Q&A: What Students and Parents Should Know About the College Financial Aid Process

Amy Eppen, an enrollment adviser and financial aid specialist with Dakota County Technical College, took some time to answer a few questions for high school students who are applying to colleges and, consequently, financial aid, this year.

Apple Valley Patch: How do incoming college students apply for financial aid? What does the financial aid process involve?

Amy Eppen: Each year, students should file the FAFSA (or Free Application for Federal Student Aid) online at www.fafsa.gov after their taxes are filed with the IRS. They include the college's federal school code so the application is then forwarded to their college of interest. At that point, the college contacts the student explaining what the next step in the process is.  Oftentimes more paperwork required, but in many cases an award letter is issued to the student explaining what they qualified for.

Apple Valley Patch: What financial aid options are available, and to whom?

Eppen: There are various grants students may qualify for, including a federal Pell Grant, Supplemental Educational Opportunity Grant, Minnesota State Grants and Postsecondary Child Care Grants. The application also takes students into consideration for work-study funds if they are interested in working while at college and loans for students and their parents. Students should also plan to apply for scholarships, which usually entails a separate application and related paperwork.

Apple Valley Patch: When should students start looking at financial aid and starting the application process?  

Eppen: It is always an option to file the FAFSA as a high school junior to get a sense of what their eligibility will be, but families should plan to file the FAFSA the March or April prior to when their student will enroll in college. In other words, families should file taxes as soon as possible in order to file the 2011-12 FAFSA in the next couple months. Some grant funds are limited so the earlier families apply, the better.

Apple Valley Patch: What do people generally not know about the financial aid process?

Eppen: Many people expect it will be an overly complicated process. It doesn't have to be if you take your time completing the FAFSA and follow the directions provided by the college's Financial Aid staff.  They are there to help you through the entire process.

Apple Valley Patch: What changes in financial aid should students and parents know about?  

Eppen: The vast majority of students now file online rather than completing a hard copy of the application. In fact, colleges no longer receive hard copies for distribution. Also, in the last few years, yearly loan amounts have increased for federal subsidized and unsubsidized loans, as well as the SELF loan obtained through Minnesota's Higher Education Office. This is a lifeline for students that take on the bulk of responsibility paying for college.

Apple Valley Patch: Are there differences in the process between a technical school versus a four-year school?

Eppen: Certainly there are differences between schools, but students should contact their college's financial aid office early in the process in case they handle the process slightly differently.

Apple Valley Patch: Has money become a bigger concern for families recently? Have you seen a change with families needing more or less aid, or choosing cheaper colleges, and so on?

Eppen: Working at Dakota County Technical College, we regularly meet with students that have been laid off in recent years and may not have a college degree. They need to obtain a college education to be competitive in the marketplace, but no longer have a steady income to help with educational expenses. They rely on financial aid to help ease the burden of paying for their education and other living expenses.

Apple Valley Patch: Do you have any additional resources on financial aid that you recommend for students?

Eppen: Families that would like assistance filling out the FAFSA can attend an upcoming College Goal Sunday event. This is a free event open to the public. A financial aid counselor will walk students and parents through the entire application so they are readily prepared to file the FAFSA online. They should bring along their financial documents to this event.

The following sites are helpful resources for students as they narrow down their major or career path and look for additional funds to help pay for college: www.iseek.org and www.fastweb.com.