Obtaining Money for College
The first is to: Know Your Dependency Status
A common mistake individuals make when completing the application, especially parents, is to assume that the DEPENDENT Student has a better chance of receiving funds because they are dependent on their parents or guardian for support. The truth is actually the OPPOSITE! Because DEPENDENT students rely on their parents for support, any funds they may be eligible for will be based solely on the parent’s income. The INDEPENDENT student, on the other hand, will have any eligible funds calculated based solely on their own income.
For EXAMPLE: An INDEPENDENT Student’s Annual Income Might be $6,000 While the DEPENDENT’S Income (Based on Parent’s Annual Income) is $30,000.
While it may require the student submit a statement indicating any additional outside financial “help” they receive from parents or whomever, as an INDEPENDENT student their financial award will be based on their own income, and won’t require documentation on the finances of that outside “help”. Obviously, the student with the smaller income will receive more financial aid.
When it comes to the application: Complete Forms Accurately
It is important to take your time and make sure to fill out the application and all required forms completely and accurately. The application will specify how to document fields that don’t apply, such as responding with: Not Applicable or N/A. This way there are no blank spaces on the forms that would indicate incompleteness rather than information that did not apply to the student. Also, make sure that the information on all the forms is consistent. If there is contradictory information, this could hold up the process, or make the student appear ineligible.
Appreciate the Financial Aid staff: Establish A Good Rapport
This point is not to be underestimated or taken for granted. Establishing a good rapport with at least one employee in the financial aid office will be more of an advantage than you realize. Even the financial aid clerks and student workers can be an undeniable source of help, especially when they begin to know you on a first name basis. They may be instrumental in gaining knowledge about check disbursements, form completion and deadlines, as well as other important issues.
To receive funds on time: Keep Appointments & Deadlines
Mostly everything you do that is associated with receiving financial aid is time sensitive. This includes getting your application in before the posted deadline for the school year you are considering. You should also be aware of any priority deadlines which may result in access to additional school funds. It is equally as important to keep all appointments scheduled by the financial aid office. BE ON TIME AND BE PREPARED! This means bringing any documents or additional information that they may have requested.
Keeping appointments and deadlines requires a: Organized System
The best way to keep appointments and deadlines and help make sure your information is consistent is to maintain a Financial Aid folder of your own. It should contain copies of every form, document, and piece of information you’ve submitted. This should also include a calendar listing important dates, as well as a phone log. The Log will show the times and dates of calls to the financial aid office, as well as the purpose of the call, and who you spoke with. This lets you keep up with the status of your case and know how things are progressing. It also never hurts to place an occasional call (perhaps to your confidant in step 3 above) just to make sure there is nothing else required for your file. (Many many times in my past experience working in the Financial Aid Office I’ve seen students miss important deadlines. Doing so resulted in them becoming ineligible for aid. Imagine being denied simply because their file was lacking a document that they hadn’t even been notified about!) STAY ON TOP OF YOUR OWN CASE!
Another thing to keep strict watch on is: Your Academic Progress
This point should not be taken lightly. The whole purpose of Student Financial Aid is to assist the student financially during the school term, so they can concentrate on their academic goals. If you allow your grades to slip, you risk Academic Probation, which may cause your financial award to be suspended or stopped altogether. To prevent this from happening:
* Maintain Good Attendance & Study Habits
* Keep Up With Your GPA (Maintain Financial Aid Requirements)
* Never Drop Classes When Nearing A Check Disbursement Period
The last point, also about academic progess: College Work Study
Little do people realize, The College Work Study Program (CWS), is a form of financial aid, and your CASH AWARD is limited by the funds paid to you through the CWS program. Many students choose to work (CWS) and find that their academic progress begins to slip. The sad thing is, they don’t realize that they could probably quit the CWS job, which would help them have more time to study so their grades could improve. In most cases, they would even receive a HIGHER CASH AWARD! Make sure you’re not cheating yourself in this way!
Following these basic guidelines may assure your success in receiving Federal Financial Student Aid, but only you can make sure the funds are properly applied. Prepare your mind (before you see the check) to receive your award, and use it for the purpose intended; BOOKS, SUPPLIES, and other related materials. Get the things you really need. SPEND IT WISELY!
