If you are looking to get your hands on much-needed financial aid for the 2010 fall semester, it's time to speed up your FAFSA application process. Many students turned in their applications on January 1.- good for them, bad for you.
The best aid is first-come, first-serve, and many private student lenders areslowing down their lending or implementing stricter repayment guidelines.Because of this,financial aid may be harder to come by this year, which means you need to get your application in as soon as possible.
The Deal with Federal vs. Private Student Loans
There was a time that getting loans for college was easy as pie. However, after the recession hit and many banks stopped lending money for school, thousands more students had to turn to federal aid, clogging the system and in many instances reducing the amounts everyone was eligible for.
Unfortunately, it's still not easy going when it comes to private student loans. Many banks and credit unions have become very picky about who they will loan money to. And others, like Sallie Mae, continue to lend; however, with new guidelines that require repayment while still in school.
It's for this reason that applying for federal aid should be a top priority for anyone looking to attend school in the fall. However, in order to qualify for money, you must submit your application as soon as possible.
How to Submit Your FAFSA
The easiest way to go about filing your FAFSA (Federal Student Financial Aid Application) is to visit the websiteand file online. There is an easy step-by-step process that starts on the main page (listed under "File Online"). You will need to set up an account with the site then submit details personal details, where you plan to attend school and how much money is coming into your household among other information.
After you follow the steps, you can submit your application then be in contention for student aid based on your financial need as well ashow many others submitted before you. It's fast, easy, freeand well worth it if you're given money to pay for a quality education.
Have you submitted your FAFSA application yet?
