Select One Accounting Business Computers Criminal Justice Dental Assisting Graduate Programs Medical/Healthcare Nursing Legal & Paralegal Online Programs Teaching Trade Schools Travel & Tourism

One of the recurring questions posed to Top Colleges by potential students is how to get financial aid to pay for school.  “Financial aid,” though sounding complex, is composed of only four parts: grants, loans, scholarships, and work-study.  Over the coming months, our feature article will present information about each one of these forms of financial aid.  But, before we do that, this month’s article will focus on how you can best prepare to maximize the amount of financial aid you can receive.

The Federal government provides millions of dollars each year so students can further their education and become valuable members of the workforce.  They control the standards by which aid is awarded.  A standardized form, the FAFSA (Free Application for Federal Student Aid) needs to be completed.  For the 2004 – 2005 school year, the application deadline is June 30, 2005.  Once this form has been completed and reviewed, a financial aid decision will be made.  If you qualify for Federal financial aid, you will receive an award letter detailing what portion are grants, what part are loans and what part is work-study.  The Federal government is the only provider of student loans and a large supplier of grants, though grants may be available through other sources.

The FAFSA is a detailed form and requires a lot of preparation, including filing of the most current years taxes.  Other preparation includes:

Your Social Security Number (can be found on Social Security card) Your driver's license (if any) Your 2003 W-2 Forms and other records of money earned Your (and your spouse's, if you are married) 2003 Federal Income Tax Return - IRS Form 1040, 1040A, 1040EZ, 1040Telefile, foreign tax return, or tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia Your parent's 2003 Federal Income Tax Return (if you are a dependent student) Your 2003 untaxed income records - Social Security, Temporary Assistance to Needy Families, welfare, or veterans benefits records Your current bank statements Your current business and investment mortgage information, business and farm records, stock, bond, and other investment records Your alien registration card (if you are not a U.S. citizen) Source: http://www.fafsa.ed.gov/

If you have young children, you will need to register a social security number for them.  If you’ve had a drug conviction, you may not qualify for financial aid.  A drug conviction worksheet is available to determine eligibility.  Even if you don’t qualify for Federal aid, you could qualify for other forms of financial aid if you’ve had a drug conviction.

For those of you who are living with your parents and they claimed you on their taxes, you’ll need to provide the appropriate financial aid information to them and make sure the information is completed on time.

The Federal financial aid package is something every college student should complete.  It is the primary source of all need-based financial aid.  Special attention should be made to your first financial aid application as it is difficult to get a higher aid award in later years.  Also, your information provided on that first application will be saved, so later applications are easier to submit.  You should fill out a FAFSA for every year you are in school.  To receive Federal financial aid, you must also be registered with the selective service.

There are literally thousands of scholarships available for students and they are not all merit based.  Some are based on financial need, program of study, school, race, gender, political affiliation and more.  The list goes on forever.  Most scholarships have an application process with a time deadline.  To best prepare for scholarships, you should take the following steps:

1. Research the scholarships available to you based on the school you choose to attend, your program of study and the amount of the scholarship.  (Some scholarships are very small.)
2. Create a master list of all the scholarships you want to apply for.  Include a table with scholarship amount, application deadline and any special additional preparation the application may need.
3. Follow through and apply for each scholarship on your list.  Keep track of any that you receive.  Keep track of any that you don’t get, but can reapply for.  Some scholarships are awarded each year and just because you didn’t get one this year, doesn’t mean you won’t get it next time.

Combining scholarships with other financial aid is always a good idea.  You may be able to provide a living expense stipend by doing this and decrease your need to work.  Remember, not all scholarships are based on good grades or merit.  Some are need based and others are based on the field of study.

If you apply for Federal financial aid and are approved, work-study is commonly a part of aid that is awarded.  What is work-study?  Basically, it is a job on campus…a guaranteed job.  You may have a choice as to where you work based on the needs of the school and what is available.

Besides the FAFSA application, you will also have to consider how much time you have to work and still complete your schoolwork.  Work-study jobs do not pay very much, usually around minimum wage.  Weigh your work-study wages against what you could earn in the marketplace, but be aware that increasing your income too much over what you reported on the FAFSA for this year could reduce your award for next year.

One of the best tools students have to obtain financial aid is the proper amount of preparation.  Doing solid research on scholarship and grant options, having applications submitted on time and selecting a proper balance of financial aid awards will increase your chance of getting money for school and having the time and money to maximize your school experience.