RESTON, Va., Feb. 20, 2009—As students and families plan for college next fall, Sallie Mae, the nation's leading saving- and paying-for-college company, reminds them to file the Free Application for Federal Student Aid (FAFSA) before their state's deadline. The FAFSA is a student's starting point for applying for most college financial aid programs, and filing the FAFSA before one's state deadline ensures that the student is considered for state grants – free money.
Students residing in the following states should complete their FAFSA in advance of these state deadlines (students residing in states not listed should contact their school's financial aid office):
March 1: Arizona, Idaho*, Maryland, Michigan, Montana, Rhode Island, Tennessee, West Virginia*
March 2: California*
March 10: Indiana
March 15: Kentucky*, North Dakota
March 31: Mississippi
April 1: Kansas*, Missouri
April 15: Alaska, Delaware, Oklahoma
May 1: Maine, Massachusetts, New Hampshire, New York*, Pennsylvania
May 15: Florida
* Contact the school's financial aid office as additional forms may be required.
The average family covers 15 percent of the cost of college using a combination of grants and scholarships, according to Sallie Mae's recent study on How America Pays for College, conducted by Gallup. On average, nearly $9,000 in financial aid is awarded to undergraduates, approximately half of it in grant aid that does not have to be repaid. Students can get money for college in the form of grants, scholarships, work-study programs and student loans.
Students and their parents can complete the FAFSA application on the Web in as little as an hour or two. Gathering relevant documents and information before going online to www.fafsa.ed.gov will reduce the time it takes to complete the application.
Students and families completing the FAFSA will find Sallie Mae's new Education Investment Planner useful. The free Planner helps students and families understand the total cost of college and how to pay for it without going beyond their means. The Planner estimates the total cost of a college degree, builds a plan to pay for college, and estimates the salary a graduate would need to keep repayment of student loans manageable. Visit www.SallieMae.com/plan for more information.
Sallie Mae advises families to use its 1-2-3 approach to paying for college: first, use free money by filling out the FAFSA to access need-based grants, research and apply for scholarships. Then, supplement with current income, college savings, and an interest-free monthly tuition payment plan. Second, explore federal loans. Available to both students and parents, they can offer low, fixed interest rates and flexible repayment options. Third, fill any gap with private education loans. They are designed to help students meet the total cost of college.
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