Kal Chany is the author of the book Paying for College Without Going Broke. I recently asked Kal to provide some advice for high school seniors who are applying for financial aid. He gave me some great tips, and I’ve pasted them below.
10 Tips for Applying for Financial Aid
1. Apply for financial aid regardless of your family’s financial situation. There is no automatic cut-off if your family makes a certain amount of money; you should assume that you’re eligible. Even if you don’t end up being eligible for need-based aid, some merit-based aid (for academic ability, athletic ability, etc.) can be awarded only if you have submitted financial aid application forms.
2. Don't wait until you’ve been accepted to a school to apply for financial aid there; meet each school’s financial aid deadlines. A school’s financial aid office website is the best place to find its filing requirements and deadlines. Most schools have deadlines between January 31st and March 15th. If you submit your forms after a school’s priority filing deadline(s), the amount of aid you are awarded may be reduced.
3. Complete all of the required aid forms. All students seeking aid must submit the Free Application for Federal Student Aid (FAFSA). However, additional forms, including special-state aid forms, the College Board’s CSS PROFILE, or the school’s own forms may be required. Check with each school for specifics. For the FAFSA and, if applicable, the CSS PROFILE, you will need to meet the earliest deadline for that form among the schools to which you are applying.
4. Don’t fear the PROFILE. While this form requests more information than the FAFSA does, don’t be dismayed if a school requests it. This form can actually lead to more aid in many circumstances as schools that require the PROFILE generally have more of their own aid to give out in addition to state and federal aid.
5. If your parents’ or your own tax returns cannot be completed prior to the deadline for a financial aid form, estimate income and other tax information. Aid applications ask for tax-return information for those who file or will file taxes. If your parents’ or your own taxes (if applicable) won’t be done in time to meet a deadline, you can put estimated numbers on your aid forms; it is more important that you submit each aid form by the appropriate deadline than it is to be 100 percent accurate with income and expense figures. You will be able to provide the final numbers later, after taxes have been done. But don’t forget this last step—many schools will request a copy of tax returns or non-filer statements to verify the information on your aid applications.
6. Don’t rush. Financial aid forms are like the SAT—you get the most credit for being right and on-time, not “first in line.” To get the most aid possible, you should have some understanding of how each question on each form will impact your aid eligibility. As this information is not provided on the aid forms themselves, you should refer to a consumer-friendly publication for assistance. (Paying for College Without Going Broke, for example, provides line-by-line strategies for completing the FAFSA and PROFILE to your best advantage.) If your financial situation is complicated, you might consider hiring a financial aid consultant to assist you.
7. If you don’t already have your U.S. Department of Education PINS (Personal Identification Numbers), apply for them now. A PIN allows one to sign the FAFSA electronically, which reduces processing time. You can either go to the PIN web site (www.pin.ed.gov) or request a PIN as you complete the FAFSA on the Web. Note: students who are required to provide parental information on the FAFSA will need to have their parent(s) (and custodial stepparent, if applicable) sign the FAFSA. Each person who wants to sign the FAFSA electronically must apply for their own PIN.
8. Frequently check your email and log onto school websites to track the status of your financial aid applications. Once the schools have received your financial aid forms, they may require additional info (e.g., your parents’ tax returns) that they haven’t already mentioned. Be on the lookout for updates regarding your status.
9. Know that the schools are the ones in charge—the FAFSA and PROFILE processors just give a school’s financial aid officers the information they need to make their financial aid decisions. The financial aid office will determine the types and dollar amounts of the aid you will receive; it can override the analysis done by the form processors. If your family’s circumstances have a taken a turn for the worse since last year, you can request additional aid directly from schools’ financial aid offices. But expect that they will require supporting documentation.
10. Learn as much as you can about how the aid process works. The more you know about the process, the more confident you can be that you’re getting the most aid possible!
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