The first step to planning for college and creating a budget is knowing what resources you have. You are your greatest resource. Even if you receive federal aid or scholarships, it's YOU that must take action to make that possible.
Make informed decisions! Get as much knowledge on financial aid so you can be prepared as possible. Our website gives great information on the process of applying for financial aid. Other websites that are helpful to students and families are www.StudentAid.org and www.studentaid.edu.gov.
The main sources students may receive financial aid are:
- The Federal Government and State Governments
- Colleges and Universities
- Private Organizations and Outside Agency Scholarships
Gift Aid is aid that does not need repaid; these include grants and scholarships. After using all gift aid that you are eligible for, other types of options are available, such as loans. Loans are considered “self-help” aid because they must be repaid, usually with interest.
Other options to consider are:
- Student employment on campus
- Selling what you have/no longer use
- Every situation is different, and not everyone can utilize their parents as a resource, but for some it is a possibility to receive help from family and friends.
Need more information? NASFAA's website www.StudentAid.org, offers information to help students and parents overcome financial barriers to higher education.
Avoid common FAFSA errors:
- Blank fields. Leaving fields blank can cause miscalculations, and instead should be filled out with a 0 or “not applicable”.
- Using decimals or commas. Round amounts to the nearest dollar.
- Using the wrong Social Security Number. You must use the correct Social Security Number or driver's license number. Don't make up identification numbers.
- Incorrect Name. The name used on the FAFSA must match the name that is on you Social Security card.
- Incorrect Address. Temporary addresses should not be used on the application, only a permanent address.
- Incorrect Income Tax amount. The correct amount that you paid is on your income tax return, not your W-2 form.
- Not reporting children. Children that will be born during the year of the award will still need to be reported as a member of the household if more than half of the child's support will be paid by you.
- List the College. Our college's federal school code is 001625.
- Sign and date. Your PIN is the electronic signature. You can obtain one at www.pin.ed.gov . Be sure to sign, date, and submit the FAFSA upon completion.
- Be aware of deadlines that are specific to the type of aid you are applying for. Fill out the FAFSA as soon as possible after January 1 every year.
- After filling out the FAFSA, check with your school to see if there are any corrections that need made or documents to turn in for further information.
Loans are borrowed money and must be paid back
You can apply for three different loans through the FAFSA form:
- Subsidized Loans
- Unsubsidized Loans
- Parent Plus Loans
- Outside servicers (local banks, credit unions, ect.)
You may also apply for other loans through:
- Outside servicers (local banks, credit unions, etc.)
For information about how to get a student loan, completing MPN, completing Entrance Counseling, paying back loans, and other useful information visit the following websites.
- Student Aid
- Student Loans
- BYU-Idaho FAFSA processing and steps to receiving a loan
- Federal Student Aid