2006 Resolution: Get Your FAFSA in Order

RESTON, Va., Jan. 16  /PRNewswire/ -- One resolution that should be high on every student's checklist is this: Compete the Free Application for Federal Student Aid (FAFSA).

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Students planning to attend college in the fall may complete the FAFSA -- which determines eligibility for federal financial aid for college -- starting this month. Applying early increases a student's chances of securing funding. In 2005, $143 billion in financial aid was awarded in the United States, up from $122 billion the previous year.

At the same time, millions of students fail to complete their FAFSA, thereby taking themselves out of consideration for money for which they were entitled.

"Every high school graduate with a Social Security Number is entitled to free or cheap money to pay for college," says Martha Holler, Sallie Mae spokesperson. "Completing the FAFSA is the first step in the process. More than 13 million students apply each year. Make sure you are one of them so you don't miss out on money for college."

Financial aid comes from several sources, including grants, scholarships, work-study programs and low-cost student loans. Some of the aid is need based, which means students must meet specific financial criteria in order to receive it; other forms of aid, such as student loans, are available to a wider population.

The 103-question FAFSA form is available through high school guidance offices, local libraries or online at http://www.fafsa.ed.gov/. Students who plan to attend college next fall can submit the FAFSA any time after Jan. 1, 2006, and before the college's and state's application deadline. Once the FAFSA is finalized, individuals should contact the schools they are interested in to determine if additional financial aid forms need to be completed.

Sallie Mae's "How to Pay for College: A Practical Guide for Families" is a resource to help students and parents with their FAFSA. Developed with input and insight from numerous financial aid administrators, the book serves as a one-stop source for parents, students and guidance professionals, offering an "insider's guide" to the entire financial aid process.

"Paying for college does not have to cost an arm and a leg," concludes Holler. "Completing your financial aid application is a New Year's resolution that pays to keep." 

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DATASOURCE: Sallie Mae



CONTACT:  Erin Korsvall of Sallie Mae, [phone]



Web site:  http://www.salliemae.com/

http://www.fafsa.ed.gov/ 



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