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Professional Explains Where to Start When Looking for Financial Aid
By Catherine Groux
Posted May 25, 2012 12:26 PM
A professional explains why filling out the FAFSA is so important.When associate's and bachelor's degree seekers first begin the financial aid process, it may seem like an endless maze of scholarships, loans and grants. With so many options, students may wonder where they should start when deciding how to pay for college. In a recent interview, Colin Gruenwald, director of SAT and ACT programs for Kaplan Test Prep, said this should be a no-brainer.
Students' first step in searching for financial aid should always be filling out the Free Application for Federal Student Aid, or FAFSA, Gruenwald said. By filling out this form, degree seekers are matched with a wide variety of grants, scholarships and loans on a need basis. The FAFSA is available to students free of charge every January 1 and, according to Gruenwald, it is crucial for students to keep this date in mind.
"What's important about this date is that it is largely a first-come, first-served program," he said. "The students that apply for aid early are going to be pulling out of the largest pool of funds and are going to be matched to limited resource loans and limited resource grants and scholarships. It is absolutely crucial that people fill this out."
When January 1 rolls around, Gruenwald advises students to avoid sitting down and trying to fill out the FAFSA themselves. Instead, they should have a parent or guardian with them to expedite and facilitate the process.
"It is not just putting in your name and how much money you want," he said. "It is more akin to filling out a tax form where you need to be able to fill in income information and investment information that a parent would have access to so that the site can calculate expected family contributions."
After students fill out the FAFSA and therefore apply for a wide range of scholarships, loans and grants, they should think about finding financial aid independently. Gruenwald recommends that, during this process, students think about how they can cast the widest possible net.
For example, individuals can sign up for scholarship services through websites like FastWeb.com and FindAid.com. By filling out some basic information on these sites, students will automatically receive emails about many financial aid options, including scholarships.
Overall, Gruenwald said students should stay organized and think about financial aid early in the college admissions process. In doing so, they can ensure that not only will they be accepted to their dream school, but they will also be able to pay for it.
