I found this article by Lindsay Muzzy and thought I should share the wealth. Here are ten facts about financial aid that you may not know:
1. There are strategies for completing the FAFSA and maximizing aid.
2. EFC (estimated family contribution) formulas are NOT the same.
3. With test scores, a two-point difference matters.
4. When applying for scholarships, it pays to focus on the money coming from the colleges/universities themselves. The bulk of your time should be spent here.
5. Academic awards aren't always final. It's possible to appeal or even negotiate an academic award after final letters are received.
6. The rules are different for small business owners. Parents who are small business owners have additional college funding strategies available.
7. Save yourself the hassle and utilize the IRS data retrieval system when filling out the FAFSA.
8. List a state school first! A state school should always be listed first to see state eligible grant money on award letters.
9. CSS Profile, Verification & Institutional Documentation Service (IDOC), oh my! Being aware of how to complete these documents is crucial for students receiving timely award letters and being able to make a sound financial decision for college.
10. You Needn't Be an Expert--Just Know One. A dedicated college financial aid specialist can make a detailed, accurate presentation.
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