Tis the Season.....For Financial Aid

It's that time of year, dear reader, to consider the question of financial aid. That is, to be, or not to be? This process has been mysitified, attributed occult-like status, by the media, and the whispers of college students and their parents shaking their heads at their computer screens, their glazed eyes tired from scanning the fine print that goes along with the dreaded acronym known as "FAFSA". However, this dismal picture can be avoided if you're willing to follow a few simple steps.

1. EVERYONE should file the Free Application for Federal Student Aid (FAFSA)!

Whether your bank account is busting at the seams with wealth, stocks or accumulated, lucrative properties you should still file the FAFSA.

Why?

Though it's true that the FAFSA does provide a few grants to those students who have demonstrated financial need, it also is your chance to qualify for government loans that will not be available to you if you do not. Some government loans, like the Stafford loan, is available to all students regardless of need. Interest rates on these loans are usually lower than those you might receive through your bank.

The FAFSA acts as your application for both federal and state aid. The deadlines differ from state to state but usually a good round ballpark for entering college students is to have their FAFSA filed by May 1st. You can start to file your FAFSA on January 1st, though I do recommend that families wait until their tax returns are done to file.

2. Do your taxes early!

The FAFSA uses your current financial information. Do not use your tax returns from the previous year as the government sends out random verification forms to make sure of your financial situation.

3. Get your PIN #!

The government defines the PIN # as a device that "serves as your electronic signature and provides access to your personal records". At this time, your PIN # ( you should get one each for yourself, your spouse and your daughter) takes about 3-4 days to get to you by email and longer by regular mail. You will need this number to electronically sign your FAFSA.

http://www.pin.ed.gov/PINWebApp/pinindex.jsp

4. Attend Financial Aid Nights at local high schools!

Don't be afraid to attend a Financial Aid Night at a local high school that is intended for older students! The financial aid professionals present at these events will be presenting the same information that you need to know. Bring a piece of paper and take notes.

5. File your FAFSA!

Take a weekend and start filling out the paperwork, electronically of course. Mary Baldwin cannot offer you a financial aid package, that is a total financial breakdown of what you owe taking our governement and state grants and loans and merit scholarships, that will be sent to you in the mail. The sooner your FAFSA is completed and processed, the sooner you will be able to know what college is going to cost you.

The governement is phasing out paper FAFSA applications and so they can only be done online.

6. Take your EFC with a grain of salt.

The EFC, or Estimated Family Contribution, will be given to you on your student aid report once you file your FAFSA. This number represents the monetary amount that the government feels that you should be able to pay for college given your current financial situation.

These numbers are notoriously low. Add $4000 to $5000 dollars to the EFC you are given to reflect a more accurate picture.

7. Start looking for scholarships!

While Mary Baldwin does provide generous merit scholarships please understand that this may not be enough to cover your costs for tuition, room and board, books, school supplies, travel and fun money. Every year millions of dollars in scholarships go to waste because people did not apply for them.

Ask your your local chamber of commerce, your guidance office and search the internet for scholarships that might be available. www.fastweb.com is a good website to start with.