4 Tips for Applying for College Financial Aid

’Tis the season for beginning to work on college financial aid applications! While you or your students may have been busy working on the college applications themselves for a while now, it’s important to remember to file the FAFSA and, when applicable, the CSS/PROFILE soon. Both forms go live October 1st, making now the perfect time to gather your tax returns and investment information. As you get get ready to complete these financial aid applications, keep in mind the following tips:

1. Always complete the FAFSA, no matter what!!! Too many students and parents falsely think that they will never qualify for financial aid. Please do not make this false assumption! You just don’t know until you apply, and, often times, folks are surprised to learn just how much financial aid they may receive. Moreover, life happens. You never know if/when major life events will happen that affect your financial situation (think losing a job, becoming very ill, having medical bills that insurance won’t cover, the pipes explode in your house, divorce, etc.). If you have a completed FAFSA on file, it will make your life so much easier to only update it with your new financial information. It will also make it much easier (and faster) for the financial aid officers at the college or university to reevaluate your financial aid package. Think of completing the FAFSA as an insurance policy - if you ever need it, it will be there to help your circumstances!
2. Fill out that FAFSA and the CSS/PROFILE as soon as possible! DO NOT wait until the college or university deadline for submitting these documents! Why? All financial aid offices have a limited budget, and schools tend to award aid on a first-come, first-served basis. You increase your chances of getting the best financial aid package possible if you file your documents in October and even November. This becomes particularly important if you or your child is applying Early Decision and/or Early Action anywhere. If you submit your financial aid application as early as possible, you are much more likely to receive your financial aid award much sooner (usually 2 weeks after the admission letter is mailed).
3. Before you can even complete the FAFSA, you need at least 2 FSA IDs. An FSA ID is basically your electronic signature, verifying that your identify. To successfully submit the FAFSA, you need an FSA ID for a parent, and an FSA ID for the student. You may apply for an FSA ID anytime if you go to this website and complete the online application. You should receive your FSA ID number within a few days (it may take longer if the federal government is backlogged). Once you receive your FSA IDs, treat them like your Social Security number! Don’t share it, and don’t lose it - you will be using this same number every year when completing the FAFSA.
4. Check the FAFSA website to see if your particular state has any specific requirements for your application. For example, Massachusetts residents who plan on applying to a college or university in Massachusetts should always list that Massachusetts college/university first in the FAFSA school list you complete. By doing so, you will automatically be considered for that state-based financial aid. It’s a simple way to make sure that your application is reviewed for the maximum amount of aid available.

Have more questions about college financial aid? Come to my presentation on College Financial Aid 101 at the Newton Free Library on Thursday, October 4th, at 7pm! You’ll learn how to navigate the college financial aid application process, and receive a handout with valuable resources.  Hope to see you there!