- Never rule out a college because of cost alone (college may offer scholarships, grants, aid, etc).
- For students to be considered for financial aid - money given or loaned to students to help them pay for college - they must apply.
- Applying for financial aid is like applying for admission to college, but they're not the same thing.
- The financial aid application process usually has its own forms, deadlines and requirements - and students don't have to wait to be admitted to a college before they apply for financial aid.
- Compare costs before applying to a college - Net price calculators can provide an estimate of financial aid eligibility and remaining college costs and should be available on every college's website.
- Get advice - The financial aid office at local colleges often provides workshops or can give advice.
- Compare awards - Look at grants, loans and parental contributions before making a final decision on a college.
- Grants - Financial aid, usually based on financial need, that does not need to be repaid.
- Scholarships - Money awarded to students based on academic or other achievements to help pay for education expenses.
- Loans - Borrowing money from the federal government or a college is called taking out a loan. A loan must be paid back with an extra charge called interest. Loans are considered financial aid.
- Work-study - The Federal Work-Study Program offers paid part time jobs to help students pay for part of their college cost. Not available up front to pay tuition. Work-study can be earned throughout the academic year.
www.fafsa.gov
- Online application that collects demographic and financial information about the student and family.
- Normally filed electronically and is available online in both English and Spanish (a paper application in either English or Spanish is available upon request).
- For the 2015-2016 academic year, the FAFSA may be filled out beginning January 1, 2015.
- While most colleges set FAFSA filing deadlines, do not forget to check for state filing deadlines.
- The IRS Data Retrieval Tool allows students and parents to access their IRS information to complete the FAFSA by transferring the data directly into their FAFSA from the IRS website.
- If the student and family are eligible to use the IRS Data Retrieval Tool, it is highly recommended that they use the tool for several reasons:
- It's the easiest way for students and families to provide their tax data.
- It's the best way of ensuring that the FAFSA has accurate tax information.
Class of 2015 high school graduates that are admitted to a University/College for the summer term of 2015 will need to apply for the FAFSA now for the current school year (2014-2015). Then apply for the FAFSA again beginning January 1 for the next school year (2015-2016).
