Get The FAFSA Form Done First!
BOSTON (CBS) - The first step in finding financial aid is to get the FAFSA form done. This Free Application for Federal Student Aid (FAFSA) is required for students seeking financial aid, which includes grants and loans. Set up an appointment with the guidance counselor and see what recommendations they may have. Then you and your kid get online and begin to check out various resources available.
Financial Aid money comes from the Federal government, the states, colleges and private organizations and comes in different forms; grants and scholarships that don't need repaying, jobs so the kiddo can earn money and a variety of loans and tax breaks.
Where to find the aid is up to the student and her family. There are good resources for financial aid out there:
- High school counseling office
- Massachusetts Educational Financing Authority MEFA
- Colleges' financial aid office
- U.S. Department of Education
- Community groups & religious organizations for private scholarships
- Find out what scholarships were given out last year at graduation and get an application
Over 350 schools also use the CSS PROFILE Financial Aid Form, produced by the College Board. "CSS" stands for College Scholarship Service. This form is used by colleges for determining non-federal financial aid, such as institutional scholarships, grants, and loans. There is a cost for filing the CSS form.
The financial aid forms need to be filled out every year you are requesting aid. The information on the form determines what your family can afford to pay, your expected family contribution. The school's financial aid department also uses the information in putting together the aid packages that comes in the award letter once the kiddo is accepted to their school.
Your income stream is what the schools are looking at as well as your assets. They expect you to pay a big chunk out of current income. If your income is over $100,000, it will be tough to qualify for grants unless you have more than one child attending college.
One more thing: The official FAFSA site is at www.FAFSA.gov – it's not a ".com" website. If you go to a ".com" site, you will be asked to pay to submit the FAFSA form. This is a free form!
A good resource would be the Peterson's Guide. When my kids went to college we bought the book, now just go online.
How does Financial Aid work and where does it come from? A couple more sites to help in your research:
www.finaid.org offers an overview for applying for aid
www.fafsa.ed.gov application for financial aid
www.fafsa4caster.ed.gov an estimate for your eligibility for aid
www.fastweb.com lists of scholarships available