FAFSA

Your Step-by-Step Guide to Filing the FAFSA!

The biggest mistake families make in the college application process is failing to apply for financial aid. The most recent study from the American Council on Education found that 1.8 million students who would have qualified for Federal financial aid failed to apply for aid. Last year, the federal government had more than $150 billion in federal aid for students who qualify. 

So even if you think you won't qualify, it may be worth it to apply. You're not alone. 85% of full-time students at four-year colleges receive some form of federal aid.

Yet applying for financial aid can be one of the most confusing and daunting steps in the college application process. Well, here's help! Financial aid expert Mark Kantrowitz and his coauthor David Levy have made their bestselling 250-page book, Filing the FAFSA, The Edvisors Guide to Completing the Free Application for Federal Student Aid, available for free download at http://www.edvisors.com/fafsa/book/direct/

April is the Craziest Month for Seniors and their Families

Jane Kulow, aka Dr. StrangeCollege, is back with advice for seniors and their families as application season nears the finish line of decisions. 

 

April is the craziest month.

T.S. Eliot may have called April the cruelest month, but for high school seniors that label might go to March. After the long autumn months of writing college applications and the cold winter months of awaiting a response (and hoping for the best), March delivers the stark reality of college admission decisions:  yes, no, or would you like to wait for a possible yes later (at very low odds)?

Which brings us to the craziness of April and the decisions seniors and their families face. Even when the student is accepted into his or her favorite school, most families will want to look closely at each of the colleges offering admission.

Closely, and quickly: the May 1 deadline for the student’s decision fast approaches.

Here’s what many senior households may wish to do this month:

Visit the campus

If you haven’t yet visited the campus, now’s the time to take a look, before anyone writes a deposit check. Virtual visits may be great, but they cannot convey the smell of the freshman dorm, the path from one end of campus to another, or the typical style of students at the school.

Or visit again

Financial Aid Checklist for Decision Time!

It's decision time! Your financial aid award letters will usually arrive with your letters of acceptance, or soon thereafter. Even though you will be celebrating and contemplating your choices, you will also need to be focused and diligent about evaluating your financial aid offers. College advisor Alice Kleeman is back with advice and answers for your questions during this important time.

 

·        You will often receive financial aid offers (also called "financial aid packages" or "financial aid award letters") with your admit letter or shortly thereafter.  Review these offers carefully. Ask questions at your College and Career Center or Guidance Office if you don't understand your letters.

·        Colleges vary tremendously in their cost of attendance, present their costs in different ways, and offer different amounts of financial aid in different combinations. This can make it difficult to understand which combination of price and student aid award is best. Here are some tools for comparing financial aid awards:  

                      US Department of Education College Affordability and Transparency Center

                      College Board Big Future

Planning and Paying for College: You Need to Do What, When, How?!?

We're thrilled to have Mark Kantrowitz, Senior VP and Publisher, Edvisors.com, join us today to lay out the case for when, where and how families should approach financial aid. Kantrowitz is one of the most authoritative voices out there on this subject and he has authored a new book along with David Levy -- Filing the FAFSA: The Edvisors Guide to Completing the Free Application for Federal Student Aid The book is available for free download in PDF format for students and parents who register for free on Edvisors.com and available for purchase on Amazon.com here. 

Deadlines: Parents, it's your turn!

Hello, second semester, senior year. After the last few months discussing college applications, the focus now shifts to financial aid applications.

Parents often ask whether these applications are worth the time and trouble. My short answer:  Yes. These applications offer the possibility of funding a college education -- grants, loans, and scholarships. (A number of colleges use the FAFSA and CSS College Profile along with the student’s file to determine merit awards or scholarships.)

As Michelle Obama recently said to northern Virginia high school students and their parents, “Don’t leave money on the table.”

The applications

FAFSA—Every college, from a local community college to a very selective private college, requires the Free Application for Federal Student Aid. The FAFSA determines a student’s eligibility for any federal aid, whether grants, subsidized loans, or work-study funds. The application is free; the 2014-15 school year version became available January 1, 2014.

