If you are applying for federal aid:
1. Start the financial aid process in December to be well in advance of the school’s particular filing deadline. You cannot wait until after you receive admission offers to begin the planning process.
2. Obtain the Free Application for Federal Student Aid (FAFSA) from your college or university financial aid office, from a law school to which you are applying, or at www.fafsa.ed.gov. FAFSA is a need-analysis tool developed by the US Department of Education. As the name implies, there is no charge for the collection and processing of data or the delivery of financial aid through this form.
- When completing the FAFSA form, you will designate the names and school codes of all law schools to which you are applying. Information on school codes is available from any law school financial aid office or at www.fafsa.ed.gov.
- The FAFSA form asks for information about your income, assets, and other financial resources. Be sure to answer “yes” to the question: Will you be working on a degree beyond the bachelor’s degree? All graduate/professional students are considered independent of their parents for the federal loan programs.
3. Prepare your federal income tax returns as early as possible after the first of the year. Most schools will want to see a copy of your actual tax return, so be sure to keep a photocopy for your files. The FAFSA requires information that is derived directly from your tax return. While information packets (including the FAFSA) may be available from some law school financial aid offices in the fall, applications cannot be filed until after January 1. (They will be returned to you if received before the first of the year.) However, you can file any time after the first of the yearthe earlier, the better.
4. The law schools to which you apply will determine your eligibility for federal financial aid. The amount offered by each law school will vary, and each student’s financial need will be assessed individually because costs vary from school to school.
5. Once you determine the school that you will attend, you may begin the federal loan application process.
6. Many of the private education loan programs will make credit decisions on the telephone or online. Contact them for details.
If you are applying for institutional aid:
Call, write, or e-mail the financial aid office of the law schools to which you are applying. Some schools may require you to submit information in addition to the FAFSA. You may be asked to complete an institutional financial aid application or an additional form from another agency such as Need Access or CSS Profiles. It is important to know which schools require additional information. Many schools have very early filing deadlines.
www.ed.gov - U.S. Department of Education
- www.fafsa.ed.gov The Free Application for Federal Student Aid (FAFSA) is a requirement to apply for Federal Stafford Loans. Here, find information on the FAFSA, complete it online, and follow up on its status.
- www.pin.ed.gov You need a Personal Identification Number from the U.S. Department of Education to complete the FAFSA. Get more information, apply for your PIN, and activate it at this site.
- www.studentaid.ed.gov A general portal for students about federal student financial aid.
Access Group (www.accessgroup.org) is a nonprofit student loan provider that specializes in graduate and professional student lending. Their Web site features many articles and tools for students and those advising them.
- www.accessgroup.org/wiseborrower A series of online, interactive educational modules designed to help increase understanding of personal finance and debt management.
- www.accessgroup.org/calculators Calculators and an online loan ledger to determine how much student loans will cost and to help plan for successful repayment before a student takes out a loan.
- www.accessgroup.org/students The gateway to resources and articles to help students with every stage of financing their education.
www.finaid.org - Billing itself as “The SmartStudent Guide to Financial Aid,” this site contains articles and links to other resources on a variety of financial aid topics, including scholarships, federal loans, and private loans.
It is important to be informed about your credit and your credit score. FICO scores are your credit rating. Most lenders base approval for credit, and often the rates at which they will lend, on your FICO score. You have three FICO scores, one for each credit bureau.
Free credit reports are available under a new provision in the FACT Act. If you are ever denied credit, a free report is also available from the credit bureau that was the source of the information on which the credit decision was made. Credit reports and a credit score can be also obtained for a fee from the three major credit bureaus.
www.ftc.gov - The U.S. Federal Trade Commission has a lot of information for consumers about identity theft and credit, as well as financial decisions in general. From their home page, click on “For Consumers."
www.annualcreditreport.com/cra - The FTC’s site with information about how to obtain your free credit report.
The three major credit reporting agencies:
www.myfico.com - Learn more about credit scoring and purchase your credit score from this site.
www.bankrate.com - Just about all topics related to personal finance are addressed in some manner on this site, including rate comparisons, articles, calculators, and a special tab for College Finance.
www.fool.com - The Motley Fool has an irreverent name but solid financial information and advice on personal finance, including credit and debt management, and investing.
www.dollartimes.com - Dollartimes has dozens of useful financial calculators including college funds, investment calculators and savings by driving a more fuel efficient car. It also includes unique mortgage and population data for almost every city in the United States.
www.simpletuition.com - SimpleTuition offers an online student loan comparison tool that allows students and their families to make informed borrowing decisions.
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