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David Sokol
Matt Carpenter, of College Funding Services, presented parents that attended a workshop at Stoneham Public Library last week with information on applying for financial aid for college.
Time is now to start financial aid process
By Melissa Russell/Correspondent
Tue Oct 02, 2007, 01:05 PM EDT
Stoneham -If you haven’t heard of it yet, and you’re planning to apply for financial aid for a college student, get used to it — you’ll be using the term a lot.
Filling out the FAFSA, or Free Application for Federal Student Aid, is the first step in the long process of applying for financial assistance, or rather, the second. The first step is stopping in at the Guidance Department of Stoneham High School.
While it’s still a little early to start the application process, it’s not too soon to begin preparing, said SHS Guidance Supervisor Justine Croteau. The online form cannot be completed before Jan. 1, because it requires the previous year’s tax information, however Croteau recommends taking the time now to visit the Web site to obtain P.I.N. numbers for both parents and students to use as electronic signatures.
“It is easy to get now,” she said. “If you wait until February, it will take a few days for the number to come through.”
The FAFSA is the form the federal government uses to determine students’ eligibility for grants, loans and work-study programs. It also determines the Expected Family Contribution (EFC). This is the amount that a student and his or her family must contribute toward the cost of education (including living expenses) for a given year.
Everyone applying to college is encouraged to fill out a FAFSA form, Croteau said.
“Even if you don’t qualify for financial aid you can still use it to get loans or a work study job,” she said.
After the form is processed, students receive an award letter indicating how much and what types of aid they are eligible for. These may include federal or state grants, school scholarships, eligibility for work-study, or federal or private loans.
Many private schools also request a CSS/Financial Aid Profile, a Web-based application in addition to the FAFSA. This form, which is also filled out in December and early January, calls for more detailed financial information than the FAFSA.
While completing the forms may appear overwhelming, Croteau cautions against using any private companies that “make people think they need help.”
Indeed, Web sites such as collegeboard.com walk applicants through the FAFSA process free of charge. The CSS Profile, however charges $15 to register and approximately $10 for each school.
To get a full picture of the financial aid process, Croteau recommends parents attend Stoneham High School’s college planning seminar, scheduled for Dec. 6 in the school’s cafeteria. Representatives from the Massachusetts Educational Financing Authority (MEFA), a nonprofit state organization, will present the process from “A to Z,” Croteau said.
Unless students are financing their own education, Croteau suggests leaving the financial aid process to the parents and letting students concentrate on filling out college applications and writing the accompanying essays.
Take the process one step at a time, and remember there are experts around to answer your questions, Croteau advises. By starting now, you’ll be ahead of the game.
