The clock’s ticking
It’s the time of year when families of college-bound students are filling out their federal applications for student aid – or at least they should be.
Every year, millions of students miss out on federal grants and loans because they don’t fill out the FAFSA – the Free Application for Federal Student Aid. College officials say many families assume incorrectly that they won’t qualify for anything, and they note that some loan programs aren’t based on financial need. Those federally backed loans are offered on much more favorable terms than private loans.
Here are some tips and resources for families from financial aid officers around the region and from Sallie Mae, the country’s largest college lender:
TIPS
1
Fill out the FAFSA. You might be surprised at what you qualify for. “There’s either free money or cheap money in the form of low-cost loans from the federal government, and many of those are not need-based,” said Beth Guerard, Sallie Mae spokeswoman.
2
Apply early. The sooner the better – Jan. 1 is the earliest you may submit, so the clock’s already ticking. Also, know the deadline for your school and your state.
3
Apply online at fafsa.ed.gov. This reduces mail time and reduces the chances for error.
4
Do not rule out schools based on price. Last year approximately $150 billion was available to help families pay for college (according to the College Board). Generally, the higher the total school costs, the more money you are entitled to receive.
RESOURCES
Student Aid on the Web: This is the federal government’s general site with a variety of information about financial aid. Go to http://studentaid.ed.gov
Fafsa4caster.ed.gov: This site lets you get an early estimate of how much aid your family may qualify for.
collegeanswer.com: A Web site hosted by Sallie Mae that provides a range of financing information.
salliemae.com: Sallie Mae is the country’s leading provider of student loans, and its Web site has reams of information about financing options, including scholarships.
finaid.org: Bills itself as the most comprehensive source of information about financial aid on the market.
College Goal Sunday
Students and families can get free information and help with financial aid questions Jan. 27 at Spokane Falls Community College as part of a statewide event called College Goal Sunday.
The event will begin at 2 p.m. in SFCC’s SUB Lounges A and B. It is for all students interested in college, not just those seeking information about community colleges.
SFCC is one of 13 sites in Washington to host a team of financial aid specialists who will answer questions and help students and their families complete the FAFSA.
College Goal Sunday is open to all high school students and their families and to any student wishing to receive financial aid at a college in Washington.
For more information on the statewide event, go to www.collegegoalsunday wa.org. For information about the event at SFCC, call Penny Butters at (509) 533-3527.