Students relying on federal financial aid to offset rising college tuitions will face better prospects if they file for aid now than if they wait until the spring, when the limited pool of money has begun to drain, experts said.
The federal financial aid process, which involves filing the Free Application for Federal Student Aid, began Jan. 1 for the 2008-2009 academic year, and closes June 1.
“College students, grad students, medical students — everyone is competing,” said Kristen Campbell, director of test preparation programs for Kaplan. Last year, 14 million people applied. “You don’t have to be the first, but you don’t want to be the 12 millionth, either,” Campbell said.
Despite a tightening economy, university costs continue to rise. Public universities grew to an average of $6,185 for in-state tuition and fees last year, 31 percent higher than in 2002. Private school tuition and fees grew to an average of $23,712, 14 percent higher than in 2002, according to November data released by the College Board.
Campbell’s strongest advice to students and their families is: “Apply, apply, apply.” Last year, 1.5 million eligible students did not receive federal aid because they did not fill out the FAFSA, she said.
She cited two groups of people who typically miss out: Those who imagine they’re too wealthy, and those who don’t receive the information. The latter group includes many who aren’t native English speakers.
“There’s no specific cutoff for who’s too wealthy,” Campbell said, adding that even if a student doesn’t qualify for federal aid, schools use the information to determine other available opportunities.
When the financial aid package does arrive, she said, don’t be afraid to ask the school for a re-evaluation, especially if the family’s financial situation changed or if another school offered a more attractive package.
“Colleges now are trying to open policies to get more money out there, and sometimes it’s a matter of speaking up and letting them know you need more help,” she said.
