by Lucille Anne Newman
Paraglide

“Time is of the essence,” said Fayetteville State University financial aid counselor, Louis McKoy. “Anyone who is interested in applying for financial aid ... now is the time to do it.”

Financial aid is the cost of education minus the expected family contribution, based on their need.
“It’s the federal government’s opinion — it is the parents’ responsibility to educate their child,” McKoy said. “But if there is a financial need, then the federal government will step in with financial aid and determine if the student actually has a need.”

McKoy stressed that it is never too early for high school-aged students to start researching financial options such as federal and state student loans, student grants, work study programs and other loans for college.

“I encourage any student to start going to the library, talk to counselors or visit college campuses (while they are still) in their freshman year in high school to see what type of school they want to attend and consider what subject they want to major in,” McKoy said. “There are all kinds of (financial) aids out there beside the Free Application for Federal Student Aid process available now. There are private agencies, churches and different organizations that offer scholarships for students. There are also those who offer assistance (in specific career fields) like the North Carolina Sheriff’s Association, (which) will assist those students wanting to major in criminal justice.”

Many organizations and businesses will offer competitions for scholarships that award money to help a student with living expenses, study or travel at various times of the year.

“By the time they are juniors in high school,” said McKoy. “they should already have decided what (career field) they want to do so that they can apply (for financial aid) early.”

McKoy said the deadlines for most financial aid in North Carolina this year is March 15, except for Fayetteville State University whose financial aid deadline is March 1 for students who plan to attend college in August.

She said each educational institution receives a set amount of money from the government each year to award qualifying students.
“There are limits,” she said. “Once those dollars have been spent, then there is no more money (for the student). You want to meet the deadlines early before the funding runs out.”

McKoy said after the free money has been awarded out, only loans will be available. But not all students can qualify for a loan, examples of what a federal processor considers when determining the family contribution for a loan includes:

- Family size
- Does the parent work
- Family income
- How many students are already in college
- Does the student work
“There are need-based loans and non-need-based loans. (Family information) will be included in a formula to determine the needs analysis process,” McKoy said. “It wouldn’t be safe for me to say you’re going to be eligible or I’m not going to be eligible (for a loan), because every student’s situation is different.”

Parents must also provide information found on their tax forms to help their child apply for a loan.

“I encourage parents to file their taxes early if they have children wanting to apply for financial aid,” McKoy said.

She said those who apply for loans without including the information from a processed tax form or report incorrect information will only result in having the form returned to them for correction and that the more time they have to spend correcting the forms, the less amount of money will be available for their student’s education.
Students who require more information can seek guidance from any financial aid counselor.

“This service is offered at any financial aid office,” she said. “They don’t have to visit the financial aid office at the school they want to attend. It’s a free service we offer students.”

McKoy recommended that after a student files for financial aid, they should make copies of all the documents to include parents tax forms, their own tax forms or documents from agencies they are receiving income from and let a financial aid officer review the application before submitting it.

For more information about the FAFSA process or to file for financial aid students can speak to their school’s guidance counselor or attend a financial aid workshop with their parents 6:30-7 p.m. Feb. 27 at Tolson Youth Center located on the corner of Normandy Drive and Reilly Street.

Students can also research information online at www.ed.gov/studentaid or call (800) 433-3243.
Hearing impaired students using the teletypewriter system can call (800) 700-8913.