FACT: Generally speaking, the “early bird” has an excellent opportunity of receiving a better financial aid package than a latecomer. So, it’s very important to pay attention to school, state, and federal financial aid application and submission deadlines.

FACT: First of all, every student living in the U.S. and planning to go to college should fill out the FAFSA form, regardless of the family household income. Approximately 85% of students attending 4 yr. colleges and universities in the U.S. receive some type of student financial aid. Family income is just one aspect taken into consideration. Other factors may include such items as college costs, the number of siblings in college, family assets etc. Most financial aid recipients receive a financial aid award package, a combination of grant, scholarship, loan, and/or work-study.

FACT: mmmmm…The Federal Government may not see it the same way you do.

If you support yourself, live on your own, or file your own taxes, you may still be considered a dependent student for FAFSA purposes. The FAFSA form asks a series of questions to determine your dependency status. If you’re independent, you don’t have to include your parents’ information on your FAFSA form. But if you’re dependent, you must provide your parents’ information.

If you’re a dependent student, determining parental status is not as obvious as you might think… Who is considered your parent for FAFSA purposes.

FACT: Quite the contrary! The Federal Government expects you to complete your studies within a given time frame. Therefore, they have a satisfactory academic progress requirement every student must fulfill in order to continue receiving federal student financial aid. Your college or university has specific policies regarding this federal requirement. Make sure you have a thorough understanding of their expectations before the semester begins.

FACT: If you receive a federal or private student loan, in most cases, you will have to pay back the full loan with interest.  In the case of federal student loans, however, there are exceptions.  FYI – over 35% of financial aid awarded is given out in the form of student loans.

FACT:  As an enrolled college student, you must complete and submit an FAFSA every year in order to continue receiving student financial assistance.   An updated FAFSA will reflect any annual changes in your family’s financial situation. This could impact the configuration of your financial aid award package for the better.
If, however, you or your family should win the lottery, then you won’t have any further need for student financial assistance.

FACT: Going to a private college usually costs more than attending a public college or university.  Because of their costs, private colleges tend to award more financial aid in an effort to attract students from all income levels. So if you have private colleges on your college wish list, then, by all means, do your homework, complete your FAFSA, and pursue those that meet your personal and academic needs.

FACT: For most new freshmen living on campus, working an on-campus job 6-10 hrs a week helps significantly with time management issues. In high school, you had a regimented 6-hour schedule. In college, you basically design your own class schedule, attending classes anywhere from 3 to 5 days a week, one, two, or three classes a day. What do you do for the other 12 hours of daylight…study?? Most likely not. Federal college work-study jobs are terrific opportunities to build your professional skills and work experience. Great college work-study jobs can be had on campus, such as working at the library or campus athletic center. Off campus opportunities exist as well. You’ll find that most college work-study employers are sensitive to students’ academic needs and responsibilities. College Work-Study is usually included in a student’s financial aid package. Think twice before you refuse it!