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High school seniors: Apply for financial aid now

By Beth Ziehmer

December 01, 2016

High school seniors interested in attending higher education need to apply for financial aid. To apply for federal and some state-based financial aid, students need to complete the Free Application for Federal Student Aid (FAFSA), which became available on October 1. Colleges or universities may require another form to apply for additional "institutional" grants and scholarships. Seniors also can apply for other scholarships by completing scholarship-specific forms.

This is the first year that the FAFSA was available on October 1 (instead of January 1), so if it hasn't already been completed, students should complete the FAFSA as soon as possible. It is important to check with the schools they are interested in attending and their state department of higher education for specific deadlines (some state deadlines are online at www.fafsa.ed.gov/deadlines.htm).

Here are some tips to help students apply:

• Complete the FAFSA online at www.fafsa.gov, as it reduces errors. If unable to apply online, the FAFSA is available in paper form or as a PDF document at www.fafsa.ed.gov/options.htm.
• To submit the FAFSA online, students and their guardians need to apply for an FSA ID by going to fsaid.ed.gov/npas/index.htm. The FSA ID allows them to sign the online FAFSA electronically.
• Be prepared to have the following items [for you and your parent(s), if applicable] on hand when completing the FAFSA:
  • 2015 Income tax returns
  • Records of untaxed income (e.g., Social Security benefits)
  • Current bank statements
  • Business and farm records
  • Records of investments
  • Drivers licenses and Social Security cards
  • Dates of birth
• Answer all questions.
• List the colleges considering attending.
• Remember to sign the FAFSA electronically with an FSA ID if completing the FAFSA online.
  • If completing the FAFSA online without an FSA ID, students need to sign and mail the signature pages.
  • If completing a paper form, sign the completed form and mail it.

Financial aid is the term for any scholarship, grant, work, or loan program that students can use to help pay for college. Financial aid can come from various sources:

• Federal government aid
• State government aid
• Colleges
• Private foundations
• Scholarships and grants

Keep in contact with your high school counselor about any scholarship opportunities. Conducting your own research for scholarship opportunities also can be helpful, such as free scholarship searches. Make sure to make scholarship deadlines and submit all of the required information.

For more information about financial aid, visit mappingyourfuture.org/paying/financialaid.cfm.