The beginning of the spring semester is a time when students can still, for the most part, enjoy a break from looming deadlines. One deadline, however, is fast approaching-one that many students are still unaware of.
Although next school year seems far away, this is the time to start preparing for next year’s financial aid package by filling out the 2008-2009 FAFSA. The deadline is Feb. 15th.
The Free Application for Federal Student Aid is what the University uses to determine what kind of aid students are eligible for, and how much of each kind they will be awarded.
According to Keith Dubois at the financial aid office, around 80 percent of students receive some sort of financial aid, including the vast majority of students in degree programs. USM processes around $67 million in grants, loans and work-study funds from the federal government. Pell grants, Perkins loans, and Stafford loans are a few examples of federal aid that require FAFSA information in order to be awarded to students.
On a local level, the state of Maine provides aid as well, in the form of grants and scholarships.
While not all students choose to fill out the FAFSA, it can be a helpful tool for those who have financial need. Amanda Sessions, a junior from Mechanic Falls, has applied for aid for the past three years. “It’s hard for low-income families to get the help they need without the FAFSA,” she says.
One outcome she really appreciates about the process is her eligibility for work-study funds. She cites this program as the aspect of financial aid she would most like to see expanded at USM, because it benefits the university as well as the students.
Through the federal work-study program, students with demonstrated financial need can receive government funds in the form of income earned by working at a campus job, which can help out with anything from textbooks, to food, to mid-semester tuition payments.
Grants, loans, and work-study from government sources are all based on “demonstrated financial need,” which is what the FAFSA claims to calculate. However, even those without financial need-and those who don’t fill out their FAFSA-can apply for scholarships funded through the university itself, many of which are catered to specific majors and programs such as nursing or business.
“Next year we will have over $800,000 available in scholarships,” Dubois said, “there usually aren’t a lot of applicants.” These scholarships require a little extra work to apply for, but some are easier than others. Available scholarships and instructions for application can be found on USM’s financial aid website: www.usm.maine.edu/fin/.
When it comes to applying for federal aid, “the FAFSA is number one,” says Dubois, and he encourages students not to put off applying. Although it requires tax information from the student and his or her parents, it’s okay to estimate the actual numbers in order to complete it before the February 15 deadline. The deadline is important because the FAFSA information must be processed before the data can arrive at USM offices by March 1, but you can go back and make corrections later if necessary.
Though filling out the FAFSA can be challenging, students like Sessions will say that it is worth the effort. There are tens of millions of dollars given to USM students every year, and this one free application can determine eligibility for many federal need-based aid forms at once.
“Don’t wait, don’t postpone it,” is Keith Dubois’ advice to students. The FAFSA can be found online at fafsa.ed.gov, which also provides instructions and FAQ’s. For more specific questions, students can stop by the financial aid offices, which are staffed on all three campuses.