February is Financial Aid Awareness Month and whether you're a new or returning student, now is the time to get your finances in order for the 2012-2013 college year. Not sure where to start? We've put together a Financial Aid Checklist to help clear things up for you.
FAFSA
At the top of your list should be the Free Application for Federal Student Aid, or FAFSA. The information collected is used to determine if you’re eligible for any state, local, or private aid. Schools also use FAFSA data when awarding their institutional financial aid. No matter what your financial situation is, everyone should complete the FAFSA to take advantage of any aid that’s out there. Here are some tips:
- Complete the FAFSA as early as possible. Don’t wait until you’re accepted somewhere or filed your tax return. You can use your prior year's income and request that your tax information be updated automatically when it becomes available.
- Check the list of schools you’ve applied to and see when their FAFSA deadlines are. Deadlines will vary by school and you don’t want to submit it late.
- Make sure to give the most accurate financial information. Otherwise, it could negatively impact your Expected Family Contribution (EFC, or the amount of money FAFSA thinks your family can provide).
CSS PROFILE
Some universities and private schools will require that you complete the College Scholarship Service (CSS) PROFILE form, which collects more financial information than the FAFSA does. The CSS PROFILE form has a fee for each school that requires it, so make sure you check with the schools you're applying to and see what forms they need you to complete.
Private Scholarships
Along with providing your financial information, don’t forget to apply for private scholarships. One of the best places to look for scholarships is Fastweb.com. Fastweb features over a million scholarships and lets you search for awards based on your unique skills or interests.
One Step at a Time
All of this might seem a little overwhelming, but the best thing to do is take your Financial Aid Checklist one step at a time. And remember, a little effort now can pay off big time later.
Helpful Links
For more information about the FAFSA and other types of aid, visit FinAid.org
Search through scholarships at Fastweb.com