Beat the College Financial Aid Deadlines

It's now 2007 and high school is drawing to a close. You're excited because this means senior trips, Graduation parties, and best of all Graduation! Yet, while you're trying on your cap and gown there are a few things you need to keep in mind:

First off, there's more counting down than Graduation. For the 2007-2008 school year, FAFSA (That's Free Application for Federal Student Aid) has a deadline of June 30, 2008. That means that if you plan on going to college some time in the 2007-2008 school year (fall or spring semesters or both) you need to get that FAFSA application in before you begin your semester.

That's just the FAFSA deadline - your state has a deadline all its own! For those of you in Florida, it's May 15, 2007 ... that's the date by which your FAFSA has to be processed. Which means you've got to do some boogieing on those taxes (we'll talk about that later)! Missouri, you've got it worse, with a deadline of April 1, 2007 - and that's no joke! To find out about your state deadline (and if you have a different deadline because you're going to school out of state), talk to your high school counselor and the financial aid office at the college(s) of your choice. Remember, these people are paid to help you! It's their job to make sure your high school and college career goes smoothly. ( You can also go to www.fafsa.ed.gov to find out more about deadlines and requirements for applying.)

I waited until the last minute to get my FAFSA and state scholarship applications in and got overwhelmed by having to take care of all of that paperwork (and there is a bunch!) and making my parents do their taxes and get the information to me quickly. For those of you who are totally new to FAFSA, it does require all of your parents tax information (and yours!). You need to know things like their investments (savings accounts, real estate, stocks, etc.) and they even get so personal as to ask how much money you have in your account at time you're applying!

My suggestion for first-time FAFSA applicants is to print out the FAFSA worksheets available at www.fafsa.ed.gov. It may sound like putting an extra amount of paperwork on your desk, but I found that having a hard copy with blanks to fill in as I go, is really helpful when I wanted to get some answers from mom without having to pull her into a chair next to me at the computer. And believe me, you'll have to ask your parents/guardians a lot of questions ranging from maiden names to social security numbers to place of birth.

Be sure to give yourself plenty of time to work on FAFSA and your state's scholarship program (if they offer one) and any scholarships that you are eligible for (and you can get scholarships for doing just about anything - from painting to basketball to helping at church to volunteering at a local pool!). I cannot stress enough, the importance of giving yourself enough time, and applying for as many scholarships as you can.

And don't try to brush off FAFSA. It could make or break your college experience, and your life thereafter. A PELL grant (for students from low-income families) pays out a hefty $4050 per academic year without ever having to pay it back! And for those of you who won't be able to get a PELL grant, there are still government loans that are available for you to take out, that offer a MUCH better interest rate and some even have the government pay your interest while you are in college!

So start early, beat the deadlines, and get college off to a running start!