Five tips to make paying for college easier
For college students, a big part of the back-to-school process includes paying for it. Financial aid is available to help students offset the costs of their education.
Here are five tips that can make the application process easier:
1. Apply for financial aid.
It seems simple enough, but students have to apply for aid in order to receive it.
Complete the 2015-16 free application for federal student aid as soon as possible. The application is available at www.fafsa. ed.gov. Some students may be required to provide information about their parents as well.
Have the previous year’s tax returns, W2s and social security numbers available for reference. The student also will need a FSA ID so they can electronically sign their application. If parent information is requested on the FAFSA, a parent will also need to sign electronically with his or her own FSA ID.
“In the past, you got a PIN number.
Now you can create your own,” Linda Wimbley, assistant director of financial aid at LSU Shreveport, said.
According to the FAFSA website, the FSA ID recently replaced the PIN numbers students and parents used in the past and can be linked to the student’s old PIN. The student picks the username and password. There is a link to apply for a FSA ID on the site’s homepage.
2. Apply early.
“That’s the key to it all,” Wimbley said. Some types of aid, like the Louisiana GO Grant, are limited and awarded on a first-come, first-serve basis, Wimbley said. Eligible students who apply early are more likely to receive this type of aid before funds run out.
Some other examples of limited aid include other state aid, Federal Work- Study and institutional scholarships.
Apply early to maximize the amount of gift aid (funds that do not have to be repaid) that a student may be awarded.
3. Use the IRS data retrieval tool.
“If available, it electronically imports your taxes into your FAFSA, usually two weeks after you e-file your taxes,” Barbara Tillman, Centenary College of Louisiana assistant director of financial aid, said.
A student, who is unable to access their tax information with the data retrieval tool, may use a copy of their tax return and type it into their financial aid application.
Students who do not have a copy of their return can request a tax transcript from the Internal Revenue Service on www.irs.gov, or at the IRS office, located at 3007 Knight St. in Shreveport.
The tax transcript will also be needed if a student is randomly selected for a process called “verification.” During this process, the student will be asked to provide additional documents to their school’s financial aid office to verify information provided on the FAFSA, such as income, assets, household size and number of household members that will attend college during the aid year.
This process can extend the amount of time it takes to process a student’s aid, so it is important to gather and turn in any requested items quickly.
4. Know your school’s policies and deadlines.
Vicki Temple, director of financial aid at Bossier Parish Community College, advises students to familiarize themselves with all of the information the school has available.
“It should be on the website. Read all of it,” she said. “I had a student once who said he had read everything on our website. He had a question about something he couldn’t find. After we hung up, I added that information to the website.”
If a student misses a deadline, they can still be awarded financial aid. But there is no guarantee the money will be available to them at the start of the semester. In that case, the student should be prepared to pay out-of-pocket. Temple said students also can contact the business office to set up a payment plan while their financial aid is being processed.
5. Keep up with communication.
“Students need to check their mode of communication – their email address,” Tillman said. “Only list the one you use and check it often.”
Students also should provide their current phone number and address. Time sensitive information and aid opportunities could be missed if a student is unable to be reached.
Temple agrees. “Read all correspondence from the school,” she advised.
Also, be sure to keep the financial aid office up-to-date on any significant changes to a student’s circumstances. For example, Tillman said the loss of a student or parent’s job should be relayed to the office. Other noteworthy changes in circumstance can include divorce or unexpected large medical bills. These are all changes, if adjusted on the FAFSA, which could result in a positive change to the funds a student may receive.
Temple has a final piece of advice for financial aid applicants. “The school is not trying to make life difficult. [It’s] only asking you to provide information that is required,” she said.
Submit any additional forms and have documents turned in as soon as possible. That way students can spend more time studying for classes and less time fretting about tuition and fees.
–Melissa Airhart
