AUGUSTA - Rep. Matt Pouliot of Augusta announces that help is available for Maine students and families seeking financial aid for higher education.
“If
your child is planning to attend college, trade or technical school in the
fall, January is when families should get serious about financial aid
applications. For most families, financial aid has a significant impact on the
college the student ultimately attends,” Rep. Pouliot said.
To
help parents navigate the financial aid process, the Finance Authority of Maine
(FAME) will hold 29 In-Person Free Application for Federal Student Aid (FAFSA)
Help Sessions around the state and has ongoing support online at
FAMEmaine.com/FAFSA. This is the 11th year FAME has made these
In-Person FAFSA Help Sessions available to Mainers. Over the years FAME has
assisted more than 6,000 families through these events.
Mila
Tappan, college access and outreach manager at FAME, shares five tips with
families about how and when to get started. “Significant financial aid does
exist,” said Tappan, “so everyone considering college should fill out the FAFSA
and any other required financial aid applications as soon as possible! The earlier
students apply, the more aid they may be eligible to receive.”
Tappan
continued, “Funds are limited, so families need to understand the process to
make sure their student receives the maximum amount of financial aid available.
Here are five tips I share with students and their families to help them
navigate this process.”
Tip 1: Just do it! Fill out the FAFSA! The Free Application for Federal
Student Aid (FAFSA) is the federal application that all schools use to
determine student eligibility for federal financial aid. Many states (including
Maine) and schools also use the FAFSA to distribute their own need-based
financial aid.
Tip 2: The “early bird” sometimes gets the worm.
Fill out the FAFSA as early as possible.
The FAFSA for the 2015-2016 school year became available January 1, 2015 and
can be found at www.fafsa.gov. Many types of
financial aid are only awarded to students who meet the specified deadline
(each state and school has their own deadline), and some schools award aid on a
first-come first-served basis. Don’t
wait until your taxes are done to file the FAFSA – estimate the information and
update it later!
Tip 3: Be prepared. Have the following
information (if applicable) available when you sit down to complete the FAFSA:
Social
Security numbers for the student and parent(s)
Driver’s
License numbers for the student and parent(s)
Student
and parent(s) federal tax information for 2014 (if taxes not yet filed,
estimate using 2013 tax returns or 2014 W-2 form(s) or final pay stubs)
Records
of any untaxed income and a list of student and parent assets
List
of schools your child is considering.
Tip 4: Make the time. Help is Available. Years
ago, the FAFSA had more questions and took a long time to complete. Now it is
easier than ever and most families can finish the FAFSA in less than 30
minutes. If you need help, FAME offers In-Personal FAFSA Help Sessions and
online support:
29 In-Person
Help
Sessions statewide in January and
February with financial aid experts available to assist families in completing
the FAFSA form. To find an event, visit: FAMEmaine.com/FAFSA
Online Support: If families
can’t attend an in-person help session, they can visit FAME for FASFA online help.
There, they can download an information checklist and watch a video that offers
tips on how to fill out the FAFSA form at FAMEmaine.com/FAFSA. Families can
also call 1-800-228-3734 with questions.
Tip 5: Do your homework. The FAFSA is just one
step in the process. Here are other items to follow up on:
Ask
if the school(s) has any additional applications required to apply for the
school’s financial aid.
If
income was estimated, update information on the FAFSA after taxes have been
filed, ideally by using the IRS Data Retrieval Tool.
Provide
the school with any other required documentation or forms.
Compare
awards from each school by focusing on the “net price” – the cost minus grants
and scholarships (funds that don’t have to be repaid).
Before
borrowing any loans, understand the difference between federal and private
student loans.
Search
for scholarships and continue to do so throughout the year.
Scholarships
can take time to locate and apply for, but they are a great way to help pay
some of the cost of college or reduce student loan borrowing. Visit these FREE
sites (never pay to apply for a scholarship) to help you get started:
Some
great online resources for national scholarships include:
Fastweb.com
Zinch.com
Bigfuture.collegeboard.org
Tappan
noted, “My recommendation regarding scholarships is to start early and create a
system to keep track of applications and submission deadlines. The students who
are most successful set aside time every week – even 30 minutes – to search and
apply for scholarships. The hard work often pays off and some scholarships are
even renewable.”
Speaking of
scholarships, FAME
is offering three $1,000 scholarships for participants that complete the FAFSA
at the in-person help sessions or through FAME’s online support program.
Winners will be randomly selected at the beginning of May 2015.
No comments:
Post a Comment