3 Tips For Applying For Financial Aid

If your child is considering attending university, you will need to think about how you will pay for it. Here are three tips to help you prepare to take advantage of the financial aid system.

Tip 1: Complete the FAFSA early.

The FAFSA is a free application for federal student aid that you must complete to apply for the three items listed below.

state and federal student aid

work study
loans 

January 1st is the first day high school students can submit the FAFSA. The competition for university grants is fierce, so it's important to act early rather than procrastinate.

Submitting her FAFSA online is the easiest way to apply for college aid. All data you submit online is verified before being sent to our processing center, reducing the chance of errors. Additionally, the online FAFSA application reduces overall processing time by up to two weeks.

What are the common mistakes students make when filling out the FAFSA form?
The application was not made far enough in advance. 
Not all instructions are read. 
Please do not fill out the application completely. 
Providing a false social security number
A parent's completed tax return cannot be used as an accurate reference. 

Tip 2: Win the CSS Financial Aid Profile

Many students confuse their FAFSA form and CSS profile. The main difference between the two is the type of financial aid you apply for. CSS Profile is a financial aid application service provided by the College Board for submitting applications for college grants and private scholarships for individual schools. The FAFSA, on the other hand, is used to apply for federal student aid.

Filling out the FAFSA is free, but it costs $25 to create and submit a CSS profile to individual colleges. Each additional school costs approximately $16 per submission. Some fees are waived for low-income applicants. For more information, visit collegeboard.com.

Tip 3: How much does it cost? You need to decide how much it will cost to attend college. In academic circles, this number is called the “cost of attendance” (“COA”).

The COA includes his five components:

Tuition and fees
books and accessories
Accommodation and catering
personal/miscellaneous expenses
trip Add the items listed above and subtract them from the total amount of financial aid you received to determine how much you will have to pay out-of-pocket to attend college.

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