The deadline for fall 2010 college applications is looming. Students rush to write those essays and scramble to find teachers to write recommendations on their behalf. Meanwhile, parents debate how in the world will they be able to send their child to college. For example, a private institution could cost up to $50,000 a year between tuition, room and board, fees and books. However, there is something missing from this picture of preparation during the student's senior year of high school.
Government Student Grants
How is this possible? To receive a grant? What admission officers won't tell parents is it is harder than one thinks. Grants are given to those who show extensive financial need or come from low income families, yet the odds can be more in the parents and students' favor if they apply early enough for financial aid. It is a matter of timing, which schools do not tell applicants and their parents.
For example, many FAFSA deadlines are February or March, some even as late as April. However, applying this late will not give students the upper hand when trying to obtain the best financial aid possible. Even if the FAFSA deadline is February 1, and the applicants have electronically submitted their FAFSA by February 1st on the dot, that is NOT good enough.
College Financial Aid, When to Submit FAFSA
Plan to submit by January 1st. Yes, that is right. Submit by January 1st or as soon as possible after the new year; otherwise the applicant's chances for receiving a substantial amount of financial aid (or any financial aid at all) dramatically decreases.
Submitting the FAFSA then becomes very simple in regard to a deadline. The closest to January 1st parents and applicants can submit becomes the new deadline, and that applies for all children in a family now and for the future. Though it may add stress to the college application process, it can be worthwhile in the end.
Financial Aid Applications, Tax Information & School Deadlines
Parents should mark their calendars to have tax income figures ready on the first of January or soon after. It is not necessary to have the exact numbers from an accountant, which is why many parents stall when applying for aid. Parents must get out of this mindset, and think about estimating tax information from the previous year instead. An estimate is perfectly fine to put on the FAFSA as long as parents fill in the correct area and then update the information later on when they have the exact numbers.
For parents who strive for the best financial planning for their child, submitting the FAFSA as early as possible is the best way to increase their chances of receiving financial aid. Income tax estimates are fine, so parents should guess away and electronically submit.
Parents should read these articles which discuss other college savings options for their children: Uniform Gift to Minors Act, Uniform Transfer to Minors Act and UGMA vs UTMA Account.
More Information on Student College Financial Aid
This article, State v. Private College, Best Financial Aid, discusses where to get the best financial aid package.
This article, Tuition-Free Colleges, discusses four full scholarship universities.
This article, Best State Schools for Financial Aid, discusses which schools offer the most money.
This article, Private Colleges with Best Financial Aid, discusses which private colleges offer the most money.
This website, White Picket College, discusses financial aid strategies and funding for the upper middle class.
Jennifer Ciotta - Jennifer Ciotta is the author of I, Putin (Vladimir Putin novel): http://vladimirputinnovel.com.
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