Get a Jump Start on College Financial Aid
Special to The Truth
With the changing leaves
and autumn chill come a few staples students can count on:
fresh notebooks, fall festivals, and the Free Application
for Federal Student Aid (FAFSA).
Students heading to
college next year, returning college students, and grad
students can already get started on the FAFSA for academic
year 2019-20, which opened for applications on Oct. 1, 2018.
Completing the FAFSA is the most important step to qualify
for $150 billion available in financial aid including
grants, work-study, and federal student loans.
What’s more, completing
the FAFSA early is critical because some aid is awarded
first come, first served. In addition, schools use it to
assemble financial aid packages, states use it to determine
eligibility for state aid, and it’s required for many
scholarship applications.
To help your family
prepare to complete the FAFSA, Sallie Mae, the nation’s
saving, planning and paying for college company, is offering
the following tips:
• Be first in line. The
earlier families fill out the FAFSA, the better their
chances of being in line for aid. Also, those who complete
and submit the FAFSA early will receive their Student Aid
Report sooner and may receive financial aid award letters
from schools earlier.
• Bring the basics. Before
beginning the application, expedite the process by getting
prepared. Both parents and students should create a username
and password -- a Federal Student Aid ID -- and gather
Social Security numbers, driver’s license numbers, bank
statements, tax returns and W-2 forms.
• Get connected. New this
year, students and families can complete the FAFSA using the
myStudentAid app on any Android or Apple device. Regardless
of what device you use, remember that it’s always free, so
watch out for sites that charge fees or make promises that
sound too good to be true. Students can reduce the risk of
identity theft by keeping their Federal Student Aid ID
confidential, and reporting any suspected fraudulent account
activity immediately.
• Sync up. Using the IRS
Data Retrieval Tool can expedite the process by
automatically syncing and populating tax return information
into the FAFSA. Note: the IRS Data Retrieval Tool is
currently only available for those completing the FAFSA at
fafsa.gov.
• File every fall.
Complete the FAFSA as a high school senior, and every year
in college and graduate school. Filing a new FAFSA each year
is the only way to remain eligible for federal student aid,
and the amount of aid can vary year-over-year.
Learn more by accessing
free online resources, tips, tools, videos and more,
available at salliemae.com/fafsa.
“For high school seniors
and returning college students, the time to start thinking
about next year is now,” says Martha Holler, senior vice
president, Sallie Mae. “The simple act of completing the
FAFSA can translate into thousands of dollars to pay for
college, but it’s critical to start the process early so you
don’t miss out.”
Courtesy StatePoint
|