January Marks Beginning of Application Season;
Wiredscholar.com Helps Students Plan and Pay for School Online
RESTON, Va., Jan. 2 /PRNewswire/ -- An estimated 1.5 million high school
students are planning to become college freshmen in the fall of 2002, making
January -- the first month that the Free Application for Federal Student Aid
(FAFSA) can be submitted -- an important time for determining how to pay for
college costs. Wiredscholar.com, Sallie Mae's comprehensive online "going-to-
college" resource, has tools and information to simplify the process of
college preparation, evaluation, selection, application and financing.
Stepping into the financial aid world means quick immersion into a sea of
unfamiliar terms, application forms, questions and acronyms. The key is
understanding what's involved before completing even the first line of an
application.
"There's no doubt that the financial process can be confusing," said David
Cooper, managing director of e-commerce for Sallie Mae, the nation's leading
provider of education funding. "Wiredscholar.com's interactive tools and
information for planning and paying for college help students and their
families make the best decisions when it comes to college financing."
Financial aid comes in the form of grants, scholarships, work-study
programs and student loans. Some of this aid is need-based, meaning that
individuals have to meet specific financial criteria to receive it; others,
such as student loans, are available to a wider population.
To determine aid eligibility, students must complete the FAFSA, which is
available through high school guidance offices, local libraries or
http://www.fafsa.ed.gov . The FAFSA can be submitted anytime after Jan. 1, and
must be completed before the college's application deadline.
Once the FAFSA is finalized, individuals should contact the schools they
are interested in to determine if additional financial aid forms need to be
completed. Some institutions require the CSS/PROFILE, a customized financial
aid application that collects financial information beyond that represented on
the FAFSA to determine eligibility for institutional aid.
Approximately two-to-four weeks after the FAFSA is submitted, individuals
receive a Student Aid Report (SAR), which indicates their Expected Family
Contribution (EFC), a number that financial aid administrators (FAAs) use to
calculate the student's financial aid eligibility. If there are errors on the
SAR, students must quickly correct and then resubmit the form.
Financial aid administrators at the schools where students have been
accepted analyze and verify the FAFSA information to determine for which
financial aid programs the student is eligible. The amount of aid is
contingent upon the student's enrollment status -- full or part time -- and if
they will attend school for a full academic year or less. This aid
information is outlined in a financial aid award letter, which schools forward
to accepted students in the spring.
The award letter indicates the amount of grants, loans or scholarships
that a school is willing to provide to a student. "If a student has been
accepted at more than one college, he should compare each school's academic
curriculum and aid offer to decide which one best fits his needs," Cooper
continued. Students can use wiredscholar.com's Online Award Analyzer to
evaluate the financial aid packages they receive.
Throughout the entire financial aid process, students and their families
should try to adhere to the following:
Stay organized: Individuals should set up a file with information about
all financial aid programs and have financial documents, such as last year's
tax forms and recent bank statements, on hand. Students should consider using
a calendar to outline when applications for college, scholarships and
financial aid are due. Students also should make copies of any form before
submitting it.
Contact us for help: There are many free resources available to help
students and their families through the process:
* Wiredscholar.com: Wiredscholar.com is the foremost online
resource for "going-to-college" information for students,
parents and guidance professionals. The site is the most
comprehensive and objective resource on the Web for
information, interactive tools and checklists to assist with
college preparation, evaluation, selection, application and
financing, all in one online location. Log on to
http://www.wiredscholar.com .
* Sallie Mae's College Answer(R) Service: This hotline is staffed
by financial aid counselors ready to answer questions about
paying for college in English and in Spanish. Experts have
details on searching for grants, work-study programs and
scholarships; completing financial aid applications; borrowing
for college and more. Representatives also provide consumers
with a free Paying for College guide that discusses the entire
financial aid process. Call 800-891-4599, weekdays, 8 a.m.-9
p.m. ET.
Wiredscholar.com is the foremost online resource for "going-to-college"
information for students, parents and guidance professionals. Launched in
spring 2000, the site is the most comprehensive and objective resource on the
Web for information and interactive tools to assist with college preparation,
evaluation, selection, application and financing, all in one online location.
The site is a four-time "Forbes Favorite" in the college-planning category in
Forbes.com's "Best of the Web." Wiredscholar.com is an independent brand of
Sallie Mae, the nation's largest source of education funding, which extends
the company's commitment to helping students achieve a higher education. For
more information, visit http://www.wiredscholar.com .
Sallie Mae (NYSE: SLM), founded 28 years ago, provides funds for
educational loans, primarily federally guaranteed student loans originated
under the Federal Family Education Loan Program (FFELP). The company currently
owns or manages nearly $72 billion in student loans and provides parents,
students and educators with comprehensive information on the financial aid
process. Through its specialized subsidiaries and divisions, Sallie Mae also
provides an array of consumer credit loans, including those for lifelong
learning and K-12 education and business and technical outsourcing services
for colleges and universities. USA Education, Inc. and its subsidiaries, other
than the Student Loan Marketing Association, are not sponsored by or agencies
of the United States.
SOURCE Sallie Mae
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Related links:
http://www.salliemae.com
http://www.wiredscholar.com http://www.fafsa.ed.gov
Company News On-Call:
http://www.prnewswire.com/comp/827187.html
CONTACT:
Erin Love, +1-703-810-7136, or
erin.b.love@slma.com, or Martha Holler, +1-703-810-5178, or
marthaeh.holler@slma.com, both of Sallie Mae
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