What Information to Provide to College for Financial Aid if on Social Security?

 Going to college can be expensive, but there are various sources of financial aid that can help you pay for your education. One of these sources is the federal government, which offers grants, loans, and work-study programs to eligible students. However, if you are on social security, you may wonder how this affects your eligibility for financial aid and what information you need to provide to the college.

In this article, we will explain what social security benefits are, how they affect your financial aid eligibility, and what information you need to provide to the college when applying for financial aid.

What are Social Security Benefits?

Social security benefits are monthly payments that you receive from the Social Security Administration (SSA) if you have worked and paid taxes into the system, or if you are a dependent or survivor of someone who did. There are different types of social security benefits, such as retirement, disability, survivors, and supplemental security income (SSI).

How do Social Security Benefits Affect Your Financial Aid Eligibility?

The good news is that receiving social security benefits does not automatically disqualify you from getting financial aid for college. However, it may affect the amount and type of aid that you can receive.

The main factor that determines your financial aid eligibility is your expected family contribution (EFC), which is a measure of your family’s financial strength based on your income, assets, household size, and other factors. The lower your EFC, the more need-based aid you can get.

Your social security benefits are considered as income when calculating your EFC. However, not all types of benefits are treated the same way. Here is how different types of social security benefits affect your EFC:

• Retirement benefits: These are counted as taxable income and must be reported on your Free Application for Federal Student Aid (FAFSA), which is the form that you use to apply for federal financial aid. Retirement benefits may increase your EFC and reduce your need-based aid eligibility.

• Disability benefits: These are also counted as taxable income and must be reported on your FAFSA. Disability benefits may also increase your EFC and reduce your need-based aid eligibility.

• Survivors benefits: These are counted as untaxed income and must be reported on your FAFSA. Survivors benefits may have a smaller impact on your EFC than taxable income, but they may still reduce your need-based aid eligibility.

• SSI benefits: These are not counted as income and do not have to be reported on your FAFSA. SSI benefits do not affect your EFC or your need-based aid eligibility.

What Information to Provide to College for Financial Aid if on Social Security?

If you are on social security and want to apply for financial aid for college, you need to provide some information to the college. Here is what you need to do:

• Fill out the FAFSA online at https://studentaid.gov/h/apply-for-aid/fafsa or by using the myStudentAid mobile app. You will need to provide information about your social security benefits, such as the amount and type of benefits that you receive. You will also need to provide information about your other sources of income and assets, such as wages, interest, dividends, savings, investments, etc.

• Submit any additional documents or forms that the college may require. Some colleges may ask you to verify or update the information that you provided on your FAFSA. They may also ask you to submit other forms of documentation, such as tax returns, bank statements, benefit statements, etc. You should check with the college’s financial aid office to find out what they need from you and how to submit it.

• Review your financial aid offer from the college. After you submit your FAFSA and any other required documents or forms, the college will send you a financial aid offer letter that tells you how much and what type of aid they are offering you. The offer may include grants, scholarships, loans, work-study programs, or a combination of these. You should review the offer carefully and compare it with other offers that you may receive from other colleges. You should also consider the cost of attendance and the net price of each college before making a decision.

FAQs

Here are some frequently asked questions about what information to provide to college for financial aid if on social security: