General Tips :-

• Be sure to read all financial aid publications and correspondence thoroughly to educate yourself and make sure that you understand all procedures and your rights and responsibilities.

• The Free Application for Federal Student Aid (FAFSA) is the only need analysis document that can be used to disburse Federal aid. That is why it is often referred to as the PRIMARY aid document.

• Did you know that if colleges use the SECONDARY aid document referred to as the CSS PROFILE that it could be more important than the PRIMARY? (Why?!!...because the colleges that typically use this document give out more aid sponsored by their institution than what is awarded at their schools from the FAFSA.)

• Timing and accuracy are the critical factors in applying for aid. If you do things on time and return forms quickly you will cut through the problems and be notified of your financial aid eligibility sooner.

• Remember, applying early provides you with plenty of time to respond to letters and requests from the federal processor and/or your school's financial aid office.

• Don't wait until the last minute. It will result in less aid and long lines. Late applicants should be prepared to make a partial payment of tuition and fees themselves.

• Priority deadlines mean that students who submit their information into the college aid office by this deadline will get the best consideration for gift aid (grants and scholarships).

• Colleges establish closing deadlines when they want to cut off receiving any further documents or requests from students for aid.

• There is a misunderstanding about deadlines for submitting FAFSA documents. The FAFSA processing center will accept documents through June of the next year. Deadlines for receiving FAFSA results, called a STUDENT AID REPORT (SAR), are established by the colleges and not by the Federal Government.

• Did you know that your financial aid office can help you complete your FAFSA and loan application if you have questions? You really should go see them more often!

• Don't be afraid to ask questions! Your Financial Aid administrators have worked and trained in financial aid for many years.

• Be sure to double check all forms for accuracy and completeness before you submit them.

• Don't forget to sign all forms and to make a copy for your records.

• Remember to respond promptly to any correspondence you receive from the school or the application service.

• Be sure to keep a file with copies of all forms you use to apply for financial aid and any forms or correspondence you receive or send that are related to your aid application.

• Photocopy everything, including your FAFSA, the SAR, tax returns, loan applications, award letters, everything! It could come in handy later.

• Did you know it takes approximately four to six weeks for your FAFSA to be processed by the Federal Student Aid Programs?

• Did you know that only one FAFSA needs to be completed for all schools? (Why? Because the federal central processor will distribute the results to each of the schools that you had listed on the FAFSA.)

• Don't be surprised if things take longer than you had planned. For example, on average it takes about 3 months, from the time you file the FAFSA, to receive a check from the Stafford loan program. If you apply with the FAFSA in July, your money will not be in until around October, after your tuition is due for the Fall semester.

• Don't forget--you have to reapply for financial aid every year that you need financial aid.

• Did you know that you must maintain satisfactory academic progress in order to receive financial aid?

• Be sure to seek out any academic, leadership, or other merit-based scholarships offered by civic, religious, or business organizations. A good place to start is with a search on AbsolutelyScholarships.

Additional Tips :-

• It is a given that to receive federal student aid you must have a high school diploma, a General Equivalent Diploma (GED) or receive a passing score on an independently administered examination that is approved by the U.S. Department of Education, which many colleges do not provide.

• Did you know that a student's college transcript is considered the equivalent of a high school diploma if the student has completed enough credits that would count for two years in length and is acceptable for full credit towards a baccalaureate degree? So, if you have been going part time and have accumulated two years of credit courses you should consider applying for Federal and State aid!

• Did you know that tuition prepayment plans are excluded from being reported as an asset on the FAFSA (i.e. the Michigan Education Trust or the Illinois prepayment tuition plans)? The above information is taken from the Counselor's Handbook that is distributed by the U.S. Department of Education and is available in high school career and counseling offices?

• Did you know that you have to reapply for college financial aid each year?

• Did you know that sometimes it is cheaper to apply and receive aid from an out of state private college vs. an out of state public college?

• Did you know that there are over 200 agencies that will assist in repaying your student loan after graduation if you provide services in return related to the organizations' needs?

• It is a given that "trust funds" are potential resources to pay for college. It is a given that as a general rule, the present value of the trust must be reported as an asset, even if the beneficiary's access to the trust is restricted. If a student, spouse, or parent receives only the interest from the trust, any interest received in the base year must be reported as income. Even if the interest accumulates in the trust and is not paid out during the year, the person who will receive the interest must report an asset value for the interest he or she will receive in the future. It is a given that the student, spouse, or parent who will receive only the trust principal must report the present value of his or her right to the trust principal as an asset on the student financial aid forms.

• Did you know that if a trust has been restricted by court order, it would not be reported as an asset? For example, a restricted trust is one set up by court order to pay for future surgery for the victim of a car accident.