January 18, 2005

The Budget Reconciliation Act of 2005 is casting some big waves in the world of financial aid. The 2006 academic year will have a shrinking pool of federal financial aid due to the cuts this piece of legislation has made. In addition the 2006-2007 academic year will bring with it the most students to ever attend college in the history of our nation. The lesson to be learned from all of this is to apply as soon as possible for financial aid! The actual deadline for the Free Application for Federal Student Aid (FAFSA) is not officially due until July 2, 2007. However, if you wait this long your chances of obtaining federal aid could be very poor.

The FAFSA is the only way you can qualify for federal aid and Pell Grants. More than 80% of students fill out the FAFSA online which can speed up the process of filing. Visit the FAFSA website to file or to gain helpful information that can walk you through the filing process. Parents try to get your taxes done early or make sure you have a good estimate of family assests and income as the FAFSA will require this information. Always keep in mind that you won’t get any money if you don’t apply!