USA Funds offers college-going advice
College-Bound Students Should Make New Year's Resolution to File the FAFSA
INDIANAPOLIS—USA Funds®, the nation's leading education-loan guarantor, advises families planning to send children to college during the 2002–2003 academic year to make completion of the Free Application for Federal Student Aid (FAFSA) one of their top priorities for the new year.
Completion of the FAFSA is required to qualify for an estimated $45 billion in student aid issued annually through federal programs. In addition, the form is used to determine student eligibility for many financial-aid programs sponsored by state governments, colleges, universities and career schools.
"To maximize their eligibility for financial aid, students should submit the FAFSA by the deadline set by the school they plan to attend, but not before Jan. 1, if they are seeking aid for the 2002–2003 academic year," advises Carl C. Dalstrom, USA Funds president and CEO, who is a former college financial-aid administrator. "Students also should be mindful of FAFSA-filing deadlines for state grant and scholarship programs."
Copies of the FAFSA are available from many high-school counseling offices, public libraries and college financial-aid offices. As an alternative to the paper form, students and their families should consider using FAFSA on the Web. The online form results in faster processing of the FAFSA, and built-in edits ensure greater accuracy.
Information supplied on the FAFSA is processed according to a federal formula to determine the amount students and their families are expected to contribute toward the cost of their higher education. The information is shared with schools selected by the student. Campus officials compare the family's expected contribution with the school's cost of attendance to calculate the student's financial need. The school's financial-aid office then develops a package—typically including grants, work-study and loans—to meet the student's financial need.
"Although the form may appear overwhelming to some families, they can turn to several sources for free help and advice for completing the FAFSA," Dalstrom notes.
Many state financial-aid associations sponsor special assistance programs or telephone hot lines to answer questions about the FAFSA. Students also can seek help from high-school counselors or financial-aid administrators at the schools that they plan to attend. In addition, students and parents with FAFSA questions may contact the Federal Student Aid Information Center at 800-4FED-AID.
Additional information about completing the FAFSA is available under "Funding College" on USA Funds Wiredscholar. See our FAFSA FAQs for answers to common questions about the FAFSA.