Financial aid is a key piece of the college puzzle for many families. The sticker price of college in the US has gone up in the past decades, virtually across the board. What that means is financial aid is an increasingly important tool for a growing number of families in sending their kids through college. But the process of qualifying for financial aid isn’t easy, and many families who could receive financial aid might end up taking out large loans or digging out their savings to pay for their kids’ or grandkids’ college education.
The reason for this may come down to the different forms that are required to be completed and submitted to qualify for financial aid. So, what are the key pieces of information you need to fill out your financial aid forms? In order to fill out a Free Application for Federal Student Aid (FAFSA) form, you’ll need the following items according to the Federal Student Aid Office of the US Department of Education: Your Social Security number or Alien Registration Number if you are not a US Citizen, your federal income tax returns, W-2s, other records of money earned, bank statements and record of investments (if applicable), records of untaxed income (if applicable), and an FSA ID to sign electronically.
Some colleges require an additional, more detailed financial aid form as well. This one is called the College Scholarship Service or CSS Profile. The form is 20 pages long and is a more comprehensive qualifying document which can make it even harder to obtain financial aid, even if you should be qualifying. Only 400 colleges use this financial aid form, but of those 400 are some of the nation’s top colleges and universities that provide considerable amounts of financial aid, so check with your kid or grandkid to see if any of the colleges on their list require a CSS Profile and prepare just in case.
Financial aid forms are a crucial last piece of the education puzzle for many families. However, doing what you can to save as efficiently and effectively as possible can make all the difference in affording college. So, if you have questions about how you can best fit the college questions into your financial plan, contact us at (540) 720-5656 to get started with one of our financial advisors.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.