Countdown to College: Apply for Aid, and Do It for FREE

More than 2,240,000 sites come up if you Google “FAFSA.”

The acronym stands for Free Application for Federal Student Aid. It’s the federal government’s universal form that can be filled out annually by families of high school seniors and current college students.

All families, regardless of income status, should complete the FAFSA form as soon after Jan. 1 as possible. Many deserving families fail to apply and would be surprised by the amount of aid for which they qualify. The official government site is www.fafsa.ed.gov.

Beware _ the first item listed in the Google search is www.fafsa.com, which is a site where you can pay $79.99 to have your FAFSA form completed online.

The first word in FAFSA is “Free” _ and that is because it is free to fill out, and the federal government has made it relatively simple to complete.

The form asks a variety of financial questions such as family size, income, number in college and assets _ not including retirement accounts or 401(k) _ that end up determining a family’s “EFC,” or Effective Family Contribution.

Your EFC is the number that colleges will use as a base for their financial aid packages. The packages may include scholarships, grants, loans and work-study.

Additionally, most states and schools use the FAFSA information to award non-federal aid as well.

Some FAFSA resources:

_ EFC calculator _ www.collegetoolkit.com/college-calculators/resCalcEFC.aspx

_ FAFSA forecaster _ If you want to get an idea of your EFC, www.fafsa4caster.ed.gov allows you to begin exploring financial aid opportunities such as grants and scholarships before a student’s senior year in high school. After completing these forms, you can transition to the FAFSA form, and it and automatically populate with your information.

APPLICATION STEPS

What are the steps involved in applying for federal student aid?

Check with your high school’s Guidance Office. Check out a few Web sites such as those listed above, www.federalstudentaid.ed.gov or 800-433-3243. There is no need to pay for help.

Get a Federal Student Aid PIN. Your PIN will allow you to electronically sign your online FAFSA and make any corrections to your application. www.pin.ed.gov

Gather all your financial documents such as tax returns and W-2 forms. If your tax return is not completed by the time you apply, estimate now and readjust later.

Complete the FAFSA anytime between now and June 30, but it is recommended to do it as early as possible.

After completing the FAFSA, you will receive a Student Aid Report (SAR).

It will contain your family’s Effective Family Contribution (EFC). Review the SAR and confirm all information is updated and resubmit, if necessary.

Financial Aid Offices may then contact you as part of a verification process. If you are selected, you will be asked to submit tax returns and other documents. Meet all deadlines or you may delay or forfeit the federal student aid.

Even if you were not contacted by the Financial Aid office, contact them and make sure they have all your information and they are aware of your interest and need for financial aid.

If you receive aid from multiple colleges, compare the offers, evaluate how the aid is distributed, i.e., how much is loans and work-study vs. grants.

Consider how much debt you are willing to tally up by graduation. Also, evaluate the conditions of the aid; many require maintaining minimum academic standards.

___

Lee Bierer is an independent college adviser based in Charlotte, N.C. For more information, visit www.collegeadmissionsstrategies.com.

___

(c) 2008, The Charlotte Observer (Charlotte, N.C.).

Visit The Charlotte Observer on the World Wide Web at http://www.charlotte.com/

Distributed by McClatchy-Tribune Information Services.

____

TO SUBSCRIBE TO NEWS2USE

Items in the News2Use package are not included in your MCT News Service subscription. You can subscribe to the News2Use package or purchase the items a la carte on MCT Direct at www.mctdirect.com. To subscribe, please call Rick DeChantal at Tribune Media Services at (800) 245-6536 or rdechantal@tribune.com. Outside the United States, call Tribune Media Services International at +1-213-237-7987 or e-mail tmsi@tribune.com.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.