Paying for college can be a grueling task. However, more financial aid is available than ever, and it comes in all different packages and types. There are many relatively easy ways to find and get financial aid, which makes your child's college education more exciting than frustrating for everyone involved. Are you ready? Let's dive in and find out how to exponentially decrease the size of the bill - and breathe a sigh of relief - when it comes.
Of first importance is filling out the FAFSA (Federal Application For Student Aid) for the year your child plans to attend college. If your child is a senior in high school, now's the time to do it. It is recommended that you complete the FAFSA for your child's freshman year of college in the fall or early winter of their senior year, around the time when they will first be applying to and visiting college campuses. The FAFSA is an electronic official government form that is used by the Department of Education to determine how much state and federal financial aid your child qualifies for. It does this by determining the EFC (Estimated Family Income) for your household, which is completed through processing your income tax returns for the previous year.
The FAFSA is easy to complete, especially if you consistently file your tax returns every year. If you're a little behind, that's perfectly okay. Hire a CPA or other licensed financial advisor to complete your income tax returns. After or while your income tax return is being filed, fill out the FAFSA, which can be accessed online at fafsa.ed.gov/. This is a relatively easy task, and there are FAQ and Information sections to help you. While most of your questions can be answered there, here are a few basic tips for getting the most out of the FAFSA:
1. When you first visit the FAFSA website (preferably before or in January), scroll down to the bottom of the page and click on "Deadlines." Select your state and the school year for which you're applying from the drop-down lists available. Or, go directly to fafsa.ed.gov/deadlines.htm and select the proper items on each drop-down list in order to find the deadlines for your state or province. It is very important to submit your FAFSA before the state deadline as well as the federal deadline in order to glean the most financial aid benefits.
2. Keep in mind that each college may have specific deadlines that differ from the ones listed on the FAFSA. Some of them may require your FAFSA information earlier. To eliminate doubt and avoid disappointment, check earlier in the year with the colleges your child is interested in attending.
3. The Student Aid Report (SAR) summarizes all the information you and provided on your child's FAFSA once you've submitted it. It will be sent to the e-mail address you provided 3-5 days after your FAFSA has been processed. If you did not submit an e-mail address when you filled out the FAFSA, you will receive a paper SAR in the mail 7-10 days after your FAFSA is processed.
After you complete the FAFSA and receive your SAR, your child will probably be selected for a process called "Verification." This process consists of completing and signing a form in order to verify the information recorded in your FAFSA, and is finished very quickly.
After you receive the SAR, wait for the colleges listed on your FAFSA to send you award letters offering financial aid in the forms of various loans, Pell Grants, and other specified grants that are available to either exceptionally needy or exceptionally academic students.
Paying for college has never been easier. In addition to federal financial aid, another easy way to find and acquire funds for college is by having your child register for free and efficient scholarship search websites, wherein they can input their personal and college information and will instantly receive a list of scholarship results that pertain to their choice of major(s), interests and hobbies. Sites such as FastWeb.com, MoolahSpot.com, Cappex.com and Scholarships.com are great places to start. Utilize Google and your child's high school information office as well.
Another great way to pay for college is by using employer tuition assistance. Many employers and companies will help pay for your or your child's education. Ask your employer if they offer or will consider offering this perk.
Paying for college will be much easier if you utilize the resources available to you, and your bank account will thank you!
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