Financial Aid Forms: An Important Step
Creating a plan to pay for your child’s college education is not a simple task for most families. There are many common mistakes that could cost your family thousands of dollars when applying for financial aid.
The FAFSA Form
(Free Application for Federal Student Aid)
Did you know…
A majority of forms are submitted with errors or inconsistencies.
You must fill out the FAFSA form to receive financial aid.
You cannot apply for federal loans without the FAFSA form.
Financial Aid is given out on a first come, first serve basis.
The first day to file the FAFSA form is October 1st of the student’s senior year in high school.
If there are any errors on the form, there is a chance your application could take an additional 4-6 weeks for processing and may result in loss of financial aid!
The CSS Profile Form
(College Scholarship Service Profile)
Required by many private schools in addition to the FAFSA form.
Requires much more detail than FAFSA form about your income, assets and expenses.
Information included must be consistent with FAFSA Form
Other Financial Aid Forms
Some schools have additional institutional forms to complete
May require additional information including business/farm ownership supplement or divorced/separated agreement.
If you are filing for financial aid without professional assistance, here are some tips to remember:
File Forms Accurately and On Time!
The biggest mistake a family can make is NOT to apply for financial aid, regardless of how much you make. Not all financial aid is need based. Different types of financial aid include federal aid, state aid, scholarships, grants, and loans.
Know your EFC!
Colleges award financial aid based on how much a family is in need by calculating the family’s EFC (Estimated Family Contribution). Cost of College – EFC= Need based financial aid.
Know your School!
Some schools meet 100% of need with gift aid while others meet only 30-50% or less with gift aid and the rest in work-study or loans. It is imperative to know this statistic when choosing your list of schools.
Negotiate!
You must decide whether or not to accept the first award letter from the school. Some schools will mis-award, under-award, or compete with other schools. If you sign an award, that decision is binding. Be prepared to contact a financial aid office to appeal an award.
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“…I went to the free seminar but I left so overwhelmed with all the money available and possibilities. I was thinking that we would have to do community college for two years n then see what we can afford. I left with great expectations of my daughter being able to go to a university for four years. I did not know these kind of companies existed. I am going to go for the full package. I can't wait to get started. I'm so glad I got the flyer and responded.”
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— Jim P., North Hills
Kim is incredibly knowledgeable when it comes to the college funding labyrinth. She predicted which school was the best fit and how much college funding they would offer my son and she was right on target. I plan to work with Ketterman for all four years my son attends school.