dragonbook

57 for his/her education—and often without loans. So why is that students so often end up deeply in debt and unable to finance their education? Too often, it’s because they simply don’t know how the financial aid system works. To remedy this, here’s an abbreviated version of Dr. Art’s no- guarantee guide to financing college: 1. Be sure to fill out the FAFSA, the Free Application for Federal Student Aid. Without the FAFSA, most student aid money disappears completely. The FAFSA generally takes only half-an-hour or so to complete. Be sure to have copies of your Federal Income Tax return (1040, 1040A, 1040EZ) and your parents income tax return handy when you complete the FAFSA. 2. Be sure to apply early for financial aid. A student who completes the application process before the priority date (March 1 for NSU) has a much better chance of getting an attractive financial aid offer. The FAFSA cannot be completed prior to January 1 st , and most people can’t complete their income tax returns until late January. The best plan is to complete both your income tax forms and your FAFSA in early February. 3. Be sure to apply both for scholarships and for financial aid. Two separate applications are necessary. Generally, scholarship money for Sophomore, Junior, and Senior students is allocated by individual departments, and tends to be awarded to the students who have the best GPA’s. It is very important to be registered as a major in the department you hope will give you a scholarship. Students with double majors are usually considered for scholarships in both of their specialty areas. 4. Apply for financial aid even if you don’t think you’re eligible. Many students are pleasantly surprised (though some are disappointed as well). 5. If at first you don’t succeed, apply, apply again. Being turned down your freshman year doesn’t mean you won’t ever receive aid, and even a slight change in family circumstances may make a big difference. 6. Choose a work-study job over other employment whenever possible. Work-study income is not counted against your financial aid eligibility; other income is. Also, work-study income isn’t taxed at as high a rate as other income. Furthermore, work- study jobs tend to be far more compatible with scholastic success than other jobs. Your work-study job can often be connected to your academic interests. Also, work- study hours can generally be arranged to fit your academic schedule. 7. Don’t try to pay for college by working forty hours a week during the school year. When you earn more than a few thousand dollars, you lose 50 cents in financial aid eligibility for every dollar you make. Yes, it’s unfair, and, yes, it penalizes hard work: but that’s the way the federal government functions.