How to Pay

When planning how to pay for college, it’s important for everyone to apply early for financial aid. Otherwise you could be leaving money on the table that was waiting for you. The process takes a little time, but it’s well worth it. Start applying on January 1st to increase your odds.

Step 1: THE ‘FAFSA’

The FREE Application for Federal Student Aid (FAFSA) is your 1st step. The FAFSA is the one big form the federal government uses to award federal assistance including loans, grants, work-study appointments, and some scholarships. Colleges base their financial aid package on your FAFSA.

Deadline:

Start as soon after January 1st as possible. Many colleges give out financial aid on a first-come first-served basis. Students who miss February deadlines may still qualify for some aid, but the available money may have already been distributed. Even if you haven’t completed this year’s tax return forms, complete the FAFSA. You can amend it later. Start here (English and Spanish): http://www.fafsa.ed.gov/

FAFSA Checklist - Get Organized

You’ll need to gather these documents to help you complete the FAFSA with more ease.
  • Social security number
  • Driver’s License
  • 2010 W-2 Forms and other records of money earned
  • 2010 Federal Income Tax Return (IRS 1040, 1040A, 1040EZ)
  • Parents 2010 Federal Income Tax Return (if you are a dependent student)
  • 2010 untaxed income records (veterans non-education benefit records, child support received, worker’s compensation)
  • Current bank statements
  • Current Business and investment mortgage information, business and farm records, stock, bond and other investment records
  • Alien registration or permanent resident card (if you are not a U.S. citizen)

Step 2: Scholarships

Scholarship awards are given based on financial need, ethnic background, athletic prowess and/or excellence in academics or music, just to name a few. It takes time and effort to identify and apply for scholarships, but those who invest in this process can reap great benefits. Your first stop should be Fastweb, one of the premiere websites to identify potential scholarships for your education.
Sign up and get scholarship notifications emailed to you. (http://www.fastweb.com/parents)
Next, visit the U.S. Department of Education’s Financial Aid and Scholarship Wizard at www.studentaid2.ed.gov/getmoney/fin_aid_wizard/ and register.
Other sources for information about Idaho-based scholarships include: Idaho State Board of Education website www.boardofed.idaho.gov/scholarship/scholarship_jump.asp
Idaho Community Foundation website www.idcomfdn.org/
Download the complete guide to Funding Education Beyond High School [PDF]