January Financial Aid Checklist

College advisor Alice Kleeman is back with advice for seniors on what you should be doing to pay for college. Remember it is you, the student, who applies for aid. But families need to work together to obtain the best result. Here are this month's financial aid reminders:

*             Check with your high school counselor about financial aid evening workshops scheduled at your school or in the community and attend with your parents!  

*             Complete the FAFSA, reading all instructions CAREFULLY! You do NOT have to wait until you and your parents have filed your income tax returns; you may use estimates on the FAFSA and then update the information once you have filed your income tax forms. It is better to file on time with estimates than to file late!

*             Submit your FAFSA electronically as soon as possible! Once submitted, the colleges you have listed and coded will receive your information electronically.

*             Each state also has its own FAFSA deadline, which in many cases is different from the federal submission deadline each year.  Make sure to submit your FAFSA by your state's deadline or as soon as possible after the first of the year to get the most financial aid possible. Deadline information can be found here

Seniors: Apply, apply, apply… for financial aid!

The single biggest mistake families make in the college application process is failing to apply for financial aid. So, apply! Even if you think you won't qualify, apply. You may be pleasantly surprised. And sometimes you need to apply for federal aid to receive state aid or merit scholarships.

How do you apply? The FAFSA is required for any student seeking federal and state financial aid, including grants and loans at all colleges in the country.   It can seem complicated, but there is help available -- and it's free.  One of the best resources is College Goal Sunday, an information program that brings together financial aid professionals from colleges and universities along with other volunteers to assist college-bound students and their families complete the FAFSA (Free Application for Federal Student Aid).  Calendars for their national programs, as well as state-by-state events can be found at their website here.

One More To-Do List for Seniors...

It's not over 'til it's over. Seniors, you may have submitted your applications and caught up on your sleep, but -- apologies! -- there are still some things you need to do. High school counselor and author John Carpenter joins us again this month with some helpful reminders.

 

January… For most seniors that means applications are finished. Submitted.  Done.

Right? 

Wrong.

 

Submitting your application is only one part of this process.  Most kids, I will admit, exhale a big sigh of relief after they've submitted their apps. They either celebrate that the deadline has been met or sleep for two weeks.  And while both options are perfectly acceptable, there’s still a little more to do.  It’s called follow-up.

 

Here’s a list of tasks to be sure to take care of AFTER you submit your applications:

 

Misty Whelan, Conestoga High School

Misty Whelan has lived the college admission process from both sides of the desk, so to speak. True, she worked early in her career at Bryn Mawr College. But that's not what we're talking about. Now a counselor at Conestoga High School in Berwyn, Pennsyvania, Whelan has also navigated the college application process as a parent. Her 16-year-old daughter, Sarah, is taking her first steps in the process and her 19-year-old son is now attending Rensselaer Polytechnic Institute. The view from the parental side of the process has been invaluable for Whelan.

"It has really, really helped me immensely as a professional in terms of sympathizing and empathizing with families as they go through this process," says Whelan. "And the other thing it validated for me was letting my son do the work and not to do it for him. He did the bulk of the work. I learned a lot about how to center him and not have him panic or get too stressed out. Luckily, he knew what he wanted and did not have too many schools on his list.  I also learned a lot about financial aid and the scholarship process. That was the biggest eye opener for me -- how colleges fund students."

Juniors: Let Them Show You the Money

Juniors, part of researching colleges is understanding the cost of a college education. It's not too soon to start investigating what your family may be asked to pay for college. To do that, start with the net price calculators (also called financial aid calculators) that every college and university are required to have on their website. (Calculators can also be found through the College Board at collegeboard.org and on the Federal Student Aid website at fafsa4caster.ed.gov.)

This online tool will give you a preliminary understanding of the amount you may be expected to pay out of pocket, as well as aid you may be eligible to receive from the federal government and the colleges themselves. Over the coming weeks, sit down with your parents and take a look at the net price calculators on the websites of some of the colleges in which you're interested.

In 2012-13, $238.5 billion in financial aid was distributed to undergraduate and graduate students in the form of grants, Federal Work-Study, federal loans, and federal tax credits and deductions, according to the College Board's Trends in Student Aid. There is money out there to help you finance a college education. But you have to apply for it. 

 

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