Financial Aid Season for College Students is Here: What to
Know
Special to The Truth
It’s not only football
season. For current and incoming college students, it’s
financial aid season, too, and that means completing the
Free Application for Federal Student Aid (FAFSA). The FAFSA
should be the first step families take in the
planning-for-college process; it’s used by schools to put
together financial aid packages, states use it to determine
eligibility for state aid, and some scholarships require it
as part of their applications.
“Regardless of whether you
think you will qualify for funding, don’t fumble by simply
not completing the application,” says Martha Holler, senior
vice president, Sallie Mae.
By just completing the
FAFSA, students can gain access to more than $120 billion in
grants, work-study funds, and federal student loans.
Sallie Mae is offering six
key points to help families move the ball down the field
this FAFSA season:
• Get season tickets in
advance. Complete the FAFSA as a high school senior — and
every year in college, even graduate school. It’s the only
way to remain eligible for federal student aid, and the
amount of aid can vary year-over-year.
• Review the playbook
before the game. Before beginning the application, both
parents and students should create a username and password,
a Federal Student Aid ID, and gather Social Security
numbers, driver’s license numbers, bank statements, tax
returns and W-2 forms. Having this information ready can
expedite the process.
• Don’t miss the opening
kick-off. Some financial aid is awarded on a first-come,
first-served basis, or from programs with limited funds, so
the earlier families fill out the FAFSA, the better their
chances for aid. Additionally, submitting the FAFSA earlier
could mean receiving financial aid award letters earlier.
Timing varies by school, so families should check with
financial aid offices and school websites for specifics.
• Go for the two-point
conversion. Take advantage of the IRS Data Retrieval Tool to
import and convert tax information directly into the FAFSA.
After some critical changes were made to address privacy and
security issues, the tool is back, and more applicants will
be eligible to use it this year.
• Watch out for trick
plays. The only way to fill out a FAFSA is at fafsa.gov.
Filing the FAFSA is always free, so watch out for sites that
charge fees or make promises that sound too good to be true.
Students can reduce the risk of identity theft by keeping
their Federal Student Aid ID confidential and reporting any
suspected fraudulent account activity immediately.
• Don’t be a Monday
morning quarterback. Completing the FAFSA earlier means
receiving critical information like the Student Aid Report
(SAR) sooner. The SAR provides basic information about
student eligibility for federal student aid and answers to
the FAFSA questions. The SAR also includes the Expected
Family Contribution (EFC), which provides a clearer picture
about eligibility for financial aid as families begin
applying to colleges. Families who complete the FAFSA online
typically receive their SAR within three to five days.
• Make your final draft
picks. Families should list at least one school on the FAFSA.
Some state aid is based on the order of how schools are
listed, so families should consider listing state schools
first.
For a full online playbook
of tips and resources, visit SallieMae.com.
Don’t drop the ball this
season. Take steps to secure financial aid for your college
future.
Courtesy StatePoint
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