Helpful Financial Aid Hints

So How do We Pay for It?

As you begin your college search, follow these helpful financial aid hints:

• Discuss as a family how much you all can contribute to your education, and find out the total out-of-pocket cost for each school that you are interested in attending. Gather information about scholarships and grants, and determine if you will need to take out student loans.
• Create a Financial Aid File that you can update as needed.
• Keep a close track of tax information, W-2s, and financial statements for both student and parents. You will need this information to file the FAFSA form after January 1st of senior year. Keep copies of everything handy in your Financial Aid File.
• Make a calendar to keep track of deadlines for scholarships, grant applications, and other forms of financial aid (see GetColleged.com’s Student Planning Calendar). Hang it on your fridge!
• Find out if the parents' and/or student's workplaces offer scholarships or matching funds for their employees' children. If they do, APPLY EARLY.
• Check with your school counselor for available scholarships, request applications and be sure to complete them as early in the process as possible.
• Once you have selected a school, ask the college Financial Aid Office for a listing of possible scholarships that you may be eligible for. Again, APPLY EARLY. (See the trend here? Competition for scholarships and grants is intense, so always apply as early in the process as possible.)
• Compile an accurate list of phone numbers for your college's Financial Aid Office and keep it in your Financial Aid File. Be certain you have all the necessary forms the Financial Aid Office requests.
• Prepare the FAFSA (Free Application for Federal Student Aid). The FAFSA is a required document for most student aid packages, public and private. Get a copy of the FAFSA form from your college Financial Aid Office, online at fafsa.ed.gov, or at your local library.
• Complete and submit the FAFSA form on or after January 1st. Parents' current-year tax return information must be included in the FAFSA (Note: trying to estimate will cause major headaches for everyone. Complete your tax filing first, and then use the real numbers.) Keep a copy of all your forms and records in your Financial Aid File.
• If your college has a separate application for financial aid, submit it by the deadline. Remember, submitting applications and essays for financial aid usually costs nothing. Also, keep in mind that every little bit helps, so don't overlook even small scholarships.
• Compare the financial aid packages offered by each of your possible schools. While the total amount of financial aid you qualify for on your SAR is the same no matter what school you attend, different schools may offer you greater or lesser scholarships, grants, or award monies. Compare each school's offer carefully, and decide what you can afford by reviewing the total out-of-pocket cost of attending each school.
• When you have chosen a school and have a final estimate of how much out-of-pocket money you will need, now you have to decide how you will pay for it.
• Sign and return any school-specific financial aid awards. Let your school know what monies you do or do not plan on using to pay for school.
• One to two months before classes begin, contact your school to make sure that all your financial aid requirements have been met.
• The first week of classes, visit your Financial Aid Office to tie up any loose ends and sign any necessary documents.

REMEMBER: You will need to reapply for financial aid each year that you are enrolled in school. Keep accurate records throughout the year within your Financial Aid File.