by Caleb Fort
Daily Lobo
It's the time of year for finals, vacations and the FAFSA.
Although the application process can be daunting, all students should go through it, said Rob Franek, vice president of publishing for Princeton Review books.
"I think, generally, just talking about college costs is intimidating to students, as well as their families," he said.
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Although the deadline to submit an application isn't until July 2, Franek said students should apply as soon as possible to make it easier for their families to budget for the next year.
The earliest students can apply is Jan. 1, although the application requires tax forms that aren't always available by that time, he said.
The FAFSA is required to receive all federal student loans and grants.
Student Michelle Kilgo, who has filed the application twice, has received loans and a federal Pell Grant.
"I don't think it was confusing or intimidating," she said. "Filling it out online was pretty easy."
There's no harm in applying, she said.
"Anything helps," she said. "It's like money in your pocket - at least if you get a grant. With loans, of course, it's a different story."
The application gives need-based aid, which is calculated as the difference between the cost of college and how much a family can afford.
One of the biggest mistakes people make is thinking they won't get anything out of the application, Franek said.
"A family shouldn't assume that they won't qualify for financial aid," he said. "Even if you have a good salary, that's not all they look at it. Never cross a school off of one's list of considerations because of cost."
The price of the school and the number of other people in the family attending college are considered when the government decides how much money to give, he said.
Graduate student Shirley Heying said the application is easier than when she was an undergraduate in the early '90s.
"For me, it's not very difficult," she said. "Now that you can do it online, it at least processes pretty quickly."
Heying said she has helped people in a homeless shelter apply for college. They had a more difficult time than she has, she said.
"If you're computer-savvy, the whole thing is pretty easy," she said. "If you're not, it can be pretty difficult."
Franek said applying online is faster but not necessarily better.
"By way of speed, it's easier to do it online," he said. "It's wherever the family's comfort level lies."
Families shouldn't be afraid to ask schools and the U.S. Department of Education, which is in charge of the FAFSA, about their financial aid options.
"To ask the substantive questions about how to get aid can make people kind of skittish," he said. "You have to school yourself in the language that's used for this kind of thing - lots of admissions folks and financial aid guys throwing these terms at you."
Students should file a FAFSA this year, even if they haven't filed one in past years, he said.
"It's never too late," he said. "Without question, all students should fill it out."
Records you'll need to fill out the FAFSA:
Completed federal tax return forms
W-2 forms
Records of untaxed income
Bank, brokerage and mortgage statements
The student's Social Security number and driver's license number
Investment and business records
Records of child-support payments
Records of medical and dental payments
If you haven't
completed your
taxes, you'll also need:
A blank copy of the federal income tax form
A copy of your federal return for the previous year
1099 tax statements
Record of postsecondary tuition paid
Source: Princeton Review Web site
Tips for filling out the FAFSA:
File the application as soon as possible. The earliest date you can file is Jan. 1, but the application requires tax forms that sometimes aren't available until later in January. Filing early gives you more time to plan your budget around the money you receive and to fix any problems with your application.
If you can't get your taxes done early, estimate your income and expenses for the year. You can update your application once you file your taxes.
Practice filling out the form. If you're filing a paper copy, make photocopies to practice on. If you're filing online, you can print practice copies or fill out a practice form online.
Fill out the form right. Don't write in the margins. Don't give ranges of numbers such as $500-$600. Use whole dollar amounts.
Don't leave anything blank unless the form says you are allowed to. Use a "0" instead. If you don't follow these rules, you will get a form asking for corrections, which will slow down the process.
Even if you haven't gotten much financial aid in the past, you should still fill out an application. Things like moving and sending another child to college can make it more likely for families to get money.
Source: Princeton Review Web site and Rob Franek, vice president of publishing for Princeton Review books
