When choosing a college, it is important to weigh out what financial options each college will give you. If you just can’t decide between two colleges, look at costs. If the academic program that you are interested in is reputable at both colleges, money could be your deciding factor.
In order to make that final decision, you must first start the financial aid process. If you have ever heard that the early bird gets the worm, it is often true with scholarships and government grants. You will need your current income tax return information in order to fill out the FAFSA (Free Application for Federal Student Aid). You usually get your W2 forms sometime in February and can then begin the FAFSA process. However, if you want to get started earlier in January, you can use last year’s return. You can then make changes after you get the current year’s tax information.
Filling out the FAFSA as early as you can (after January 1st) is very important. If you put it off until May or later, you will probably miss crucial financial aid deadlines. FAFSA has a deadline of June 30th for the current 2010-2011 school year. However, most colleges have March 31st deadlines or even earlier. Filling out the FAFSA for the first time may seem a little overwhelming. However, just take the time, read the questions, and accurately submit your answers. After the first time, FAFSA will save your information and you will just have to update or make small changes.
If you are still choosing colleges, you can put up to 10 college codes on your FAFSA. Each school will then get a copy of your FAFSA and EFC (Expected Family Contribution) results and can determine what financial aid is available to you.
Most colleges want you to fill out a scholarship essay and application. Depending on the college, you may need to fill out one for each scholarship or just one that will work for all of them. Remember to start checking out available scholarships as soon as possible. Many have January, February, and March deadlines.
You may get sick of filling out the same information over and over (hey, it’s a great way to learn your SSN). However, every single penny counts when it comes to college. Getting a few $500-$1,000 scholarship over 4 years greatly decreases your student loans. Remember a lot of the scholarships will roll over throughout your 4 years. You may just simply have to fill out a few pieces of paper, rather than an entire application.
After you have filled out your FAFSA and applied for any scholarships, the financial aid office will send you a packet of information that includes what scholarships and grants will be available to you. They will also give you information on applying for student loans.
Although it may not be the most important deciding factor, money is right up there along with the school’s academic programs, extracurricular activities, and campus life. If one school is offering you three more scholarships than the other, it is a good idea to seriously consider that one. In most cases, you can make your decision on where to attend after you find out your financial options.
The less money you have to pay back when you graduate, the better. When you start as a freshman, you may just apply for loans, not really thinking about the future. However, 4 years later, you find out you are $80,000 in debt, can’t find a decent paying job, and owe $400.00 a month in student loan payments. Consider loan payments and your future. The more free money you can get in scholarships and federal grants, the less you are responsible for paying back.
So fill out the FAFSA and do it early. Research your scholarship options and do that early also. Be sure that you get every single free dollar that you can.
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