Complete Guide to Student Financial Aid
Essentially, financial aid is free college money for the asking. Take the time to prove your need, and chances are good you will be awarded a package of funds. It’s a no-brainer. It just takes a positive outlook and some time.
Researching and filing for financial aid doesn’t have to be intimidating, either. For the first time college planner, the experience may seem daunting with all the forms, applications, questions and options. So, to improve your chance of getting the aid you need, you have to know three basic things: What to do, when to do it, and how to do it right–the first time.
How to Attack the Financial Aid Process
All student applicants for federal student aid must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA form is available online. With the ease of the Internet, this is the most convenient way to handle the process. If you prefer paper forms, high school guidance offices and college financial aid offices are able to provide forms in the late fall. In many cases, this may be the only form you need to complete.
However, in some states, a separate form may be required. Speak to your high school counselor and ask if the FAFSA is sufficient. If not, determine the proper additional form and fill that out in tandem with the federal financial aid form discussed above.
While the FAFSA is imperative, many colleges and most private scholarship programs require completion of additional forms as well. Check with each college financial aid office and private scholarship program to determine their requirements.
One final step (and this is the kicker): To award private funds, some colleges and universities require the CSS/Financial Aid PROFILE. If a college advises you to complete the PROFILE process, you can also find this application, easily, on the Internet. Again, if you prefer paper forms, ask your high school guidance counselor or go to a financial aid office for the PROFILE application.
When you register with PROFILE, you’ll answer questions common to all filers about yourself and to what college(s) you’re applying to for aid. Afterward, there will be a battery of questions unique to each filer and the particular colleges and private scholarship programs to which you are applying. At that point, certain colleges and scholarship parties may ask for supplemental forms, which you will then download on your computer and print (if you are using paper forms, they will be included).
Keep in mind, if you are applying to more than one college, there is a fee for the Financial Aid PROFILE service to cover the costs of processing your information and sending it to the colleges and programs from which you are requesting aid.
Student Aid Time-Saving Tip
If you are positive, beyond the shadow of a doubt, as to the learning institution you will attend (one college application and one college only) take the following tip: Contact that college’s financial aid office, first. Explain your situation and ask them what forms you must fill out aside from the mandated FAFSA form.
A scenario might go like this: “My son signed a letter of intent to play football at your college. He will be on athletic scholarship, this fall. However, I need to know what steps to take to register for any additional financial aid.” At which point, a nice man or woman will walk you through the process.
Always remember that the FAFSA form is mandatory in determining prospects for federal financial aid. After that, everything is contingent upon the school or schools you are applying to. Make sure you communicate with the financial aid office(s) at the schools you are planning to attend, to assure you comply with proper guidelines. This will alleviate any potential frustration that will arise due to incomplete or incorrect paperwork.
When to Apply for Financial Aid
The key here is communicating with each learning institution to find out what they expect from you and when. Some colleges have firm deadlines for all application materials, while others have “preferred” filing dates. Find out what the college expects and follow the instructions to the best of your ability.
Most financial aid application processes start in the fall or winter preceding the academic year in which aid will be needed. So, if you plan to attend college in August (the fall term), you need to apply for financial aid, nearly a year, prior. It’s best to submit your FAFSA at least four weeks prior to the earliest college deadline you need to meet, but not before January 1.
If a college or program requires PROFILE, determine the earliest deadline and plan accordingly. It’s important to know that, again, different colleges have different completion deadlines for different applicant groups. For example, deadlines for first-time applicants may be Mid-January, while renewal applicants have a mid-April cutoff date.
Financial Aid Follow-up
Once you’ve started the financial aid process, it’s essential to respond promptly to any follow-up requests. For example, if information was inadvertently left off your application, you will have to provide that information ASAP. If you don’t provide a prompt response, this could hold up the whole process, and in the worst case, ruin your chances for receiving financial aid for the school term.
The College Acceptance Waiting Game
It’s usually not a good idea to wait for admissions news before applying for financial aid. The reason is two-fold: First, most colleges let you know what financial aid is available before you accept their admissions offer, so you can make an informed financial decision regarding college costs. Secondly, if you wait around too long, many university grant and scholarship funds may run out.
How to Earn Your Aid Package
College financial aid forms collect necessary information about income, assets, family size, various circumstances, etc. Detailed, step-by-step instructions are provided. Note to self: Read them and follow them with as much precision as you can muster (this could potentially save hours of gloom, doom and misery).
Financial Form Instructions
Read the instructions. Read them again. If you are remotely unsure about anything, call your financial aid office.
Organization
Gather up any records or information you might need before you sit down to complete the forms. This might include tax returns, W-2 forms, pay stubs, interest statements, home mortgage debt information, records of medical and dental expense, business or farm records, notices of social security payments, etc. The documents you gather must be for the year preceding the academic year for which you are applying for aid. So, if you’re applying for aid in 2010, then your academic information must be from 2009.
Tax and Aid Forms
The tax form you file will play a factor in your eligibility for federal aid, but this doesn’t mean you have to file your tax return before you complete financial aid applications. Some PROFILE and FAFSA questions work in cross-reference with the most common IRS forms to make them easier to complete. Here’s the catch: Draft your answers for future reference. If you’re going to wait to file your income tax, after you’ve submitted your financial aid, make sure the answers on both forms match.
Work with Accuracy
Missing information, typos, or illegible information will result in costly delays and the ultimate processing of your financial aid documents. Just as important, if an answer calls for a zero, fill in the box with a zero. Don’t ever leave a question blank (computers are not able to adjust blank spaces).
Just the Facts
If you have key financial information to communicate to a college, don’t try to force extra information into another answer. Send the college’s financial aid office a letter directly, expressing your special circumstances. Take note, however, some forms provide extra space for relaying extra information. Review the forms prior to filling them out.
Make Copies
In some cases, you might be asked for follow-up information. Don’t trust your memory. Make copies of all original paperwork and store them safely for future reference.
Be Consistent
All forms should indicate the same individual completing the forms. Write your name once and keep it consistent. For example, if you go by ”John L. Smith”, write it exactly like that on each form. Colleges match records to complete files, so variations in your name could very well bring the process to a halt. A discrepancy in your social security number could also prevent your financial aid forms from processing.
Student Aid and Acknowledgement Mail
Within a few weeks of completing your FAFSA, you’ll receive a Student Aid Report. Review it carefully to insure there are no errors. If there are errors, make corrections on the page provided and mail it to the processor. In another couple weeks, you’ll receive the revised version. Same goes with the PROFILE report. You will receive an “Acknowledgment.” Check it thoroughly and provide revisions accordingly. The same process should be followed for any other additional scholarship, grant and financial aid forms you submitted, earlier.
Rapid Response
If additional information is required, send it as soon as possible. Likewise, if you find any errors, fix them quickly and send them off. When it comes to applying for college aid, time is money.
October 2nd, 2008 at 6:17 pm
My college’s work-study program helped me immensely. In this program, the government paid two-thirds of my salary, which meant the department(s) i worked in only had to pay the remaining third. i could get almost any campus job i wanted because any department could get a hard worker for a third the cost. definitely worth looking into.