College financial aid application season is underway

Paying for your dream school is easier than you think. Almost every high school student in the U.S. — regardless of family income — is entitled to low-cost or even free money to pay for college. But, to get it, students need to apply, and now is the time.

Beginning Jan. 1, high school students headed to college in the fall can submit the FAFSA (Free Application for Federal Student Aid) forms for low-cost student loans and other financial awards. There is $168 billion available, and early applicants have the best chances of getting the most money for college.

Sallie Mae has a section on FAFSA that helps in gathering the appropriate documents needed for the income, investment, and income tax calculations. Visit it at www.SallieMae.com/FAFSA.

Also, The Sallie Mae Fund has a free-to-download, award-winning Mission: Possible! guide which includes useful tools, forms, checklists and financial aid information that sutdents can use as they prepare for college beginning freshman year in high school.

Interview an expert

To schedule an interview with a financial aid expert, contact
Erica Eriksdotter at (703) 984-5628. Media inquiries only, please.

Fast facts

• The amount of financial aid available is on the rise: In 1965, $600 million was available for financial aid. But, for academic year 2008-2009, that figure soared to more than $168 billion, with grants making up 43% of that total.
• Many are still missing out on aid. According to a national study from Sallie Mae and Gallup, How America Pays for College, 24 percent of families did not complete the FAFSA last academic year. Nearly half of those who didn't complete the form believed they would not be eligible for financial aid (30%) or were unaware of the application (18%).
• The maximum Pell Grant has increased to $5,550, up from $5,350.
• More than 16 million students apply for money for college, according to the U.S. Department of Education.
• The U.S. Department of Education estimates that 98% of the roughly 13 million applicants completed their Free Application for Federal Student Aid (FAFSA) electronically.

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