It’s that frantic time of year when parents are searching for money needed to fund their student’s college education. Relax, take a deep breath.
Thousands of parents have gone through the process and have survived. Although it seems complicated, if you gather the needed information before you start, and read and follow instructions on the financial aid application, you will succeed without much stress.
The starting point for all financial aid is the Free Application for Federal Student Aid.
The federal government uses the FAFSA to determine your eligibility for federal assistance in the form of scholarships, grants and loans.
You may complete a FAFSA online at www.fafsa.ed.gov.
Parents and students are expected to contribute to the student’s college education. Using the information you supply on the FAFSA, the federal processor determines your Expected Family Contribution. Once you complete the FAFSA and your EFC is determined, it is automatically sent to the colleges you have selected.
Most schools base their financial aid package on the FAFSA. When received, the colleges try to satisfy the financial need of the student. They subtract the EFC from the Cost of Attendance, which includes tuition, fees, room and board etc. Financial need packages consist of federal, state, institutional and private sources as well as loans and student employment.
Whatever your financial status, everyone is entitled to and should complete a FAFSA. When answering the question asking about your interest in different types of aid, like work-study and student loans, answer “yes” to each question. Answering “yes” does not obligate you to accept.
Submit your FAFSA as soon as possible after January 1st. Many schools have limited funds so the earlier you apply the better your chances for receiving aid.
Always be aware of your chosen college’s financial aid deadlines. Not submitting the FAFSA or completing the college application in a timely manner is one of the major reasons students lose funding.
When filling out the FAFSA there are several things you need to know. The “you” and “your” always refers to the student not the parents. Only use your legal name as it appears on your social security card. Nicknames or alias will only delay the process. Remember to count yourself, the student, as part of the household number.
Do not make these mistakes when filling out the FAFSA:
• Both parents and students must use the 1040 federal tax form NOT the W-2.
• Don’t forget to report all untaxed income such as social security, child support, Aid to Dependent Children and all outside scholarships and grants.
• If applicable, include your stepparent information.
• Don’t forget to sign the application. While applying online you will be asked to select a PIN number. It will be used in place of your signature. Http://www.pin.ed.gov
• Remember to file on time. The California deadline is March 2. The earliest you can apply is Jan 1st.
Each state has its own grants. In California this grant is known as a Cal Grant. According to www.CalGrants.org students can receive up to $12,192.
To receive a Cal Grant you must yearly complete and submit two forms by March 2: the FAFSA and the Cal Grant Verification Form.
Your school completes the Verification form but you should confirm with your school counselor this form has been sent. For additional assistance watch the 5 minute FAFSA video at http://www.finaid.org/fafsa/video.phtml.
Margene Walz is an academic and athletic counselor for Quest College Counseling located in Los Alamitos. For more information call 562-280-0460 or email QuestCC@hotmail.com.
