If you have a student who is a senior, than you already have heard from the college or university’s Financial Aide office how important it is to fill out the 2012-2012 FAFSA (Free Application for Federal Student Aid) form.
FAFSA is a crucial Application and so most colleges will not award any aid monies (grants, scholarships, etc.) if the form is not in the student’s file. There is much confusion regarding this form including who should fill it out, and the form itself is time-consuming. The bottom line is, if you have a son or daughter going to college, you need to fill out this form out.
Even if parents intend to foot the college bill, the form needs to be filled out as it can allow the university to award monies to the student that are not required to be paid back to the institution . For example; grants, merit scholarships, specific scholarships for a major, etc. By not filling out the form, your student may miss out on getting some type of aid and saving you money.
If your son or daughter has already received an award letter that states he or she has been given a scholarship, make sure you read the fine print. Most letters state that there is a requirement to submit the FAFSA before the student can get the monies offered.
Do not call the Financial Aid Office to ask for help filling out the form. The schools count on parents being naive about the form, and they want to keep it that way. If the form is filled out incorrectly, your student may be missing out on thousands of dollars in aid.
There are numerous web sites you can go to find out how to fill out the form. Be wary of any that charge, however the form is free to fill out; you can print it out and mail it or download it. I found one site helpful; http://www.fafsaonline.com/fafsa-form/ as it actually breaks to form down to sections and gives you pointers on important areas.
Of course, http://www.fafsa.ed.gov/ is where you go to fill out the actual form for free; it is the government website that handles the form.
One of the biggest things I learned is that the FAFSA is not like a home loan application. You need to be as realistic as possible when providing information related to household income, finances, and assets. Unlike home loans, where everyone tries to bolster the value of their home on paper, the FAFSA’s purpose is to determine how much the student’s family can contribute to the college bill. Be realistic about your home’s worth in the current down market.
The second fact I learned is that the typical CPA or financial adviser is not any more knowledgeable about the form than you are. If you insist on getting help, make sure the person you hire is a financial adviser with FAFSA expertise.
If you have other children who are waiting their turn to graduate, you might consider reading Princeton Review’s book: Paying for College without Going Broke. This book gives you advice on how to set long-term strategies for saving for college, how much you can expect to pay for your student’s tuition, and how to increase the odds of your student receiving aid. The authors share advice on how to compare award letters from different universities, and they encourage you to always ask for more money. You have nothing to lose by calling the Financial Aid Director of the institution your student wants to attend, and making an appointment. Many schools will give an additional $500-$1000 dollars a year just because the student or parent called and asked.
Remember to do your taxes early this year, so you can get the FAFSA done and out-of-the-way. Then all your student has to do is wait for award letters to come in early March and April. Good Luck.
Here are more vocabulary words to study:
1. Unassailable (adj.) not open to attack, not liable to doubt or question
2. Uncanny (adj.) difficult to explain, weird
3. Unfrock (verb) to defrock, to remove from a position of honor or privilege
4. Unctuous (adj.) oily; slippery; smug
5. Uncouth (adj.) awkward; clumsy
Word Count: 705/3,000