Insider Secrets To
Applying For Student Aid!
student lending articles and tips
Applying for student aid may not seem like the most exciting task for current and prospective college students but it is one endeavor that can make a big difference as to where you will attend school, how much debt you'll have when you leave college, and even how far you will advance in your career. Clearly, the more money that is made available to you, the better your educational options will be which can lead to a better paying job and improved career opportunities.
Where to Start
Perhaps the most important way to secure student aid is by completing a Free Application For Student Aid (FAFSA) form and sending it in to the federal government. That application will cause the federal government to issue a Student Aid Report (SAR) which will show your Expected Family Contribution (EFC). Your school will get a copy of your SAR with the EFC listed prominently on it. From there, colleges and universities determine the amount of student aid to be awarded.
Sounds easy, doesn't it?
Well, inasmuch as filing a FAFSA can save students thousands of dollars, many will not take the time to fill out the application or they'll make mistakes which will hold up approval or even result in not enough aid money being awarded. Most definitely, if you are planning to seek student aid, then you'll want to take care that you fill out the form correctly.
But, there are some things you'll want to keep in mind while filling out your FAFSA, steps which can smooth the process and greatly reduce the chances your application will be rejected.
What You Need to Know
Importantly, you'll want to:
- Obtain the required signatures.
- Submit your FAFSA as directed.
- When you receive your SAR, you'll want to examine it very carefully. Keep a copy of the report, but if there is an error, you'll need to correct it as soon as possible. Instructions on making corrections will be included with your SAR.
- Follow up with your school. Your college will receive a copy of your SAR about the same time as you do and will quickly determine what your EFC will be.
Your EFC is determined by considering your family's financial strength which includes income and assets. In addition, the number of family members and the number of family members currently in college are other factors taken into consideration when determining college costs.
Regarding the EFC
One question students have regarding their EFC is whether the amount can be appealed? Absolutely! If parent or child decides to appeal the college's determination of EFC, then contact the college financial aid office to find out about the school's appeal process. Most financial aid administrators will require that the student put the appeal request in writing and document the special circumstances or changes in income that have occurred since the time of the original application for aid.
One final note: your college may consider scholarship awards when you apply for aid, but don't let that stop you from seeking your share of the seven billion dollars in scholarship money awarded each year. Who knows, but you could end up landing a scholarship that will render other student aid considerations moot, essentially providing to you a free education!
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