It’s that time again: Students who want to get the most extra cash without using payday loans need to apply for their financial aid packages for the next school year now.
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It may seem early, but some states have February deadlines for turning in the FAFSA, the biggest source of financial aid for college students. So make sure you know the deadline in your state, and start filling out that paperwork.
Making the most of it
There are ways to get the most out of your financial aid package, without taking out payday loans and SmartMoney was kind enough to compile a list. The article lists five ways to boost the amount of money you receive.
Turning in the FAFSA as early as possible is the first item on the list. The feds will accept FAFSAs until the end of June, but universities and states can have different, earlier deadlines. Also, as time goes on, the financial aid pot shrinks. The closer you are to “first come,” the more you’ll be served.
Open up
Most financial aid applications require that you fill out your family’s income, but this may not be the best indicator of your financial situation. Write a detailed letter to the college letting them know of any changes in situation that won’t show up in the line item that shows income.
As long as you provide accurate information and any documents that back up your claims, you have a good chance of ending up with some extra cash if you need it.
Get educated
FAFSA requirements have changed in the last year. Parents no longer need to report it if they received Social Security benefits and had children who received Social Security benefits. Excluding this amount can mean more federal funds in your pocket.
Scholarships
Before you go out and apply for every scholarship you can think of, make sure you know the consequences of receiving said scholarships. Any money you get from a scholarship will affect the amount that you can get from the Feds.
Say you got a $1,000 scholarship. It is possible that because of that scholarship you will lose out on a much higher amount of money from the government.
Don’t give up
If you or your family is in need of more money than what you’re offered, appeal, appeal, appeal. It’s worth a shot. But be careful, and only do this if you do, in fact, need more money. An appeal could cause deeper scrutiny of your family’s finances and assets, and it is possible that you will end up with even less money than they offered before.
So follow these tips to make sure you get it if there’s any extra cash out there for you, so you won’t need payday loans.
This is really great advice on how to get the most out of your financial aid. Take advantage of it while you can, and if your not you should look into to your financial aid package as soon as possible.
These are great tips on how to make the nmost out of the FAFSA. I’ve received some fairly lucrative packages in my college career – granted I’m going to be paying it all back for awhile, and it won’t be easy, but the key to FAFSA funds is that the earlier you can get on it, the more you may receive in grants, and those are the funds you want to get.