College costs are not getting any cheaper and the rising amount of student debt is still a concern among many. This is why families with children who are bound for college should get help from providers of reliable college funding services like The Studemont Group College Funding Solutions, LLC and apply for the Free Application for Federal Student Aid (FAFSA) to get them the best chance for financial help.
Tuition fees are still rising, and according to The College Board, “the average 2014-2015 tuition increase was 3.7 percent at private colleges and 2.9 percent at public universities.” This is why it has become more important and worth it to apply for the FAFSA—and this goes for families from all income brackets. Some may assume that if a family is earning a lot, they won’t qualify for the FAFSA. In reality, however, different financial aids are granted to millions of students from all income brackets.
There are several ways to fill out the FAFSA: through a printable form, through a financial aid office, or online via their website. After the application, it will be processed, and upon determination of eligibility, the family will get an Expected Family Contribution (EFC) which is used to determine how much aid can be received. About one-third of FAFSAs are chosen for verification, which means there are additional requirements needed to be submitted to support the information in the form. There is nothing unusual or ominous about this; it is just for confirmation to clear up some information, or sometimes it is done randomly.
A way to know whether one’s FAFSA application was chosen for verification is if there is an asterisk next to the EFC amount on the Student Aid Report. It is important to be aware of this so that there will be no delays and the verification should be done within a certain time period or else the aid will be given to someone else. The deadlines will depend on the university, so applicants should check with them.
Financial aid can be used by those who are eligible. Other than having enough college savings funds, aids such as the FAFSA can be of great help for students and their families. Those who need help in applying for the FAFSA can count on the guidance of financial advisors like John McDonough of The Studemont Group College Funding Solutions, LLC, which can be of assistance through the whole process and can boost the chance of an applicant to receive their much needed financial aid.
(Source: Navigating the FAFSA is worth the effort for college aid, Deseret News National, March 1, 2015)