How to Improve Chances of Getting Financial Aid

If the time has arrived to apply for financial aid for your incoming college freshman, prepare for one of the most demanding processes you can imagine. Here are a few ideas to make the procedure easier.

Instructions

Difficulty: Challenging

1. Prepare your Federal Tax Return as early in the year as you can. The FAFSA, or Free Application for Federal Student Aid, primarily calls for information that appears there. You can estimate your last year’s income on the FAFSA, but it asks for information that appears on that return.
2. If you’d rather, you can fill out the FAFSA online, but the process will be a great deal simpler if you first complete the hardcopy form. You will cut your time online in half if you gather the information before filling out the online form.
3. Many schools require you to complete their own form, in addition to the FAFSA, so request them before you get started.
4. Simplify your financial picture before you begin the financial aid process. Also, if the student has resources of his own, that information should be accumulated in addition to your own because it is required on the FAFSA as well as all the schools’ proprietary forms.
5. Follow the deadlines strictly . In some cases, you must file forms before receiving an acceptance letter, in the case of an incoming freshman. If you are late, in many cases you will receive less from the college or university.
6. Include your child’s “safe schools” when applying for financial aid, because the chances are good that you will receive more assistance than you will from the more prestigious schools. If that is the case, you can go back to the Financial Aid Department of the better schools and negotiate for better terms.
7. Check for other scholarships. There are thousands of scholarships for children with special interests or needs. For many people “Scholarships, Grants and Prizes 2008 (Peterson's Scholarships, Grants & Prizes)” is the bible for those interested in securing little-known scholarships.

Tips & Warnings

• Generally, college scholarships and grants charge much lower interest than most other loans. In addition, in most cases the student will not be required to begin paying back the loans until after graduation. Furthermore, those loans can be reduced if the student does work-study while getting his degree.