Financial Aid and Scholarships

Unless you’re willing to turn down free money, make sure you take the time to better understand financial aid and scholarships. Despite common misconceptions, everyone should complete a federal student aid form or FAFSA^SM, and there are scholarships available for every kind of student.

Federal Student Aid and the FAFSA

Most student financial aid comes from the federal government. Families qualify for federal student aid by filling out the free FAFSA application after January 1st of a student’s senior year of high school. The FAFSA will analyze financial information for the student and the family, and establish an Expected Family Contribution (EFC). Even if your family doesn’t qualify for federal student aid, applying and getting this number may help your student qualify for other types of aid from schools, states and scholarship funds.

Even though the FAFSA is the basis for financial aid decisions made by many schools and states, keep in mind that their deadlines may be different from those used for federal student aid. You may also need to fill out additional paperwork to complete your application.

Beware of websites and services that charge money to help you complete the federal student aid application process. It is a free service offered by the government, and there is a wealth of free information and help available.

If your child is still a dependent, filling out the FAFSA will require a bit of coordination. You’ll need to have income information and other documents available for parents and the child, including:

• Your child’s Social Security Number
• Your child’s driver’s license, if he/she has one
• Your child’s W-2 forms
• Federal Income Tax Returns (parents’ and child’s)
• Untaxed income records
• Current bank statements
• Current business and investment mortgage information, business and farm records, stock, bond and other investment records
• Alien registration or permanent resident card (if you are not a U.S. citizen)

Scholarships

Each year, billions of dollars in scholarships are made available. While some may come with seemingly impossible criteria, there is something out there for almost everyone. Work with your child to find scholarships that match his or her strengths and interests.

Here are some ideas for finding scholarships for which your student may qualify:

• Check with your child’s school counselor. They may hear about less publicized scholarships.
• Ask your employer. Some companies make scholarships available to children of employees.
• Talk to a prospective college about their scholarships.
• Search print directories like “Peterson’s Scholarship Almanac” or “The Ultimate Scholarship Book”
• Let online services search for you. By registering with sites like Fastweb.com or Scholarships.com, your student can be notified about scholarships that match his/her profile.

Once you’ve landed on some scholarship opportunities that appear to be a good fit, work closely with your student to:

• Complete all application materials accurately
• Obtain and include necessary supporting documentation (transcripts, test scores, etc.)
• Meet application submission deadlines

If the scholarship for which your child is applying requires an essay or a personal interview, be sure to review drafts of written materials, conduct practice interviews, and offer suggestions on improving both prior to the filing the application or the actual meeting date.