Last Minute Financial Aid Tips
June 13, 2013
Founder, Frugal Dad
Luckerson’s top tip is, and regular readers of this blog will know I agree wholeheartedly, to file early! The Free Application for Federal Student Aid (FAFSA) for the 2013-2014 academic year became available on January 1. Most colleges and universities require the FAFSA to be completed in order to determine financial aid eligibility. Some schools actually require students (and, thus, parents when applicable) to file their FAFSAs by mid-February. Even if you’ve missed that deadline, don’t NOT file.
Another reason to file early is to get your application in before financial aid funds run out. Many schools award funds on a first-come, first-serve basis until all earmarked aid funds are gone. Increasingly, students with need outpace available funds, and late filers lose out every year. It’s not just schools either. Some states, including Illinois, Kentucky, North Carolina, South Carolina, Tennessee, Vermont and Washington, also hand out aid until resources are depleted and then close the coffer doors. Students who are expecting aid in these states are advised to file their applications now, if they haven’t already.
I know that the FAFSA asks for tax information, but don’t wait until you file your taxes to file your FAFSA. Use information from last year, or just make your best estimate. You can always go back and amend your application online once your taxes are filed; but it is important to get your FAFSA in front of financial aid administrators as soon as possible.
Military installations, organizations and financial institutions around the world do a lot to help service members and their families save money and assess their financial readiness during Military Saves Week (Feb. 26-March 3, 2018) and throughout the first quarter of the year.
That’s why we recognize installations, organizations and financial institutions that go above and beyond during Military Saves Week with our America Saves Designation of Savings Excellence for Military Saves Week.
This year, Military Saves is adding the new designation category for installations & military-affiliated organizations (including Financial Readiness Programs/Centers) and is especially interested in recognizing those that promote automatic savings, emergency savings and the new Blended Retirement System in innovative ways to service members and the military community.
The Designation of Savings Excellence is an organizational award and should be considered as representing the entire footprint of the organization. A selection committee comprised of industry and nonprofit leaders will meet in Spring 2018 to review applications and select the winners.
**This year, the designation application is a part of the America/Military Saves Week Reporting Survey. We simplified both with fewer and easier-to-answer questions.
Applications for the America Saves Designation of Savings Excellence are due April 6.
>>Designees will be recognized in the following ways:
- Recognition on AmericaSaves.org, MilitarySaves.org, and AmericaSavesWeek.org.
- Recognition in a national press release and individually in local releases.
- Military Saves Week/America Saves Designation of Savings Excellence seal for your website and plaque.
Organizations that apply for the designation will be evaluated on these five criteria:
- Signed up to participate in MSW and organized a MSW working group.
- Partnered with financial institutions and other organizations on/off post to promote MSW.
- Encouraged the Military Saves Week Pledge.
- Promoted MSW through a variety of events and mediums, including using the many resources found on MilitarySaves.org.
- Extra points will be given to installations/organizations that specifically promote automatic savings, emergency savings and/or the new Blended Retirement System in innovative ways.
>>How to apply:
Awards will be given based on the complete information provided through the America/Military Saves Week Reporting Survey/Designation of Savings Excellence Application, which will be available March 9-April 6, 2018.