Good NestingAre you familiar with federal grants? They’re essentially free money from the government that can help finance some of your education, so you don’t have to do it yourself.
And while you may think such grants get gobbled up quite quickly, the opposite is true, as each year, there are about two billion dollars in unclaimed federal grants that students leave on the table.
How can you get a piece of that pie? Do the following:
1. Apply instead of assuming.
How could there be billions worth of unclaimed federal grants each year? Because many students assume they cannot qualify.
Sure, some grants are based on financial need, but never let your income keep you from at least applying for aid. The Free Application for Federal Student Aid (FAFSA) can determine if you qualify for need-based aid, such as a Pell Grant. But it can also help you find merit-based scholarships and more funding from the federal and state governments and institutions.
The FAFSA is completely free to fill out and won’t take a ton of your time. So make it a point to fill it out, as that simple form could result in thousands of dollars for your college education.
2. Collect all the necessities.
To ensure filling out your FAFSA goes smoothly, prepare ahead of time and get all of your documents in order.
For starters, you’ll need a Federal Student Aid ID (FSA ID). It serves as an electronic signature, and it’s a must for completing the FAFSA. Since it can take a bit of time to get this ID, don’t delay creating yours.
While you’ll probably need more documents to get your FSA ID and complete the FAFSA, here’s a basic list of things you can start getting together so you can start applying:
- Social Security number
- Driver’s license number
- Income information (to include taxable and untaxed income)
- Alien registration card (for eligible non-citizens)
3. Don’t delay.
Just because billions in federal grants sit unclaimed each year doesn’t mean you should wait until the last minute to fill out your FAFSA. Some financial aid is awarded to those who apply and are deemed eligible first, so by waiting, you could get left out. This is the case with Pell Grants, so get the ball rolling with your FAFSA right now.
Another reason to complete your FAFSA as quickly as possible is, so you get a head start in dealing with your school’s financial aid office. You may need to speak with them just before the next semester starts by waiting until the last minute. Why is this bad? Because that’s when they tend to get extremely busy, so customer service may lack when you most need it.
4. Ask for help.
Don’t be afraid to ask for help from your school’s financial aid office if you feel overwhelmed when completing the FAFSA or looking to apply for scholarships and other grants.
Their expert advice can save you time and frustration throughout the process, while helping you secure more money for school.
5. Note any changes.
Since the FAFSA must be completed each year, be sure to speak up if anything changes regarding your household or your finances. For example, recent events led to a massive loss in income for many. By noting this loss, you can secure more funding for school, especially if seeking need-based aid.
