Financial aid is an important part of lowering education costs and graduating from school with as little student debt as possible. As discussed in several prior articles, I received generous need-based financial aid to attend college and graduate school. Although many people do not qualify for financial aid due to their families’ financial background, financial aid can be a critical lifeline for many students. After reflecting on my own experiences with financial aid, there are several tips for applying for financial aid which all students should be aware of when they apply for financial assistance to complete a degree.
Do Your Research
Before completing any financial aid paperwork, one of the most important tips for applying for financial aid is to do your research. Many schools use common forms for the financial aid application process, such as the FAFSA, CSS Profile, and others. However, many schools have their own individual forms that must be completed in order to apply for financial aid. In addition, schools have varying deadlines by which paperwork must be completed to apply for financial aid.
It is important for students to research the financial aid process for each of the schools to which they will apply. Students should keep track of all of the documents that need to be completed to apply for financial aid and the deadlines associated with applying for financial aid. By staying organized, you can ensure that you will successfully apply for financial aid at each school to which you apply.
Apply to All Schools
Another one of the critical tips for applying for financial aid is to apply for financial aid at all schools to which you apply for admission. Students normally apply for admission to many different schools so that they have options about where they wish to earn a degree. It is usually important to apply to some safety schools, some reach schools, and some schools in between. In addition, students are regularly admitted to schools off the waitlist late in the admissions cycle.
It might be difficult to apply for financial aid for each school to which you apply for admission. However, it is important that forms be completed and paperwork be filed for each school, even before you are admitted or even if you will be denied admission to a school. It is difficult to predict where you will be admitted to earn a degree so it is important to apply for financial aid at all schools to which you seek admission.
Apply Early
Applying early is another one of the important tips for applying for financial aid. Schools typically have a limited amount of financial aid that they can award in a given year. As a result, applicants may be more likely to receive generous financial aid if they apply earlier in the admissions cycle. In addition, if students apply for financial aid too late, there may not be enough funds available to receive financial assistance.
In addition, it is also important to apply for financial aid early, since some schools require this. Many schools have financial aid deadlines that are before the application deadlines in a given year. It is important to comply with financial aid requirements by established deadlines, and this is another reason why you should apply for financial aid early.
Don’t Stop Looking
Another one of the good tips for applying for financial aid is to never stop looking for assistance, even after you have enrolled in school. As mentioned in a prior article, I was able to boost my financial aid after I was admitted to college. Indeed, during my Sophomore year of college, I was awarded an accolade that came with an additional $10,000 of financial aid each year I attended that university. This essentially meant that I did not need to pay for educational expenses from that point forward.
In addition, as a law student, I transferred to a better school that offered me substantial financial aid. Even though my second school was located in an area with higher living costs, it was significantly less expensive to transfer law schools. As a result, students should always be on the lookout for additional financial assistance or transfer opportunities that can lower their student loan burden.
Update Your Information
When considering tips for applying for financial aid, it is important to remember that you should feel free to update your financial information whenever it is necessary to do so. Tax returns, bank statements, and other documents may not accurately reflect the financial reality of a family. In addition, a family’s finances can change dramatically from the time forms are completed to students enrolling in school.
Indeed, this was the case with my family. Our family’s finances were much worse than documentation reflected, and had changed due to the fact that I enrolled at school months after financial aid forms were completed. My father and myself took steps to inform my school of the change in financial circumstances, and my financial aid package was increased. As a result, students should not be afraid to revise financial aid information provided to schools.
All told, every student who thinks they qualify for financial aid should apply, since financial aid can have a major impact on your student debt burden. And if you keep a few tips for applying for financial aid in mind, you should be able to receive the most financial assistance to earn a degree.