Need Help with Financial Aid?

Now that most students have turned in their college applications, attention is now focused on financial aid and the dreaded Free Application for Federal Student Aid or FAFSA application!  For some the FAFSA can be daunting, but if you take a little time to prepare, filling out the information can be easier than you think.
1. Why is it import to fill out the FAFSA? Some parents will not even think about filling out the FAFSA because they are convinced they will not qualify for any form of need-based aid.  However, the FAFSA is not only used to determine grants, loans and work-study, some schools also use the information to determine a student’s eligibility for merit-based aid.  You have to check with the financial aid departments at the schools you applied to in order to determine if the FAFSA is a requirement for merit-based aid.
2.  Collect the necessary information.  Before you start, visit the FAFSA website and get a list of all of the documents you will need to complete the application.  You can also print a worksheet that will show you how the FAFSA is organized.  Go over the worksheet and the list of documents with your parents before you begin.
3.  Time considerations. The most efficient way to complete the FAFSA is on-line.  You can register for a PIN that will keep your information secure.  You can also fill out part of the application and go back to complete the application at a later date (the data will be held for 45 days or after the federal/correction application deadline).
Remember that financial aid is an important piece of the college application process.  I know that most students are slightly burned out when it comes to filling out forms, but don’t let this one slip through the cracks!
 
Katherine Price
Educational Consultant
 
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Choose the Right College Before Tackling the Financial Aid Form

An article the other day in the New York Times highlights the pain of applying for financial aid.  Entitled “The Big Test Before College,” the article raises the issue of whether the intimidating form actually does what it is supposed to do:  measure a family’s financial need.
While we all love to hate these “means tests,” it’s hard to conceive of a way to simplify this process too much.  Furthermore, one must remember that the FAFSA is later interpreted by individual colleges as they decide how much aid to give to families.
The FAFSA (or its eventual replacement) will churn out the “Estimated Family Contribution” (EFC).  But colleges–especially private ones–will always have the power to decide whether to meet full financial need, and with what financial instruments (grants, loans, work study, arm, leg, promise of first born, etc.).
Thus choosing a college carefully before applying is essential.  Too many families encourage their children to apply to whatever college they like, with the promise, “don’t worry, honey, we’ll figure out how to pay for it somehow.” The result is anxiety, disappointment, and a complete surrender of control to the college admissions and financial aid offices.
It doesn’t have to be this way.  With some careful planning, honest appraisal of financial priorities, and open communication within a family, students and parents can find the colleges that will be more likely to meet their financial need, and ensure that the student receives an excellent undergraduate education.

Advice for Completing FAFSA Form for Financial Aid

One of the most daunting tasks in the college admission and financial aid process is completion of the FAFSA, the Free Application for Federal Student Aid.  A colleague forwarded this link to a great video that explains what the FAFSA is and how to complete it in five entertaining minutes.  Have a look.

Okay, it glosses over the details (which may lead to hair loss among some parents).  But at least it points out how important this form is in helping families get the best financial aid packages possible.


Mark Montgomery

College Counselor





Technorati Tags: financial aid, FAFSA, tuition, grant, scholarship, loan, student