The title of this article is a liberal interpretation of a saying about a bird and worm with the same message – it pays to take care of business early. Of course, for the student, the worm translates to more money in the form of college grants. Grants are always more desirable because unlike loans, they do not have to be paid back. Not everyone who applies for financial aid will be eligible for grants, but for those New Mexico residents who are eligible could receive considerably more grant aid by meeting the March 1, 2008 priority date.

March 1 is a target date and not a guarantee date. What this means is if a FAFSA is received by the central processing agency before March 1 and a student’s file is complete then a student has a much better chance of receiving additional grants if eligible. Completing a file is a very important part of the process and will be addressed in more detail in this article. Jan. 1 is the earliest a FAFSA can be filed for the 2008 – 2009 school year, which starts August of 2008. (more…)

As the parent of a high school senior or college student you will want to explore financial aid options. As a family, soon you will need to submit the FAFSA (Free Application for Federal Student Aid).

According to James Boyle, president of College Parents of America, myths abound when it comes to financial aid.
They include:
- Only students with high GPAs get all the aid;
- Only extremely needy students receive financial aid, so if your family income is high, then don’t bother to apply; and
- If your older son or daughter didn’t qualify for aid, then neither will your other children.

The FAFSA, to be issued Jan. 1, 2008, will be available online. Filing online is highly recommended for both speed of transmission and accuracy of information.

Hard copy forms may be available at your high school’s guidance counseling office; or, in the case of returning college students, at the UNM financial aid office. According to Boyle, fewer paper FAFSAs will be printed for this upcoming financial aid cycle, as the government’s goal is for the process to go paperless.