Financial Aid
What is Financial Aid?
Financial Aid is money that the government and other organizations give you or lend you so you can pay for your higher education expenses. The programs authorized under Title IV of the Higher Education Act of 1965 are grants, loans and work-study funds from the federal government to eligible students enrolled in college or universities. To qualify for federal financial aid, you must apply every academic year using the Free Application for Federal Student Aid (FAFSA).
The U.S. Department of Education awards more than $120 billion a year in grants, work-study funds, and loans to more than 13 million students. Federal student aid covers such expenses as tuition and fees, room and board, books and supplies, and transportation.
What is the FAFSA Application?
To apply for style federal student aid, such as federal Grants, Work-Study, and Loans, you need to complete the FAFSA application. Completing and submitting the FAFSA is free and easier than ever, and it gives you access to the largest source of financial aid to pay for college or university. In addition, many states and colleges use your FAFSA information to determine your eligibility for state and school aid, and some private financial aid providers may use your FAFSA information to determine whether you qualify for their aid.
Federal student aid includes:
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Grants—financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund)
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Loans— borrowed money for college or university; you must repay your loans, with interest(Laredo College does not participate in federal , state or private students loans since fall 2012)
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Work-Study—a work program through which you earn money to help you pay for school
When do I fill out the FAFSA application?
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For the 2018–19 year, you can apply between Oct. 1, 2017, and June 30, 2019 (Using the 2016 tax information)
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For the 2019–20 year, you can apply between Oct. 1, 2018, and June 30, 2020 (Using the 2017 tax information)
There are a few federal student aid programs that have limited funds, so be sure to apply as soon as you can.
FAFSA applicants must provide income information from the “prior-prior tax year.” For example, 2018–19 applicants must report 2016 income information. As a result of using “prior-prior tax year information"more students and families will be able to complete their FAFSA using income information imported electronically from the IRS.
Steps to fill out FAFSA:
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Log in to www.fsaid.ed.gov and create an FSA ID and Password
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Complete the FAFSA by logging on to fafsa.gov (Must apply every academic year, starting October 1st.)
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Follow the step by step instructions on the FAFSA website.
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Applying for Financial Aid is a free process. Any website that charges a fee is not a government sanctioned website.
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Meet all requirements before the priority deadline.
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Be registered for the appropriate hours required for the specific type of aid:
| Summer |
3 eligible hours or more for most types of aid |
| Fall/Spring |
6 eligible hours or more for most types of aid except PELL |
What is an FSA ID?
The FSA ID is a username and password that you must use to login to FAFSA. Your FSA ID is used to confirm your identity when accessing your financial aid information and electronically signing your federal student aid documents and to log in to certain U.S. Department of Education (DOE) websites.
It’s important to understand that the student and the parent may not share an FSA ID: Your FSA ID is your signature, so it has to be unique to you. If you are a parent of a dependent student, you will need your own FSA ID if you want to sign your child's FAFSA application electronically. If you have more than one child attending college, you can use the same FSA ID to sign all applications.
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 or allow anyone to create an FSA ID for you. Sharing your FSA ID is like teaching someone to forge your signature; and it could put you at risk of identity theft!
Internal Revenue Service Data Retrieval Tool (IRS DRT)
The IRS DRT automatically transfers tax information into the FAFSA application. Be sure to consider this option if it’s offered to you. If you received an extension to file your taxes and didn’t file until September or October please see chart below.
The IRS tax return processing times and the availability of the IRS Data Retrieval Tool (IRS DRT) reflected in the chart below are merely guides to help tax filers estimate when they will be able to retrieve their IRS tax return information using the IRS DRT.
When a tax return filer who… |
If Tax Return Filed Electronically |
If Paper Tax Return Filed |
At the time their tax return was submitted to the IRS, has no amount owed or has an expected refund |
Generally, tax returns are accepted by the IRS within a day or two of the return having been electronically filed with the IRS.
In most cases, the IRS DRT is available within 2-3 weeks after the return has been accepted by the IRS. |
Generally, tax returns are accepted by the IRS when the tax return is received by the IRS.
In most cases, the IRS DRT is available within 8-11 weeks after the tax return has been accepted by the IRS. |
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At the time their tax return was submitted to the IRS, has an amount owed and makes a full payment on that amount
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Generally, tax returns are accepted by the IRS within a day or two of the return having been electronically filed with the IRS.
In most cases, the IRS DRT is available within 2-3 weeks after the return has been accepted by the IRS.
