Seniors, Remember to Complete the F.A.F.S.A.

Apply for Federal Student Aid — Fast track to FAFSA 

Introducing the FAFSA:  Let the Funds Begin

Getting financial aid starts with the Free Application for Federal Student Aid or FAFSA.

By filling it out, you apply for the U.S. Department of Education’s federal student aid programs, the largest source of student aid in America. In many cases, you’re also automatically applying for funds from your state and your school as well.

Who It is for:  See If You Are Eligible

You might be eligible if all of these apply to you:

  • You are a U.S. citizen or eligible non citizen
  • You are a high school graduate or GED holder
  • You are working toward a degree or certificate in an eligible program
  • You are not in default on a federal student loan and do not owe money to the government related to other grants or loans

See if you are eligible by reading more here.

Need-based versus Merit-Based Financial Aid

It is important to understand how to get the most money from the colleges a student is applying to, as aid can be need-based or merit-based.

Need-Based Aid is based on the family’s financial need. A family can figure this amount to be the Cost of Attendance (COA) form the Expected Family Contribution (EFC).

Points to understand about Need-Based Aid:

Information from the Free Application for Federal School Aid (FAFSA) is needed. Other colleges may require completion of the CSS Financial Profile; Grants do not need to be repaid; Loans will need to be paid with interest; Other types of Need-Based Aid include Work-Study Programs, Perkins Loan and Subsidize Stafford Loan, and the Federal Supplemental Educational Opportunity Grants (FSEOG). Learn more about Merit-Based financial aid.

Admissions Representative Visit with Students

College admissions representatives begin their fall visits in August and conclude sometime in November. Your high school counselor is probably busy scheduling these visits right now. The representatives share information with prospective applicants and allow students time to ask pertinent questions about the search and application process.  This is a great time for seniors and juniors, who are interested in gathering data, to meet the representatives face-to-face.  The admissions officer may be the one who will eventually read your college application.

Here’s a list of places you may be able to meet with admissions representatives:

Starting Early: 5 Reasons to Start Your Scholarship Search In Your Sophomore Year

Guest blogger, Felicia Gopaul, is the President of College Fundingbouquet flowers felicia Resource (CFR), teaches families how the financial aid system works. She shared the following article about getting a jump start on the the scholarship search.

Smart students don’t wait to start looking for scholarships until the fall of their senior year in high school (or later).  They get started much earlier than that.  In fact, many successful scholarship recipients start looking for scholarships as early as the spring semester of their sophomore year in high school.

Why start your scholarship search so early?

Starting your scholarship search early is smart.  It allows you time to get organized and leisurely put together a list of scholarships you want to apply for in your senior year.  It also allows you to complete any summer programs that you might have to attend in order to qualify for a scholarship.

For example, the New Jersey chapter of the National Association of Black Accountants has a summer Accounting Awareness Program (ACAP) that a student must complete in order to be eligible for a scholarship later.  By starting your scholarship search early, you have a few more summers to find and fulfill the requirements for programs like ACAP.  Starting early means you won’t find yourself ineligible for a scholarship because you did not know or have time to complete the requirements for qualification. Read more tips – click here!

Important Financial Aid Forms for College Bound Students

How do colleges calculate financial aid awards for students who have applied to their institution?  Each college has its own set of requirements so the student should be sure to check with the financial aid offices of the schools.  Along with forms that may be required, there are important deadlines to follow too.  Paying For College CoverRemember to apply for additional financial aid from your state government and outside scholarships.
Here are financial aid applications you may have to complete:

FAFSA (Free Application for Federal Student Aid) – a federal financial aid application form required by all colleges for federal financial aid including grants, loans, and work/study. In addition, some colleges use the FAFSA to award money from its own endowment funds and others require additional forms.

Verification Worksheet is to be completed if a student’s FAFSA was selected for review by the college.

State – Visit your state’s department of education site for information on state-sponsor on state financial aid programs for state residents.

Institutional – Email colleges on your list for additional institutional forms that the school may require before awarding money from its own endowment funds for financial aid.. Click here to read more!

10 Ways to Start Saving for Your College Education

There are multiple ways to prepare to start saving for your college education.

1.  A 529 Plan is a state-sponsored program designed to help parents finance education expenses. They are administered by certain investment companies and subject to contribution requirements and guidelines. Withdrawals from the account are taxed at the child’s tax rate, and anyone can contribute to a Section 529 plan, regardless of their income level. In most cases, the money is invested in a portfolio of stocks, bonds, or mutual funds. The proceeds can be used only for education withdrawals for non-educational purposes trigger taxes and a 10% penalty. The investment company administering the account will be in control of how the money is invested, and will charge an ongoing fee for its services. Read 9 more ways to save for college.

What Is The CSS Profile?

Some participating institutions use the CSS Profile in addition to other forms such as the FAFSA to determine a financial aid package for students applying to their school.

The College Board notes the following information about the Profile:

WHAT is the PROFILE? The PROFILE is an online application that collects information used by certain colleges and scholarship programs to award institutional aid funds. (All federal funds are awarded based on the FAFSA, available after Jan. 1 at http://www.fafsa.ed.gov.  Some colleges may require additional information, such as tax returns or an institutional application. If your parents are divorced, some colleges will also require your noncustodial parent to complete the Noncustodial PROFILE. Continue reading What Is The CSS Profile?