Fast Financial Aid Tips

in College Finances by skohng — February 10, 2011 at 10:05 am | 0 comments

Begin Now for Financial Aid

Whether you’re a high school senior waiting patiently (or not so patiently) for acceptance letters or a current college student just starting your second semester,  now is the time to apply for financial aid for next year. Of course, fall semester may not be the first thing on your mind as you’re wading through snow to get to your next class, but a little foresight now will pay off in possibly thousands of dollars later. Follow the tips below to

Get a Head Start:

1. Fill our your loan paperwork  if you haven’t already. These forms, known as The Free Application for Federal Student Aid, FAFSA, is your best friend when it comes to being considered for financial aid. It is always available on Jan. 1 for the next school year. This means that you should be filling out your FAFSA now for the 2011-2012 school year. If you’ve filed this application in the past, the application will pre-fill information for you (demographic, basic information, etc.) to save you time; just make sure to review carefully for accuracy and if you need to make any changes. This year, there are additional improvements to the application to make it easier to navigate. How much you’re awarded in financial aid depends on your family income, but an often-overlooked tip is that the earlier you file, the better: if you wait to file it until September, for example, you may not receive as much aid that you would have been eligible for had you filed in February. Fill your forms out now.
2. “Financial Aid” refers to loans, too. A lot of people mistakenly assume that financial aid only means grants (based on income and need) and scholarships (based on merit).  The term “financial aid” includes federal student loans as well, which you’re considered for when–you guessed it–you fill out your FAFSA. The amount you can borrow from the government depends on whether you’re a dependent student or independent, and whether you’re an underclassman or upperclassman. If you’re a dependent student, your parents may also be eligible for a credit-based Parent PLUS Loan in which the parent is the borrower.
3. Scour for scholarships. Check what scholarships your school has to offer; it’s worth the trip to the financial aid office to ask. Otherwise, take advantage of search websites like fastweb.com, scholarships.com, or petersons.com. It takes a bit of sleuthing, but if there are scholarships out there for left-handed girls, high school seniors who can make prom dresses out of duct tape, or duck-callers, there’s sure to be one that’s right for you.
4. Meet with a financial aid advisor. Contrary to popular belief, financial aid advisors don’t bite. On the other hand, they don’t wave magic wands, either. What they can do, however, is take a look at your specific situation, explain all your options, demystify things you don’t understand, and counsel you in the best decisions. A lot of schools save you a wait in line by making themselves available online, via email, live chats through their website, or even Facebook and Twitter pages.

Find financial aid to help you get your college education!

Tags: finances financial aid loans scholarships