Obtaining Money for College

Will you or someone you know be attending college this Fall? If so, it will be necessary to complete the Federal Application Financial Student Aid (FAFSA) form for the 2005/2006 school year. There are certain points that will help the applicant understand the application process better. Knowing these facts will also add to the applicant's chances of success in receiving federal funds.

The first is to: Know Your Dependency Status A common mistake individuals make when completing the application, especially parents, is to assume that the DEPENDENT Student has a better chance of receiving funds because they are dependent on their parents or guardian for support. The truth is actually the OPPOSITE! Because DEPENDENT students rely on their parents for support, any funds they may be eligible for will be based solely on the parent's income. The INDEPENDENT student, on the other hand, will have any eligible funds calculated based solely on their own income.

For EXAMPLE: An INDEPENDENT Student's Annual Income Might be $6,000 While the DEPENDENT'S Income (Based on Parent's Annual Income) is $30,000.

While it may require the student submit a statement indicating any additional outside financial "help" they receive from parents or whomever, as an INDEPENDENT student their financial award will be based on their own income, and won't require documentation on the finances of that outside "help". Obviously, the student with the smaller income will receive more financial aid.

When it comes to the application: Complete Forms Accurately It is important to take your time and make sure to fill out the application and all required forms completely and accurately. The application will specify how to document fields that don't apply, such as responding with: Not Applicable or N/A. This way there are no blank spaces on the forms that would indicate incompleteness rather than information that did not apply to the student. Also, make sure that the information on all the forms is consistent. If there is contradictory information, this could hold up the process, or make the student appear ineligible.