How To Get Help Paying For College

January is not just the month in which you gather your tax records together for tax-filing season. If you plan to attend college in the fall, this is the time to start your search for financial aid.

That search should start with the Free Federal Application for Federal Student Aid (FAFSA). This government-maintained website will walk you step by step through the process, allowing you to apply for Pell Grants, work-study programs and other sources of student financial aid.

An important thing to note at the beginning of the process: the official website address for FAFSA is farsa.ed.gov, not ".com." And as the name implies, this application is free. There is no reason to pay anyone any type of fee for access to this information.

If you go to a ".com" site, you will probably be asked to pay to submit the FAFSA. Remember, this is a free service, so use the official government site to submit your application.

Create an account

When you go to the official FAFSA site, the first step is to create an account using MyFSA. MyFSA is your personal portfolio. When you create your account, the site will provide you with a MyFSA account in which to store all your information.

Completing the application is the first step to be considered for nine federal student aid programs and 605 other state and private institutional aid that is available to college students. The U.S. Department of Education (DOE) begins accepting applications on January 1 each year for the upcoming fall semester.

The application period is up to 18 months long. Most of the aid packages and grants are provided on a first come, first-served basis, so it's wise to submit an application as early as possible.

Federal Student Aid

The aid all eligible individuals can benefit from federally funded financial assistance for education beyond high school. According to DOE, Federal Student Aid plays a central and essential role in supporting postsecondary education by providing money for college to eligible students and families. The government partners with postsecondary schools, financial institutions and others to deliver services that help students and families who are paying for college.

Federal Student Aid performs the following roles:

• Educating students and families on the process of obtaining aid;

• Processing millions of student financial aid applications each year;

• Disbursing billions of dollars in aid funds to students through schools;

• Enforcing financial aid rules and regulations;

• Servicing millions of student loan accounts, and securing repayment from borrowers who have defaulted on their loans; and

• Operating information technology systems and tools that manage billions in student aid dollars.

Three ways to apply

Applicants can use any one of three methods to apply. DOE recommends using the online application, but you can also download and print an application to fill out and send by mail. You may also request a paper FAFSA by calling 1-800-4-FED-AID (1-800-433-3243) or 319-337-5665. If you are hearing impaired, please contact the TTY line at 1-800-730-8913.

When applying, select the school year for which you are applying for financial aid. For example, if you plan to attend college between July 1, 2011 and June 30, 2012, click The 2011-2012 School Year (July 1, 2011 - June 30, 2012). If you plan to attend college between July 1, 2010 and June 30, 2011, click the other link. If you are applying for a summer session, check with your college to verify which application you should complete.

The application consists of more than 100 questions regarding a student, and their family's assets, income and dependency. This information is used to determine what is called the Expected Family Contribution (EFC).

Factors comprising the EFC include household size, income, number of students of the household in college and assets.

On the FAFSA website you'll find a tool for discovering the deadlines for each college in the country. Make sure you know the deadlines for the schools you are applying to and file well in advance.

How much?

How much aid can you receive? It will vary, depending on the grant and your circumstances. Students with low EFCs may receive a Pell Grant of up to $5.500. If you qualify for a work-study program, you can get part-time work and the federal government will reimburse your employer up to 75 percent of your pay.

If you qualify for a Stafford Loan, the government will pay the interest while you are enrolled. The student, of course, must repay the principal. A Perkins Loan is much like a Stafford Loan, but is lent by the school directly.