Applying for financial aid can be intimidating, but it doesn’t have to be. There are countless resources for funding your education if you’re willing to take the time to do your research and pay close attention to details. We’ve talked with experts from colleges across the country to uncover some of the most common mistakes that applicants make when searching for those college dollars. Read on for the five most frequent financial mistakes, plus tips on how to avoid them.
1. MISSING DEADLINES AND DETAILS
The Free Application for FederalStudent Aid (FAFSA; www.fafsa.gov) has become synonymous with the college application process and yet each year thousands of students make avoidable mistakes that end up costing them big time.
Michael Mitchell director of admissions at Oklahoma Christian University says that some students assume that the FAFSA won’t pay off so they skip it. “Not doing a FAFSA at all is a huge mistake. There’s a common perception that you won’t receive anything if your family income is over $100,000 per year but to not complete an application is to take yourself out of running for a number of benefits including on-campus work-study and loans.”
Jevita Rogers director of the University of Colorado Colorado Springs Office of Financial Aid agrees. “You can always decline anything that is offered to you,” says Rogers “but you never know what you will qualify for unless you apply.”
So the question is not if but when should you submit your FAFSA. Our experts agree that the sooner you can get your application in after January 1 of your senior year the better. Lois Williams vice president for enrollment at Mary Baldwin College (VA) reminds students that “with federal programs like the Federal Supplemental Educational Opportunity Grant (FSEOG) most schools receive a very limited amount [of funds]. Funds are distributed on a first-come first-served basis especially for work-study.”
2. INACCURATE ESTIMATES OF THE NET COST OF COLLEGE
Applying for college is incredibly exciting and you have plenty to consider as you look at your options. Be sure to get an accurate estimate for the total net cost (cost less scholarships and other gift aid you don’t have to pay back) of each school in order to accurately plan for your financial needs.
Williams recommends creating a spreadsheet in which you list each school’s stated tuition cost. “Ask what their average tuition and room and board increase is so that you’re looking at more than one year,” she says. She also points out that you need to take into account other expenses such as textbooks and monthly costs such as gas phone and entertainment.
If you’re having trouble finding the stated tuition costs Mitchell recommends searching the school’s website for the term “net price calculator.” This is a useful tool that the federal government requires all colleges to offer.
Knowing how much you must pay and how much you can afford to take out in loans will help you go into your financial aid applications with purpose and confidence so you can avoid borrowing too much or too little.
3. NOT EXPANDING THE SCHOLARSHIP SEARCH
Too many students focus solely on the scholarship opportunities that each school offers as opposed to seeking out scholarships that will follow you no matter which institution you attend.
Rogers advises that students make good use of online sources like www.fastweb.com as well as their high school guidance counseling office. She warns that you should “NEVER pay for a scholarship search or to file the FAFSA” so keep your eyes open for potential scams that charge fees.
Mitchell agrees that leveraging your counselor and other local sources can be your best bet. “When we see students coming in with outside scholarships they’re often through local organizations in their own community. Try contacting your local Kiwanis or Rotary chapters or even recreational organizations that you’re a part of like a ski club.” These “external” opportunities can play a major role in funding the college of your dreams.
4. MISSING CHANCES FOR HIGH SCHOOL CASH
Another common mistake is not starting the hunt for scholarship dollars while you’re still in high school. Williams encourages students to create a strong essay for scholarship applications that you can adapt depending on the scholarship you’re going for. “A great foundational essay is one you can pivot from depending on the prompt given. Be sure to give it to your English teacher or other trusted people to review.” The hard work that goes into a scholarship essay turns off many students says Williams but polishing a foundational essay while you’re still in high school means you can get a head start on the scholarship game.
5. LEAPING INTO LOANS
Finally it’s far too common for students today to simply accept the burden of staggering student loans. Funding your education is a difficult task but with careful research perseverance and a thorough look at your resources you can work to minimize your debt. For example consider working part-time during college (and perhaps more during the summer) to help with the cost of college.
Sometimes funding can be right under your nose says Williams. “You should always circle back and look for resources within your extended family. You may have an uncle or aunt or grandparent who has been saving for your education without you even knowing it.”
A surprise nest egg would be a wonderful reward to not leaving any stone unturned but even if that generous relative doesn’t appear from the woodwork you can still pull off college funding through a combination of careful financial aid applications excellent (and early!) essay writing and scholarship searching and good old-fashioned hard work.
Caitlin Corrigan is a freelance writer living in Portland, Maine.
