Funding a college education is an issue that many students have to deal with. The FAFSA form can help many of those students find the money to pay for their academic learning.

For those students who have filed a FAFSA by March 1, they “will be considered for an ISU Grant, Federal Supplemental Educational Opportunity Grant, Federal Work-Study, and a Federal Perkins Loan if they have sufficient need,” said Roberta Johnson, director of Financial Aid.

Luckily, it is not too late for students to receive financial aid if a FAFSA form was not filed by March 1.

Students ultimately have until June 30 to file a FAFSA form for the 2013-14 academic year.

However, “If a student is seeking a Federal Direct Stafford Loan, the promissory note needs to be submitted prior to the last day of classes,” Johnson said.

Students do have the option to not get a government-funded student loan. A Private loan, which is a bank or credit union loan, is also available to a student in need.

“Typically, private loans can have relatively low interest rates, but usually, only students with strong cosigners receive them,” Johnson said.

Even though private loans are available, “students should always take advantage of the Federal loan option before they turn to private loans,” Johnson stressed.

The federal loan option gives a broad array of tools students can use to pay off their debts.

It offers seven different repayment options for the student. Private loans do not offer such luxuries.

Federal loans are considered to be the most beneficial for a student because the loan does not accrue interest while the student is in school. There also is a six-month grace period after the student graduates before he or she has to start making payments.

The federal options that are still available for students through filing a FAFSA form is the Pell Grant and the Federal Direct Stafford Loan.

The Pell Grant is a limited amount of money provided by the federal government that allows the student to cover any expenses related to Iowa State.

The Federal Direct Stafford Loan is supplemented by the U.S. Department of Education and administered by the college.

The Student Financial Aid Office strongly encourages students to file a FAFSA form so federal funding is available to them.

“I am glad that I filed my FAFSA on time because it gave me more options to fund my college education,” said Eric Langford, freshman in animal ecology.

He stresses that other students do the same. “It’s important to understand what is being offered and how that can help pay for a college education.”