When you’re ready to get an online degree, one of the first steps you’ll want to take in the application process is to apply for federal financial aid. Unfortunately, many students wait until the last minute to apply for funds and risk their chances to attend college in the upcoming semester.
During the 2009-2010 academic year, students received approximately $168 billion in financial aid from the federal government. With high unemployment rates, more people than ever have applied for student financial aid to retrain for second careers.
If you need money for college, you’ll want to make sure to tap into this resource. The money is there. All you need to do is ask for it. However, if you want to get your free slice of the money pie, it’s imperative that you comply with every step of the application process in a timely manner.
Be Proactive in the Application Process
What you may not know is that colleges have “drop for non-pays” dates in the tuition billing cycle. If you have not completed your financial aid paperwork correctly ” or have omitted part of the necessary documentation (thus holding up the approval process) ” you risk losing your place in class because payment has not been promised for your education. Unless you’re on an agreed-upon payment plan (if your college offers one), the college will drop you from classes to open chairs for paying students.
If you have applied for financial aid online using the Free Application for Federal Student Aid (FAFSA) and have not received an award determination within a week via e-mail, it’s possible that you have omitted information in the application process. Be sure to check the FAFSA website to ensure that you have completed all necessary documentation. If you have applied offline, however, allow approximately three weeks for an award decision.
Pay Attention to Application Deadlines
The deadline for completing the FAFSA online was June 20 of this year for the 2010-11 academic year. If you must make corrections online, however, you have until September 21, 2010 (midnight Central Daylight Time) to submit the corrections online.
If you missed the June 30 deadline, don’t fret. You may still be able to apply for federal financial aid through your college’s financial aid office. Contact your college’s financial aid office for deadlines for your particular school. Colleges and states have different financial aid deadlines, so it may not be too late to get help paying for your distance education degree.
Steps in Completing the FAFSA
If you haven’t completed the FAFSA for the fall semester, the first thing you’ll need to do is contact your college’s financial aid office to make sure it’s not too late to apply. If you’ve missed the school’s financial aid deadline, you’ll still be able to apply for financial aid for spring and summer. Complete the FAFSA now so you will not miss the next application deadline.
In Part 2 of this series, we’ll walk through the process of applying for financial aid using the Free Application for Federal Student Aid. Many people feel overwhelmed by the process; however, if you approach it well-armed with information, your chance of getting your award quickly and easily increases substantially.
