Well, the holidays are over, and it’s time to start thinking about the FAFSA (Free Application for Federal Student Aid). I do hope you had a wonderful Christmas, but it's time to get to work!
EVERYONE should fill out the FAFSA, even if they don’t think they qualify for financial aid.
The reasons are simple. Believe it or not, colleges with high endowments and universities that are expensive offer financial aid to families with high incomes. You might be surprised by how much financial aid you qualify for. Many colleges have stopped including loans as part of their financial aid packages and are using more of their endowments than they have in the past.
Even if all you qualify for are loans, you may be eligible for federally-subsidized loans, which have lower interest than private loans. Private loans should only be used as a last resort!
If you don’t fill out the FAFSA, you may miss out on all sorts of financial aid.
Although the federal deadline for submitting the FAFSA is June 30, 2008, many states and schools have earlier deadlines. Two of the colleges I checked had deadlines of Feb. 15, 2008 and one said to submit it as soon after January 1st as possible.
Besides the state and university deadlines, there is another good reason for getting it in as soon as possible. Part of the financial aid given students is provided by the individual colleges. When it is gone, it’s gone, so the sooner you apply the better.
So go to the FAFSA website and start getting organized. There are papers to be collected, taxes to estimate or complete, PINs to apply for. The sooner you get started, the better!
Next blog I’ll talk about ethical ways to minimize the EFC (Expected Family Contribution).
Blessings,
Bonnie
2 comments:
Excellent advice, Bonnie! We just went through this with my son transferring to Texas A&M. He had previously attended our local junior college which is relatively inexpensive (well, times two kids, so it adds up a little). But A&M? Not so inexpensive! Adding in living expenses, food (kids love to eat) and all that goes with it.. a little help would be great.
Filled out the FAFSA last week, and should hear something from the university this week. Keeping my fingers crossed...
All the best,
Peggy Murrah
Hi Peggy!
Good luck with Texas A&M. Universities do take into account the entire Cost of Attendance (COA) since the expenses over and above tuition can add thousands of dollars. So your financial aid package will be based on that.
Thanks for your comment.
Blessings,
Bonnie
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