Norway Savings Bank - more than money

Need help paying for college next fall? High school seniors and their parents should focus like a laser on completing the all-important, annual Free Application for Federal Student Aid (FAFSA) as soon as possible. Not only is FAFSA the gateway to federal student aid, most states and colleges rely on FAFSA to help formulate nonfederal aid awards. Since January 1, millions of students have been filing or renewing their FAFSA. If you haven’t filed yet, what’s the hold-up? 

“I won’t qualify for federal aid anyway, so why bother?”
Actually, everyone filing the FAFSA is eligible to receive some form of financial aid, whether it is grants, low-interest federal loans, or student employment. Federal student aid offers both need-based aid and merit-based aid. Colleges, states, and scholarship programs also use FAFSA in awarding nonfederal aid.

Nellie Mae urges all students to just file their FAFSA (it’s FREE) to confirm their eligibility status. In 2004, a shocking 1.8 million undergraduates who did not submit a FAFSA were actually eligible for free Pell Grants. Why? The vast majority wrongly assumed that their low- or moderate-income families made too much money, according to a 2006 study by the American Council of Education (ACE). Be sure you don’t you miss the boat!

“I want to file a FAFSA, but I don’t know how.”
Visit www.fafsa.ed.gov and apply online, or get a paper FAFSA application from your high school guidance counselors, the library, or print the application from the FAFSA web site. Completing your FAFSA online has the added benefit of built-in checks to flag errors, inconsistencies, and lets you fix errors online. Leaving fields blank can cause processing delays of up to three weeks, which may reduce your final aid package. Follow instructions, and take the time to avoid mistakes that might delay processing your FAFSA application.

“What’s the rush? Our 2006 taxes aren’t done yet.”
Financial aid is handed out primarily on a first-come, first-served basis, so early filing can mean a better financial package. It makes sense to get your FAFSA in before your school allocates its pot of federal and nonfederal financial aid. To encourage early filing, FAFSA allows you to estimate those taxes then update your application online. Better yet, try to file both your taxes and FAFSA early. Think refund!

“My home life is pretty complicated right now."
Maybe you've recently lost a parent, or a parent has lost a job. Perhaps a stepparent won't provide the information you need to complete a section of the FAFSA. Maybe your parents' recent separation or divorce is making the paperwork a confusing mess. If the help section of the FAFSA web site can't guide you, count on your guidance counselor to advise you on special circumstances. Whatever the circumstances, you must provide truthful information. Your signature on the FAFSA is a promise that the specifics you reported are accurate, and all the data is subject to verification.

“I hope to start school next fall, but it’s not definite.”

Then it’s wise to complete your the FAFSA form now. Filing is free. You’re under no obligation to attend, but if you decide to apply to college later in the year, you’re all set.

 
“What if I need help completing the FAFSA?”
Talk to your guidance counselor, visit the FAFSA’s excellent web site at www.fafsa.ed.gov, or call the FAFSA experts at the Federal Student Aid Information Center at 800-433-3243.

Students and parents can also turn to Nellie Mae at www.nelliemae.com to learn more about the financial aid process, federal student loans, and other financial aid options.