According to an October 2009 article by the Washington Post, the average annual tuition rate is $26,273 at private colleges and $7,020 at public schools. These staggering figures can leave students wondering how they're going to pay for an education, and they may leave others feeling shut out from higher education altogether. Even more alarming is the rate at which college costs are increasing. From 2008 to 2009, costs increased 6.5 percent at public colleges and 4.4 percent at private institutions. With billions of dollars up for grabs, students have more opportunities than ever to keep up with the rising cost of college tuition. For even more assistance, students can turn to low-interest loans, which are often funded by the state or federal government to make higher education more accessible. Of course, before you can receive any kind of financial aid, you have to apply for it. For most students, this process begins with the Free Application for Federal Student Aid, commonly known as the FAFSA.
This form is a one-stop-shop type of application and enables students to apply for a wide variety of aid all at once. One of the most important parts of the financial aid process is understanding application deadlines for the FAFSA and other forms. Even the student with the greatest need should expect to receive little or no financial assistance if the FAFSA is submitted past the deadline. Because these deadlines can vary by state, it's critical to stay on top of your financial aid applications to maximize your chances for receiving the best financial aid package possible. To learn more about completing the FAFSA and meeting financial aid application deadlines, read on to the next section. The Federal Application for Federal Student Aid (FAFSA) may be one of the most important forms a student fills out, even more important than all those college applications. The FAFSA is distributed and processed by the federal government and must be completed annually by every student seeking aid.
First-year students fill out a new FAFSA, while returning students complete an abbreviated form known as a Renewal FAFSA. Though it may seem like a chore to keep completing this form each year, every FAFSA you fill out means a new chance for increased student aid, which may reduce your out-of-pocket costs. The FAFSA is the primary source that the federal government uses to determine how student aid should be distributed. The information provided on a FAFSA also affects your out-of-pocket costs and is used by state governments and the colleges themselves in developing aid packages for students. A student who fails to complete the FAFSA or misses the deadline shouldn't expect any type of financial aid from his or her school or the government. Even if you think you won't qualify for assistance of any kind, it's still important to get your FAFSA submitted on time. First, it's a requirement at many schools, and it can leave a bad impression if you fail to submit this form.
Second, and more importantly, you never know if you'll qualify for some type of financial aid. In this case, failing to file your FAFSA on time is the same thing as turning down free money. Ready to get started with your FAFSA and find out how much financial aid you may qualify for? Read on to the next section to learn where to find this form and what you need to know as you complete it. Some colleges may require an additional financial aid application called the CSS Profile. This form is distributed and processed by the College Board. It provides a more in-depth look at the student's finances, as well as the finances of the student's entire family.S. Department of Education, the Web-based FAFSA is the preferred method of completing this form, and it's also the most popular with students. While hard copies of the application are available at most college financial aid offices, there are a number of reasons to choose the online FAFSA over a paper copy.
First, you'll know immediately that your application has been received. There's no chance of it getting lost in the mail or misplaced on someone's desk, which could cause you to miss the deadline. Second, Web-based FAFSAs are often processed more quickly, with aid packages sent to students sooner than they are to those who filed by mail. Before you begin filling out your FAFSA, complete the FAFSA Eligibility Worksheet, which can be found on the FAFSA Web site. This document will help you determine whether you can receive certain types of aid based on any criminal history you may have. You'll need your social security card and driver's license, as well as tax records, bank information and any investment documents in your name. If you're still dependent on your parents for support, you'll also need copies of all their financial records. Once you have all the necessary paperwork, be sure to read the instructions for the FAFSA so you don't make a mistake.
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