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IRS will process the tax return in June.
In most cases, the IRS DRT is available within 2-3 weeks after the tax return has been processed by the IRS.
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Has an amount owed and subsequent to submitting their tax return to the IRS, pays the full amount due
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Generally, tax returns are accepted by the IRS within a day or two of the return having been electronically filed with the IRS.
In most cases, the IRS DRT is available within 3-4 weeks after full payment is made.
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IRS will process the tax return in June
In most cases, the IRS DRT is available within 2-3 weeks after the tax return has been processed by the IRS.
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At the time their tax return was submitted to the IRS, has an amount owed and has not paid in full
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Generally, tax returns are accepted by the IRS within a day or two of the return having been electronically filed with the IRS. However, IRS will not process the return until May.
In most cases, the IRS DRT is available within 2-3 weeks after the return has been processed in May.
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IRS will process the tax return in June.
In most cases, the IRS DRT is available within 2-3 weeks after the tax return has been processed by the IRS.
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Here’s how the IRS DRT process works, assuming your tax information is available:
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The IRS DRT takes you to the IRS website, where you’ll need to provide your name and other information exactly as you provided it on your tax return. Some information will be pre-populated from your FAFSA application.
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At the IRS site, you’ll see a page that indicates that your tax information is available. (For security and privacy protections, no actual information will be displayed.) You can choose to import your information into the FAFSA application, or you can cancel your request and return to the FAFSA site.
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If you choose to import your information into the FAFSA application, message stating “Transferred from the IRS" will be displayed in the appropriate fields. No changes/updates will be allowed.
Signing and Submitting the FAFSA Application
Before your FAFSA Application can be processed, you’ll need to sign and submit the application. Here are some tips as you finish your FAFSA Application:
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Be sure to sign with your FSA ID (your username and password) so your FAFSA form will be processed as quickly as possible.(If you log in to the application by providing your FSA ID, you won’t be asked for it again when it’s time to sign. However, if you’re providing parent information, one of your parents will be required to sign your application.)
Important Note
If your parent does not have a Social Security number (SSN), your parent won’t be able to create an FSA ID.Your parents’ citizenship status does not affect your eligibility for federal student aid.
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If your parent does not have a Social Security number (SSN), you should enter all zeroes for him or her on the FAFSA form where it asks for that information. Do NOT enter a Taxpayer Identification Number in the SSN field.
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You’ll need to select the option to print a signature page when you get to the end of the application. Have parent sign it, and then mail it to the address indicated so that your FAFSA form can be processed.
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If your parent does not live in the U.S., select "Foreign Country" from the drop-down box for the question that asks about the parents' state of legal residence.
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If your parents live and file taxes in a foreign country and don’t file U.S. taxes, you’ll have the opportunity to indicate that they have filed their taxes.
- When the FAFSA form asks whether your parents filed a Puerto Rican or foreign tax return, you should select “Yes."
- Convert the amounts on the foreign tax return into U.S. dollars as directed by the FAFSA help and hints.
- If your parents live in one of the Freely Associated States, they should enter the Amount of Wages Earned from their Freely Associated States tax form in the field where the FAFSA form asks for adjusted gross income.
If your parent doesn’t file taxes at all, select “Not going to file" for the question that asks whether the parent(s) have filed taxes. Then you’ll be asked for information about how much your parent earned from work, rather than being asked for information about specific items on the tax form.
Note: Funds for grants and other types of aid are awarded only if the above has been followed. Please contact the Student Financial Aid & Veterans Affairs Services Center should any of the above seem unclear.
For additional information about FAFSA VISIT: https://studentaid.ed.gov/fafsa/filling-out
LC Priority Deadlines:
| Fall |
March 1 |
| Spring |
November 1 |
| Summer |
May 1 |
The institutional policy for packaging grants, and employment assistance for students is as follows:
Packaging for eligible flexible entry classes will be done at the end of the semester and funds for those classes will be disbursed accordingly.
Students are awarded a combination of funds from all programs for which they qualify. Students are required to apply using the FAFSA to be processed for all aid programs. The financial aid package will attempt to meet 70% of the student’s need with grant assistance and 30% with self-help (Work-Study).
Students not eligible for a Federal Pell Grant but who demonstrate financial need, as defined by the federal government, may be eligible for campus-based programs (Federal Work-Study).
Students enrolled for the summer sessions may receive, if eligible, SEOG, PELL, and Federal Work-Study.