A New Financial Aid Tool
by Robyn Tellefsen
You've heard it before:
The good news is, the Department of Education has been working to simplify the process. The 10-year-old FAFSA on the Web (www.fafsa.ed.gov) allows students to complete the detailed form electronically, saving information every step of the way.
Still, it's not a perfect system. Traditionally, students complete the FAFSA between January and June of their high school senior year. Since the FAFSA determines financial aid eligibility, families have not been able to get a clear picture of their higher ed financial aid situation until mere months before college.
Enter the FAFSA4caster (www.fafsa4caster.ed.gov), a new online tool that allows you to estimate your financial aid eligibility before senior year. Plus, once you enter information in the estimator, it automatically populates 51 of the 102 questions on your actual FAFSA -- saving you much-needed time and energy senior year.
"The earlier a family understands how much college will cost, the more they can prepare for it financially and academically," says Dr. Paul Wrubel, co-founder of TuitionCoach.com. "Ideally, I'd recommend using the estimator as early as freshman year in high school."
But this knowledge won't necessarily get you more financial aid, warns Wrubel. "Numbers are just numbers," he says. "Without any knowledge about how to change the numbers to your advantage, the tool will neither increase nor decrease financial aid."
That's why Wrubel recommends seeking expert assistance for your specific financial situation, including strategies for lowering your estimated family contribution (EFC) and a game plan for paying any costs not covered by financial aid.
"Approach the process by using all the help you can find from people and agencies that are trained to navigate the system and who have no hidden agenda," he advises.
Robyn Tellefsen is a frequent contributor to The CollegeBound Network. Learn more about finding a school that's right for you.
financial aid
is available; you just need to apply. But truth be told, the Free Application for Federal Student Aid (FAFSA), which is the gateway to all financial aid, can be pretty daunting. It's five pages long, and requires you to furnish in-depth income and asset information -- not the sort of thing you can fill in off the top of your head.The good news is, the Department of Education has been working to simplify the process. The 10-year-old FAFSA on the Web (www.fafsa.ed.gov) allows students to complete the detailed form electronically, saving information every step of the way.
Still, it's not a perfect system. Traditionally, students complete the FAFSA between January and June of their high school senior year. Since the FAFSA determines financial aid eligibility, families have not been able to get a clear picture of their higher ed financial aid situation until mere months before college.
Enter the FAFSA4caster (www.fafsa4caster.ed.gov), a new online tool that allows you to estimate your financial aid eligibility before senior year. Plus, once you enter information in the estimator, it automatically populates 51 of the 102 questions on your actual FAFSA -- saving you much-needed time and energy senior year.
"The earlier a family understands how much college will cost, the more they can prepare for it financially and academically," says Dr. Paul Wrubel, co-founder of TuitionCoach.com. "Ideally, I'd recommend using the estimator as early as freshman year in high school."
But this knowledge won't necessarily get you more financial aid, warns Wrubel. "Numbers are just numbers," he says. "Without any knowledge about how to change the numbers to your advantage, the tool will neither increase nor decrease financial aid."
That's why Wrubel recommends seeking expert assistance for your specific financial situation, including strategies for lowering your estimated family contribution (EFC) and a game plan for paying any costs not covered by financial aid.
"Approach the process by using all the help you can find from people and agencies that are trained to navigate the system and who have no hidden agenda," he advises.
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DiggRobyn Tellefsen is a frequent contributor to The CollegeBound Network. Learn more about finding a school that's right for you.
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