Experts say its never too soon to apply for college financial aid

By Brett Dalton

Herald-Tribune

Fort Scott, Kan. -- For many students across the country, starting college can be difficult and nerve-wracking. From finding their classrooms to just finding a place to park, students find the early days of their college life are full of issues that need to be tackled to ensure a smooth transition.

One of the most important issues for most students is figuring out how they are going to fund their higher education. While some will be able to pay out of savings or will have their parents pay for college, many will have to rely on other types of assistance, most commonly known as financial aid. Applying for financial aid can sometimes be as tricky as finding that parking spot, but remembering some useful tips can help make the application process easier than expected.

According to Fort Scott Community College Financial Aid Director Bonnie Quick, the first step in applying for aid is accessing the Free Application for Federal Student Aid (FAFSA).

"The FAFSA is the first thing," Quick said. "Everything starts with that form."

While the paper form of the FAFSA is still available for students -- they can be picked up at the college's financial aid office -- the most common way of filling out the FAFSA is online at www.fafsa.ed.gov. Quick said filing via the Internet is quicker and that the government has actually said it prefers that students to file online.

Filling out the FAFSA involves providing the student's and often his or her parents' personal and financial information. By applying online, all that information can be processed by the government in three to five days, and the student can quickly receive his or her Student Aid Report (SAR). If the application is complete, the student's Expected Family Contribution (EFC) will be printed on the SAR. The school uses the EFC to determine the student's financial aid.

Another helpful tool in the application process is the student's PIN number, which serves as the student's electronic signature for his or her aid application. Students can request their PIN number online at www.pin.ed.gov.

The alternative to signing the FAFSA electronically involves printing out a signature page, signing it, then sending it off in the mail. Quick said that signing electronically can also help speed up the financial aid application process.

"Plus, you don't have to worry about having the state try to match up your signature page with your application form," Quick said.

After understanding what it takes to apply for financial aid, the next important step is knowing when to apply. According to Quick, the application is no time for procrastination.

"The sooner the better," she said.

According to FAFSA's Web site, the last day to apply for financial aid online is July 2. Though financial aid is not always given out on a first-come, first-served basis, applying early can help ensure that the student receives what he or she needs for college.

Also, according to a financial aid assistance Web site, www.financialaidforcollege.com, students should apply for all forms of financial aid including loans, grants and scholarships. Even if the student does not think he or she is eligible for certain types of aid, it never hurts to apply.

Other tips when applying for financial aid include being prepared for all or most of what the application will ask for, which involves having all financial statements and tax returns available and organized.

Also, experts recommended that students be sure to look over the application carefully and try to understand why each question is asked, while also reading the fine print. Taking one's time and not skipping ahead in the application can also be beneficial to students.

The FAFSA's Web site includes a number of helpful tips and answers many frequently asked questions when it comes to applying for financial aid.

Also, if a student is sure of which school he or she will attend, that school's financial aid office can also assist in applying for financial aid.