Maximizing College Financial Aid: Key Steps and Resources for Families
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Preparing to cover the cost of college is daunting, but with careful planning, families can navigate the process effectively. Filling out the Free Application for Federal Student Aid (FAFSA) each year is critical, as it’s the primary gateway to federal, state, and institutional financial aid, including grants, scholarships, work-study, and loans. Many states and institutions set earlier deadlines, so submitting the FAFSA early increases the chances of receiving available funds.
Beyond FAFSA, families should explore additional aid from state and local programs, which can cover significant expenses but may require separate applications and earlier deadlines. The FAFSA process includes an Expected Family Contribution (EFC) calculation, which assesses your financial needs based on income and assets. Families should review the financial aid packages from each school carefully and consider appealing if the offer leaves a large financial gap.
The FAFSA application has improved, with tools like the IRS Data Retrieval Tool (DRT) streamlining the income reporting process and the newly simplified “Better FAFSA” form introduced in 2024. For parents guiding their children or grandchildren, understanding FAFSA terms like EFC, COA, and SAR can make the process more manageable and informed. Remember, the FAFSA opens the door to various funding sources, and families can often secure more financial assistance with thorough research and early applications.
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