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Fill Out the FAFSA Early

By U.S. News & World Report

The first step in receiving student aid for college is filling out the Free Application for Federal Student Aid. If you need help paying for school, you’ll want to do this as soon as you can. That’s because the early bird often gets the aid — and that bird can be extra early this year.

Starting next month, the FAFSA will be available to students three months earlier than ever before. For the 2017-18 school year, that means you can complete the FAFSA as early as Oct. 1. This is one of a number of changes to this application this year.

[Discover what you need to know about FAFSA changes.]

Don’t wait to complete your application, even if you’re a high school senior currently evaluating colleges. Some of the most beneficial financial aid funds are first come, first served, and you don’t want to give everyone else a head start to getting them. The following are tips to keep in mind as you file the FAFSA this year.

— Know your deadlines: You can complete the FAFSA up until the end of a school year — June 30, 2017 — to receive federal student aid, but don’t wait. At that point, you’ll likely be too late to receive options like Perkins loans.

Schools receive limited funding for these low-interest federal loans, which are only available to certain students now. Apply early to be sure you’re considered.

In addition, each college or university has its own earlier deadline for the FAFSA, known as the priority filing deadline. Completing your FAFSA by that date will help ensure you receive all the aid you’re eligible for, including gift aid or loan options from the institution. Contact your school’s financial aid office if you aren’t sure when this is.

[Learn what to expect your first time filling out the FAFSA.]

Like your school, your home state will typically have an earlier deadline for completing the FAFSA too. Your state may also have limited funding — grants and loans — to award, so you’ll want to be sure you submit your application by that date.Federal Student Aid, an office of the Department of Education,has a helpful tool that lets you easily find your state’s FAFSA deadline.

— Get ahead of verification: Another change for this year’s FAFSA is that students and their families will now be able to complete the application using their tax information from two years before the filing date, also known as “prior prior year.” In this instance, that would mean using 2015 data for your 2017-18 FAFSA.

A one-time quirk of this new rule is that your 2016-17 and 2017-18 applications will both utilize your 2015 tax information. If that information does not match on both forms, you may have an issue with your aid for both years.

[Read the seven questions college financial aid officers wish parents would ask.]

If you complete the FAFSA online, the application will warn you if your financial values aren’t the same. Should you submit the form anyway, the school may have to verify this information. Not everyone with different financial information will be subjected to the verification process.

If you are, the school will hold disbursements of all your federal aid — including federal work-study funds — for 2016-17 and 2017-2018 until it completes its findings. Filing early won’t prevent this verification process, but it could ensure that the review is completed sooner rather than later and that your application is OK by the priority deadlines.

— Use the Data Retrieval Tool: One thing that will eliminate any discrepancies between your FAFSAs, and reduce the likelihood you’ll be selected for verification, is the IRS Data Retrieval Tool. As its name implies, this tool retrieves your tax data directly from the IRS to insert into your FAFSA when you complete the forms.

As a bonus, the tool makes it easy to complete your FAFSA as early as possible. Previously, families may have estimated this information, which could have affected award amounts down the line, or delayed completing their FAFSA altogether until filing their taxes.

Since you no longer have to wait for that paperwork — though you can still estimate information if you haven’t filed your 2015 taxes yet — you can not only apply for aid earlier but also do so with exact financial information. That should give you a better sense of how much aid you’ll receive. And you can make sure it’s as much as possible by filing early.

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Fill Out the FAFSA Early originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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