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 their FAFSA (Free Application for Federal Student Aid) applications for low-cost loans and other financial awards. There is $150 billion available, and early applicants have the best chances of getting the most money for college.

Sallie Mae's CollegeAnswer.com, the planning-for-college website, has a section on FAFSA and a checklist that helps in gathering the appropriate documents needed for the income, investment, and income tax calculations.

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 2005–2006, that figure soared to more than $150 billion, with grants making up 43 percent of that total.
• More than 13 million students apply for money for college annually; however, nearly 2 million students miss out on free money to pay for college simply because they do not apply.
• 8 out of 10 undergraduates receive some sort of money for college.
• In 1999–2000, 8 million students did not even try to get free money for college.
• The Department of Education estimates that nearly 80% of the roughly 13 million applicants completed their Free Application for Federal Student Aid (FAFSA) electronically.

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