Don’t Miss Your Shot at Federal Student Aid for the 2007-2008 School Year
May 27 2008
If you haven’t completed your Free Application for Federal Student Aid (FAFSA) form for the 2007-2008 school year, your deadline is quickly approaching. Online FAFSA applications must be received by midnight CST on 30 June 2008 to count for this school year. If you have waited this long to apply, however, you might find the pickings rather slim!
Many forms of student aid – at both the federal and state level - are awarded on a “first come, first served basis”. Therefore, waiting until this late in the game means that much of the money is likely already allocated. Your better option is to complete the FAFSA as soon as possible for each academic year.
The FAFSA opens on January 1st of each year and is critical for receiving any form of federal student aid, including Pell Grants, Stafford Loans, Perkins Loans and Work-Study programs. In addition, many other forms of student aid provided at the state and individual school level require completion of the FAFSA, so fill it out even if you don’t think your child will qualifty for needs-based aid.
Althought the FAFSA filing deadline usually falls at the end of June or beginning of July each year, many state and school-specific aid programs have filing deadlines that are much earlier, closing out by mid-February to early March of each year. Consult Student Aid Filing Deadlines for more information. Remember, college is expensive enough without missing out on potential aid through procrastination…so get your college funding plan in place early and don’t miss any deadlines!
Need some help funding college? Don’t forget the MOAA Scholarship Program, which provides interest-free loans and grants. This competetive program is open to the children of all active duty, National Guard, Reserve and retired servicemembers, regardless of rank. Also, MOAA has partnered with low-cost investment leader Vanguard to offer the MOAA Degrees of Success 529 College Savings Plan. This market-based college savings plan can be started for as little as $50 per month and is open to all active duty, National Guard, Reserve and retired servicemembers to save for a child, grandchild’s, niece/nephew or other relative’s college needs.
