FAFSA helps students survive college costs

Jill Blackledge
January 23, 2007

One of the most important things a student needs to worry about when attending college is how to pay the bills. With the costs of tuition, books, living and other expenses, students’ money can be depleted in a short amount of time. However, there are ways students can cut the amount of money coming out of their pockets.

The easiest way to pay off that U-Bill is with free money from scholarships. To get this aid, the most important thing students need to do is file the Free Application for Federal Student Aid in order to qualify.

Roberta Johnson, director of financial aid, said students need to file their FAFSA forms because they can’t be considered for most aid if they don’t apply.

Sarah Schaff, junior in English, said she thinks filing the FAFSA is a really good idea. “It helps me pay for college because I have to pay for it myself,” she said. “It puts you in touch with interest-free loans and other scholarships and grants.”

Besides government aid, Iowa State also offers its own scholarships. Although many scholarships are open to all students, another resource for students is their respective colleges. Different major programs may also present awards to applicants.

With the application season upon students, here are some facts about financial aid, as well as a primer in ISU scholarships.

Johnson’s financial aid answers

1. “The No. 1 misconception of many students is that they aren’t going to qualify, so they don’t file [their FAFSA],” Johnson said. FAFSA forms need to be received by the university by March 1, and Johnson said students should file by Feb. 14 in order to ensure they meet the deadline.

2. “You don’t have to have your taxes done in order to file the FAFSA,” Johnson said. Students can send in an estimated tax amount, although they will need to update their form later. “The important thing is that they get the FAFSA in to meet the March 1 deadline,” Johnson said.

3. If students are planning on attending graduate school in the fall, they aren’t required to fill out the parent information section of the FAFSA because they will no longer be considered dependent students.

4. Keep track of how much money is being taken out in loans. “Try to get by on as little debt as possible because it has to be paid back eventually,” Johnson said. “Many students forget how much money they borrow.” Students should keep good records on who owns the paper on the loans and what the interest rate is.

5. Be cautious of agencies that charge students to find scholarships. “At this time of year, there are many agencies that try to take advantage of students,” Johnson said. They mine the phone directory and contact students, promising a refund if the service doesn’t generate any scholarships. Johnson said students should contact the Office of Financial Aid if they have any questions concerning an agency and check the student financial aid Web site to find free scholarships.

ISU scholarships

Please see the Web site for a complete list, as well as deadlines and contact information.

1. Roy J. Carver Scholarship – available to full-time undergraduates with junior classification

Twenty students with great potential and promise, but who have to work hard to make ends meet, or who are faced with debilitating circumstances in their lives will be awarded. Selection is based on merit potential in field of study, financial need and extenuating circumstances. Awards may be considered for renewal.

2. Community Service Scholarship – available to all enrolled students

Applicants must submit an essay describing the community service they have performed in Ames or Story County while enrolled at Iowa State. The essay needs to demonstrate how this service as influenced their lives and affected those they have served. One letter of reference attesting to the student’s community service is required. Selection is based on financial need.

3. First Generation Scholarship – available to students who are the first of their immediate family to attend college and have junior classification for the fall semester of the award year.

Iowa residents can receive $2,500, and out-of-state students are eligible for $5,000 per year. It is renewable for one year pending the student fulfills the scholarship requirements.

4. Junior Leadership Award – available to students who have accumulated no fewer than 48 ISU credits and 89 credits from all institutions

The award is $1,000.

5. David W. and Ellen J. Raisbeck Leadership Award – available to students who have completed 48 ISU credits and no more than 89 credits at all institutions

This $1,000 award recognizes juniors who demonstrate financial need. Preference will be given to student leaders in the greek community.

– compiled from Financialaid.iastate.edu