FAFSA TIPS FOR UNDERGRADUATE STUDENTS

Looking for financial aid in SC? The cost of college should not burden your family or stand in the way of your success! The college journey is filled with a lot of important things– some of which are exciting and some not so much. Completing the FAFSA is one of those things that you must check off your list to be eligible for financial aid from the colleges you apply to as well as the federal government. Sound intense? It’s not as bad as it seems! We’ve compiled a list of FAFSA tips to help you figure it all out.

1)      Fill it out early.

Mark your calendars – the FAFSA officially opens on October 1st. Filling out the FAFSA early is a good idea for a few reasons. Most colleges will require your FAFSA to determine your eligibility for financial aid, so you’ll need to complete it anyway. It can be a confusing process, especially if you’re filling it out for the first time. Completing the application early allows you to take plenty of time to make sure you do it right. Additionally, you may qualify for more aid if you submit your FAFSA early to some colleges.  Waiting until the last minute can mean a stressful process for you and potentially less financial aid. Once it’s done, it’s out of the way, and you don’t have to worry about it for a while!

2)     Make sure you have the correct information.

You’ll need a few things, including your Social Security number, your driver’s license number, and federal tax information or tax returns. If you are filing as a dependent student (meaning your parents claim you as a dependent on their taxes), then you will also need copies of your parent’s information. Organizing this paperwork and having it together when you sit down to complete the FAFSA ensures that you have a smooth process – you won’t need to go searching for anything!

For a full list of required documents, check out Gathering the Documents Needed to Apply on the fafsa.gov website.

3)     Talk to your school’s Financial Aid office.

Make sure you know when financial aid awards will be sent out from the colleges you applied to, and let them know if you have any questions about what you may be eligible for. Does your school have a deadline? Asking important questions like that can ensure that you maximize your SC financial aid. The Financial Aid Office can be a great resource to help you understand different types of aid and can help you discover other ways to fund your education that you may not have thought of. Establishing a relationship with the Financial Aid Office will help you in the long run!

4)     Understand different types of aid.

It may seem like common sense, but understanding the different types of aid that you may be eligible for through the FAFSA is important. There are many different types of loans, grants, and awards, such as:

-         Federal Pell grants

-         Subsidized loans

-         Unsubsidized loans

-         PLUS loans

Here’s a quick rundown...

A Pell grant is need-based aid from the federal government that you do not have to pay back. However, not everyone is eligible for Pell grants.

The difference between subsidized loans and unsubsidized loans is the interest paid. While you are enrolled in college, the federal government pays the interest on subsidized loans. Unsubsidized loans begin accruing interest as soon as the loan is taken out, so it’s important to pay attention to interest rates on unsubsidized loans.

And PLUS Loans are student loans offered to parents of students enrolled in college. This type of loan can be an additional way to pay for your education, but it is not something that is required.

For a full list of grants, loans, scholarships, and other programs available, visit fafsa.gov.

Remember, some of your financial aid can come from the state. If you’re a South Carolina student, you may have some specific SC financial aid that is not federal aid. Make sure you understand the differences between that and any federal aid you receive. The deadline to file the FAFSA for SC state aid is June 30th.

5)     And the most important FAFSA tip...don’t get in over your head.

Completing the FAFSA is a huge step in your college journey. It is an exciting time, so don’t brush off financial aid as a tedious detail for your parents to handle. Make sure that you understand exactly what you’re getting into, and what you may owe at the end of your four years. Look at your financial aid information – is it a mix of scholarships, grants, and loans? While there is no perfect formula for financial aid, you should have a perfect understanding of what your financial picture will look like after graduation.

Remember to stay calm and focused during the process. It’s easy to get overwhelmed with forms to fill out, documents to gather, and numbers to decipher, but it will all be worth it in the end. Like they say – the early bird gets the worm. Or in this case, the early bird gets the aid!