Crosswalk.com: "Avoiding the Pitfalls of the College Aid Process
Bruce Himebaugh, CFP, M.A.
Sound Mind Investing


As a former director of student financial aid for more than fifteen years, I know the concerns and confusion that many families feel as they face the challenge of financing higher education costs for their children. It's important that school choices not be limited prematurely based solely on the price tag. Financial aid programs sponsored by federal, state, college and community sources can make college costs affordable for most families. Think 'net price' not 'sticker price.'
Advanced planning and following a disciplined saving plan are certainly important factors in financing educational costs. All need-based aid programs require that families contribute their fair share. Merit aid is normally administered outside of the college financial aid office and is awarded independently of the need formula. This article will primarily focus on the need-based application process.
Aid Application Process
The aid application process normally starts by the junior year in high school when students begin to narrow the field of desired colleges. SMI's Planning for College web page has several excellent planning tools, and I also strongly suggest that families use the free web scholarship search site -- www.fastweb.com. This is an excellent site for locating aid sources, and participants receive updates based upon their selection criteria. Many non-government aid sources require application early in the senior year.
The primary form required by most colleges for an aid application is called the Free Application for Federal Student Aid (FAFSA). This form can be completed in hard copy form or you may submit data via the internet. Filing must not take place prior to January 1 of the senior year and it is generally recomm"