Financial Aid: Start early, know your costs and make a plan to pay for college

For students and families preparing for college, figuring out how to pay for it can sometimes feel as complicated as choosing where to go.

Jonathan Rhodes, outreach manager at the South Carolina Student Loan Corporation, has spent years helping families understand that process and recently shared his advice on financial aid with the South Carolina Commission on Higher Education. Step one: complete the Free Application for Federal Student Aid, better known as the FAFSA.

The FAFSA provides access to the largest source of federal student aid, including grants, work-study funds and federal student loans. States, colleges and some private aid providers also use FAFSA information to determine eligibility for their own financial aid programs.

FAFSA isn't only for low-income families

One misconception Rhodes frequently encounters is that families assume their income is too high to make completing the FAFSA worthwhile.

He encourages families not to make that determination themselves. Completing the application allows students to find out what resources may actually be available, including federal and state aid and other financial assistance.

“I always want to impart in families: at least complete the FAFSA, because you don't know what you qualify for unless you actually complete it,” Rhodes said.

Start early — even if you haven't chosen a college

One of the most common mistakes Rhodes sees is waiting too long.

“The early bird gets the worm,” Rhodes said. “Complete it as early as you can.”

Students don't need to know where they will attend before completing the FAFSA. The online form allows students to list up to 20 colleges or career schools to receive their FAFSA information, giving families flexibility as they consider their options.

Rhodes also cautions students to avoid common errors such as waiting too long to create their StudentAid.gov account, entering an incorrect Social Security number or using nicknames rather than their correct identifying information.

Understand contributors — and complete the FAFSA every year

For dependent students, parent information is generally required on the FAFSA. Rhodes said understanding the contributor process is especially important because it can trip up families unfamiliar with the current form.

When a parent is required as a contributor, the student sends an invitation allowing the parent to access and complete their portion of the FAFSA. Rhodes encourages families to use accurate, regularly checked email addresses and pay close attention to those invitations.

Families should also remember that FAFSA isn't a one-time process.

“You have to complete your FAFSA every single year,” Rhodes said.

Students must submit a FAFSA for each year they want to receive federal student aid.

Take it one step at a time

For high school seniors juggling college applications, scholarships, academics and decisions about their future, the process can quickly become overwhelming.

He recommends starting with the FAFSA and then making scholarship applications a priority. Students shouldn't limit their search to the athletic or academic scholarships that may immediately come to mind. Rhodes encourages them to pursue other opportunities, including scholarships requiring essays about their experiences, goals and future plans.

Know what college will actually cost

Rhodes also encourages families to look beyond simply getting into college and take the next step of calculating what attending will cost.

Waiting until spring or summer to confront those numbers can leave families facing difficult decisions, including whether they need additional loans. Instead, Rhodes recommends comparing costs with the financial aid and scholarships available as early as possible.

“Starting early, knowing what the cost is, knowing what you qualify for — that makes it a lot easier,” he said.

Keep the goal in sight

Students may change majors, transfer or discover new interests along the way, but Rhodes encourages them to remember the ultimate objective.

“The goal of college is to go to graduation, graduate and find a great job,” Rhodes said.

And when families don't understand something, he encourages them to seek help from professionals rather than trying to navigate the process alone.

For Rhodes, that work ultimately leads to a moment worth celebrating: students being able to say, “I earned my degree, not just got my degree.”

Learn more and complete the FAFSA at https://studentaid.gov/.

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