January Marks Beginning of Application Season;
Wiredscholar.com Helps Students Plan and Pay for School Online
RESTON, Va., Jan. 3 /PRNewswire/ -- An estimated 1.5 million high school
students are planning to become college freshmen in the fall of 2001, 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, the most 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
Michael Darne, director of business development for wiredscholar.com.
"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 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 (FAA) 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," Darne
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.
Call for help: Many free resources are 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. 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.
About wiredscholar.com
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 was named "Forbes Favorite" in the college-planning category in
Forbes.com's "Best of the Web" fall 2000 issue. 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.
USA Education, Inc. and its subsidiaries, other than the Student Loan
Marketing Association, are not sponsored by or agencies of the United States.
SOURCE wiredscholar.com
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Related links:
http://www.wiredscholar.com
http://www.fafsa.ed.gov
Company News On-Call:
http://www.prnewswire.com/comp/827187.html or fax,
800-758-5804, ext. 827187
CONTACT:
Erin Love of wiredscholar.com, 703-810-7136,
or erin.b.love@slma.com
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