Financial Aid

Posted by in Uncategorized Jan 31st, 2005

Time running out on applying for financial aid. More from Registered Rep.

It's that time of year again. With February just around the corner, many parents of college-age children are scrambling to complete their financial aid applications. While technically there is no official Deadline for the federal form, called the Free Application for Federal Student Aid Form (FAFSA), most schools give priority to applications received by March 1.

At eight pages and 85 questions long, filling out the FAFSA is not a fun task. Plus, most private schools require that parents complete another lengthy form, as well. But, with the average cost of a four-year private school for the 2004-2005 year a whopping $20,082-up 6 percent from the year before, according to the College Board-it's also something most parents need to do. About $122 billion in financial aid, including grants and loans, was awarded in the 2003-2004 school year, according to the most recent figures from the College Board, an increase of 11 percent over the year before.

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