FAFSA – Act Now to Get the Best Results
FAFSA can help you attain your college dreams if you take the initiative now!
FAFSA (Free Application for Federal Student Aid) money is out there and taking the initiative to look for college money now can improve your ability to pay for post secondary education. With so much concern about predatory lending and skyrocketing tuition, anyone considering higher education for the fall should look into and take advantage of programs available to help fund instruction.
Some frequently asked questions about the FAFSA are answered below. More information will follow in the coming weeks.
Who should apply for FAFSA?
FAFSA money is available to any student entering higher education (including college, graduate, and vocational school) for the fall of the upcoming school year.
Can I apply for financial aid if I’ve been out of school for a while?
Yes, you do not have to be a graduating high school senior to fill out the FAFSA. Anyone with a high school diploma, GED, or homeschooling education that meets state requirements is eligible to submit the FAFSA. Money is available to single mothers returning to college and high school drop outs who have passed their GED.
Do I need to apply for FASFA again this year?
You should submit the FASFA every year you go to college regardless of whether you received funds or not previously.
Does my family make too much money to be eligible?
While there are several grants and programs that are need-based, there are also scholarships based on academics and other achievements.
The FASFA is the first place many college and state run financial aid programs turn to when looking to give money to students and qualifying incomes vary. The Stafford Loan for example is not need based, but you must complete the FASFA to be considered for it. Income guidelines may be higher than you think!
What costs are covered?
Financial aid may cover tuition and fees, room and board, books and supplies. It may also cover transportation and dependent care coverage.
When do I apply?
Use income estimates to apply as soon as possible after January 1st of the year you will begin classes. Financial aid money goes fast so act now!
You can apply up until June 30th of the year following the school year you attend the college. For example, this June 30th, FAFSA forms are due for the 2011-2012 school year. Corrections can be made to that FASFA up until September 2012.
How can I be proactive in funding my college tuition?
Applying and going to college are big steps in proving you are an adult. If you have been unable to save up to this point, begin working and saving now. Do not rest your hopes on someone else paying for you to go to school.
Most students need help in paying and can increase their chances of receiving money by seeking it out rather than waiting for it to fall into their laps. Speak to your guidance counselor or college advisor. If you have been out of school for a while make an appointment or stop in to speak with someone at your local high school. Definitely contact financial aid offices of schools you would like to attend. Make a positive face-to-face impression and you may be able to squeeze out a few more dollars. College personnel often have a little leeway and can cut corners when they are excited about a prospective student. Sell yourself!
Will I have to repay my college financial aid?
While there are certain programs for which no repayment is required, student loans do need to be repaid. You may be able to defer your loan or participate in a loan forgiveness program, but remember, you are borrowing someone else’s money – even if it comes from the federal government. If you sign your name to a loan, be sure you know all the terms and in good faith pay that loan back.
FAFSA can be a great help in attaining your college degree and becoming financially self-reliant, but know what you are signing before signing and ask yourself if there is anything you could do other than borrow money, how you will repay that borrowed money, what could get in the way of your repayment plan, and how you will deal with that. __________________________________________________________________
Kerri Martin began working with high school students preparing for college approximately 10 years ago. She currently owns her own college prep business and conducts workshops and classes to help prepare students and families for many aspects of college including SAT and ACT test prep, interviewing techniques, essay writing, campus visits, and many aspects of campus life.
