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College Bound Articles

1/7/08

College Bound: Now is time to complete your financial aid forms

Now that 2007 has come to a close, it's time to make sure all your financial aid doors are open. Whether you're a college-bound high school student or a current college student, now is the time to fill out the Free Application for Federal Student Aid  (FAFSA).

Filling out the FAFSA is the first step in applying for financial aid at most colleges and universities. FAFSAs are available online or in paper form, and students should complete the form as soon as possible after Jan. 1 when applying for aid for the following academic year, according to Roland Carrillo, director of financial aid at the University of Northern Iowa.

The FAFSA evaluates the financial resources of a family and is the fundamental qualifying form used for federal and government-guaranteed commercial lenders' programs, as well as for many state, regional and private student aid programs.

"Students must complete the form every year they want to receive federal assistance, not just before their freshman year," Carrillo said. "If families believe the contribution estimate produced by the FAFSA does not truly reflect their financial situation, they should visit with the financial aid office."

Every year, Federal Student Aid, an office of the U.S Department of Education, awards more than $80 billion in grants, work-study and low-interest loans to nearly 10 million postsecondary students and their families who have completed the FAFSA.

"Applying for financial aid may seem like a daunting task," Carrillo said, "but it's one that can literally pay off in the end. Ask your guidance counselor or financial aid office for help if you're overwhelmed. They are very willing and able to help."

Students may send FAFSA information to four colleges of their choice. Many schools require a FAFSA not only for federal aid, but institutional scholarships as well, Carrillo said.

Students can complete a FAFSA electronically at www.fafsa.ed.gov at no cost. Both students and their parents must have PIN numbers to electronically sign the FAFSA. Visit www.pin.ed.gov to apply for your PIN. Families are not required to have their taxes completed to submit the FAFSA; estimates from pay stubs, W-2 forms and other documentation are sufficient when filing the FAFSA.
 

Carrillo offers these other helpful tips for completing the FAFSA:
- Apply as early after Jan. 1 as possible.
- Gather parent and student information, including pay stubs, W-2s or completed tax forms, in advance.
- Ask for help from a guidance counselor or financial aid office.
- Apply online at www.fafsa.ed.gov for faster results.
- Visit a financial aid officer if you feel the FAFSA results do not realistically portray your family's financial picture.
- Find out if the college of your choice requires a separate scholarship application.
- Get to know the staff in the financial aid office. They are there to help!