Advice On Funding Your Future With Financial Aid

by Shayshayni

posted on 09/11/2009

Navigating the waters of financial aid can seem treacherous, especially if you're doing it alone and for the first time. However, it doesn't have to be. My advice for smooth sailing is simple: do it early. The government has tried to make it as painless as possible for you to be able to afford your education so, take advantage of what they're offering. First, you'll want to collect all your financial information. A lot of this is going to be in your head but you'll need the documentation to go along with your numbers, i.e. your W-4 (and your parents W-4 as well if you're under the age of 24).

Next, go to www.fafsa.gov and just punch in the information. Make sure it's accurate because each time you have to revise the information, you start the process all over again. This is where it's key to start early. I usually file for financial aid as soon as my income verification comes in for any given year. The reason for this is because when you're first in line to get your FAFSA processed, you're first in line to receive aid. Most people don't know this but schools only have a limited budget from which to help attending students. It's not a bottomless pool of money. Their system is very finite. So, it's best to get in that system as early and as accurately as possible.

After you're done filing your FAFSA form, most people think it's just a waiting game. It's not. It's perfectly fine to be proactive in this step as well. Once you receive your SAR (Student Aid Report), you can start calling your institution of choice and inquiring to the status of your file. They may even be able to give you an estimate on your expected award based on your EFC (Expected Family Contribution). So, call the school, ask about your aid, and find out when they'll know and when they'll issue you the funds if you get an award. All of these are important things to know.

Don't leave it up to the system. It's likely that to get to the point where you are now, you've had to be ambitious and determined. Now that you're here, looking at future of college and a better career as a result, don't let that determination go to waste. Do it early, keep informed and persevere.

Feel free to email me with any questions regarding this process but don't forget, your school has excellent counselors to help you too!

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