FAFSA- Financial Aid Applications

Financial aid is very important in paying for college. Being well informed now, will ensure that your financial aid paper work will be free from mistakes.

Everyone should apply for aid every year even if you think you would not qualify. There are several factors that can affect eligibility for financial aid. For example, a student who did not qualify one year may become eligible the following year when a sibling enrolls in college. Any change in family financial circumstances may affect eligibility for student aid.

To apply for student financial aid from the federal government, including the Pell Grant, Perkins Loan, Stafford Loan, and work study, you will need to complete and submit the Free Application for Federal Student Aid (FAFSA). There is no charge for this form. The FAFSA is required for many state and school student assistance programs, including need-based scholarships.

There are a few private colleges and universities that will require supplemental forms in order to gather information not asked on the FAFSA. Some may have their own forms or may ask you to complete the College Board's CSS profile form.

Review the information about deadlines and do not submit your FAFSA form before January 1 of every year. You should collect all the documents you will need to complete the form, including income tax returns.

Assuming all of your information is correct, you will receive the financial aid award letters from the colleges you are accepted to. In the financial aid package, it will list the amount and the types of financial aid awarded to you.

Many students have made the mistake of claiming dependent or independent for financial aid without understanding what it means. Be careful with this.

If you do a search, you can find sites that let you plug in numbers and give you an estimate of how much you will have to pay for your education in addition to financial aid. You are able to change the figures on income and assets to see how this will affect your family contribution. We are working on bringing you legal tips on how to maximize your eligibility for need-based financial aid by having a well crafted financial plan.

Veterans should read the section concerning Veterans on the FAFSA for information regarding student aid treatment of veterans' education benefits as well as the qualifications of eligible veterans for student aid purposes.

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