Page 324 - Keys To Community College Success

website (www.ed.gov/finaid.html). You will create a personal portfolio, called
MyFSA, on the site. This is where you will enter and store information, including
your FAFSA form and any other pertinent forms. The U.S. Department of Education
has an online tool called FAFSA Forecaster to help you estimate how much aid you
qualify for. You will need to reapply every year for federal aid. Note: This is a free
tool. If you hear about services that charge a fee for completing your FAFSA for you,
avoid them.
■ Seek private aid. Thoroughly investigate what you may be eligible for. Search librar-
ies and your school’s website, go through books that list scholarships and grants,
talk with a financial aid advisor on your campus, and check scholarship search sites
such as Scholarships.com and Fastweb.com. Know details that may help you iden-
tify sources available to you (you or your family’s military status, ethnic background,
membership in organizations, religious affiliation, and so on). However, be wary of
private loans, which can have higher interest rates than federal loans, less flexible
terms of repayment, and tougher consequences for late payments or defaults.
■ Consider a range of options. Stay open to risks that are not your first choice but
may prove productive. For example, transferring to a less expensive school may
provide you with a comparable education while helping you to minimize debt.
Changing your major to something with better job prospects could earn you more
money to help pay off loans.

Applying for aid
Apply by the deadline, or even better, early. The earlier you complete the process, the
greater your chances of being considered for financial aid, especially when you are com-
peting for part of a limited pool of funds. Here are some additional tips from financial
aid experts Arlina DeNardo and Carolyn Lindley of Northwestern University: 11
■ Know what applications you need to fill out. All colleges require FAFSA, but some
also require a form called the CSS/Financial Aid Profile (see Student. collegeboard.org).
■ Note the difference between merit-based and need-based aid. While some aid is
awarded based on financial need, other aid is merit based, linked to specifics such
as academic performance, a particular major, or ethnic origin.
11 ■ Be aware of the total cost of attending college. When you consider how much
CHAPTER ■ If you receive aid, pay attention to the award letter. Know whether the aid is a
money you need, add books, transportation, housing, food, and other fees to the
cost of tuition.

grant or a loan that needs to be repaid. Follow all rules, such as remaining in good
academic standing. Pay attention to all reapplication deadlines and meet them
(many require reapplication every year). If you’re late, you won’t be able to apply.
■ Spend the money you receive on your needs. Especially if it comes in one big
check, the money might look so good that you will be tempted to buy a car and
do some extra shopping before you get to that tuition bill. Don’t let your wants
distract you from your needs. Put your aid toward coursework and related food
and housing expenses first.
■ Don’t take out more money than you need. If you max out on your total aid too
early in your college career, you could run into trouble as you approach graduation.
Look at your needs year by year and make sure you are only taking out what is
absolutely necessary. Keep future plans in mind if you want to transfer to another
institution and earn a separate degree. Consider the statistics: Approximately 55%
of students who graduate with a bachelor’s degree carry $28,000 in debt. 12

Finally, if you receive aid from your college or somewhere else, follow all rules and
regulations closely. Also, take a new look each year at what’s available. You may be
eligible for different grants or scholarships than those you first applied for.

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