Ask the Experts: Is It Too Late to Apply for Financial Aid?
The following question was submitted via our Ask the Experts form. If you have any questions about financial aid or student loans, we’re here to help. Our team of experts is happy to provide advice based on their decades of experience in college financing. Read on to learn the steps you’ll need to follow to get financial aid if you have no or low income!
Dear Insiders,
I have no income and my daughter wants to go to college desperately. Can she still apply to colleges, and how can we afford to pay for her to go?
-Jessica
Hi Jessica,
It is never too late to think about college! The first thing a student must do is to decide what kind of college they are interested in attending. If your daughter is a senior this year, you should immediately see if the college she has her sights on is still accepting applications. I can tell you that even if you find that your daughter’s first choice in a college is no longer accepting applicants, an alternative could be a state university or a local community college. Both have excellent programs, faculty, and opportunities for students seeking higher education.
The next, if not the most important thing to do, is apply for financial aid through the Free Application For Federal Student Aid – commonly known as the FAFSA. Your daughter, with your help, can file online. The fact that you do not have any income will be considered when you file. Remember that any type of income, whether it is from work or from other sources such as child support or government assistance, will need to be reported on the FAFSA. This is a crucial step in seeking what kind of financial aid your daughter may be entitled to receive.
You will be asked, in addition to income and asset questions, a number of other related and important questions that will help determine your daughters’ eligibility. One of the important questions on the FAFSA is the names of the colleges where the results of the FAFSA should be sent. That’s why it’s important to try to narrow your daughters’ college choices before completing the FAFSA. Help completing the FAFSA is generally available through the high school guidance office. Guidance is also available on line when completing the FAFSA.
As to what your daughter may be eligible to receive will depend upon a number of things: your eligibility as determined through an evaluation of your ability to pay for college (commonly referred to as “financial need”), your daughter’s program of study, and similar factors.
So, to answer your question: apply NOW if your daughter is planning on going to college this coming September. If your daughter is a junior, then you have some time. For current junior students, apply for financial aid (using the FAFSA) NEXT January.
Higher education is an investment in the future. There are grants, scholarships, work, and loan programs available to help meet the costs of college. To help you sort through this process, I can also encourage you to talk to the Financial Aid Office staff at the college your daughter wishes to attend. They are there to help you and your daughter with questions you may have as you maneuver through the college process.
Good luck!
