No matter your situation, financial aid can make college more affordable for all. As you prepare for the start of your next semester, keep in mind these easy yet effective tips.
File Your FASFA
Don’t assume eligibility! Deciding not to apply for financial aid can be a mistake, and you must file the Free Application for Federal Student Aid to receive any type of federal student aid. Universities use this information to determine your eligibility for aid including scholarships, grants and loans.
Pay Attention to Deadlines
Financial aid can be awarded from many different sources including the federal government, the state, your school directly and more. The FAFSA opens every Oct. 1, but the federal deadline to apply isn't until June 30 of the following year. State and college deadlines can be sooner. It’s important to meet these deadlines; missing a deadline can result in money being left on the table.
You can view specific state and federal deadlines here. Be sure to contact your university and private lenders for their specific deadlines.
Apply Early
Not only should students meet deadlines, but also apply early, as some financial aid is awarded on a first-come, first-served basis. This will help you secure the best financial aid package possible while funds are plentiful.
Look for Financial Aid Elsewhere
There are many options for financing outside of loans, especially if your financial aid changes from year to year. Scholarships and grants are a fantastic opportunity to take advantage of free funds. Do some research on scholarship search engines and grant search engines. Be sure to keep in mind that your university, department or field of study may also award scholarships. If you are employed during college be sure to check with your employer for education financial assistance offered.
Plan Ahead
At first glance, a financial aid package may appear to be a large offer and seem to be enough to cover your education, but be sure to pay attention to out-of-pocket costs. Certain costs may add up during your educational career and not be fully covered by this aid and can include items such as food, living expenses, school supplies, travel, just to name a few. Planning ahead to ensure you have additional aid or other resources of funding to cover these costs sets you up for success.
Keep in Touch with Your School
Many universities have leeway policies should your situation change after filing your FASFA. If you experience a traumatic event, lose a loved one, your financial situation changes or you need help with your expenses, reach out to your university's financial aid office.