Published February 2013. Financial aid and student loan rules change often, so some details may be out of date. Ask us about your situation.
Right now, thousands of college students are waiting to hear back from their schools about what financial aid will be available to them when they head to class next fall. While individuals may have already received financial aid offers from their school, a potential sequester that could go into effect as soon as March 1 could see more than $4 million in funding cuts from the Department of Education that could heavily modify the actual amount of money colleges will be able to provide to students – even those who have already received award letters.
While the clock ticks on the number of days left for Congress to make a decision to prevent the budget cuts, students and their families should take a number of steps that will help them be ready for any surprises that may come about as a result.
Aside from filing for FAFSA as early as possible, as well as making sure you are wary of the deadlines set by the state in which you are attending college, be sure to analyze how much money you may have to pay directly out of pocket.
You can look up your estimated out-of-pocket costs using the National Center for Education Statistic's College Navigator. All you need to do is input the college you will be attending and look up your family's yearly income to get a fairly accurate depiction of how much aid you can expect if you haven't yet received an award letter from the school. While this will surely vary from what you are actually awarded, it takes much of the surprise out of the waiting game for you and give you a fair analysis of how many scholarships and loans you should apply for.