As they were ringing in the New Year on January 1, high school juniors and their parents were also ringing in their college financial aid “base year.” Although the actions taken in the base year can mean the difference between saving thousands on college expenses and needlessly overspending, few people understand what they need to do to achieve the former rather than suffer the latter. So, let’s take a closer look.
If you are like the vast majority of American’s in our sagging economy, your family will be looking for additional funds to help cover the cost of a college education. The largest share of this need-based supplemental money comes from the federal government through its financial aid system.
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Applying for financial aid can be a challenge and many parents delay the process as long as they can. Some think they need to wait until their taxes have been filed, when in fact an estimate based on your previous year’s taxes is completely acceptable. Sometimes parents feel embarrassed to apply for financial aid, even in this uncertain economy. Too many parents do not apply for financial aid because they do not believe they will qualify. Never make this assumption. The easiest way to lose out on financial aid for college is to not apply for it.
FAFSA stands for Free Application for Federal Student Aid and is the main form used to determine eligibility for federal aid, including Pell Grants and student loans. The majority of parents will fill out the FAFSA application online. It is the first step to getting financial assistance for college. Many student financial aid programs are on a first come, first served basis. The FAFSA is the critical connection between you and your student’s future financial aid package.
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The task of finding and applying for financial aid makes some students and parents feel like they are lost in the woods. For many, it can appear easier to do nothing at all. A recent study by the American Council on Education found that approximately 1.5 million kids who might have qualified for federal higher education grants didn’t even file financial aid forms.
For those seeking financial aid, begin with the federal financial aid form known as FAFSA. Families can file the FAFSA online at fafsa.ed.gov, or via mail. Completing federal income tax forms makes filling out the FAFSA form a lot easier, and makes it less likely that you will have to provide more information later. Note: Funds are more readily available for those who apply early!
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