FAFSA IS FIRST STEP IN SECURING FINANCIAL
AID
~Empowering you to
clear your child's path to and through college~
January 2008
The race for financial aid
dollars will soon begin. On January 1, 2008, the annual
winter window will open, during which key pieces of
information must be submitted to the colleges and universities
that college-aged children might attend next fall. And
parents must approach the starting blocks with one essential
form in their sights - the FAFSA.
FAFSA stands for Free Application
for Federal Student Aid. Developed by the U.S. Department
of Education in the mid-1990s, the FAFSA is intended
to help level the playing field in helping schools to
make decisions about how and to whom they award precious,
need-based financial aid dollars. This leveling occurs
because the FAFSA allows for an evaluation of family
financial circumstances that is consistent and as equitable
as possible, though certainly not perfect.
There are several myths that
abound when it comes to financial aid. These myths include:
-
Only students with high GPAs get all the aid;
-
Only extremely needy students can receive financial
aid, so if your family income is high, then don't
bother to apply; and
-
If your older son or daughter didn't qualify for
aid, then neither will your other children.
The facts are that the vast
majority of financial aid dollars go, as they should,
to those who truly need the money. Yes, merit dollars
are available, but only at some schools, and in fairly
limited quantity. It is true that merit dollars are
growing more quickly than need-based funding, but the
most selective schools in particular have more than
their share of deserving - and high-achieving - applicants,
so they have adopted a "need-blind" policy that awards
financial aid dollars to any student who is able to
achieve acceptance.
And financial aid does not
just mean scholarships. It also means money to help
pay for college that is awarded, paid in return for
work-study, or loaned with the full faith and backing
of the U.S. government.
While deadlines vary from
school to school, no school will award a penny of need-based
aid unless and until the FAFSA has been reviewed and
analyzed by the U.S. Department of Education and by
the school's financial aid office. In fact, some schools
require information beyond what is contained in the
FAFSA, either on forms they have created themselves,
or on a form called a PROFILE, that is provided by the
College Scholarship Service, a unit of the College Board.
Parents should check with the college or university
for requirements and deadlines.
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