’s degree programs. Last fall, nearly 65,000 high school seniors applied for Tennessee Promise, a record-setting number. Participants receive a mentor and must complete community service hours to remain eligible.
In addition to Tennessee Promise, the Tennessee Student Assistance Award also requires students to submit FAFSA by March 1. The TSAA scholarship targets students who have financial need. It provides up to $2,000 per year to attend public colleges in Tennessee, and up to $4,000 for private institutions.
Both Tennessee Promise and TSAA are last-dollar awards, meaning they cover the remaining costs of tuition and mandatory fees after other gift aid has been applied.
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