Common Mistakes Students Make When Applying for Financial Aid

Figuring out how to finance your education can be overwhelming. Not only do you have to figure out all of the different types of aid available, but you also have to juggle applications and deadlines at the same time. Here at the Higher Education Student Assistance Authority (HESAA) we want to help make the process as smooth as possible for you, so we are going to talk about five common mistakes students make when applying for financial aid.

Mistake # 1 – Not Applying at All

This one may seem obvious, but it’s really easy to count yourself out for financial aid simply because you think you won’t qualify. In reality, you have nothing to lose and everything to gain from applying for all different types of financial aid. While you may not qualify for certain types of funding, you might be the perfect candidate for others. Complete the FAFSA form to get started!

Mistake # 2 – Not Applying Soon Enough

Sometimes we fall into the trap of thinking that as long as we apply by the deadline that we have as good of a chance at getting financial aid, grants, and scholarships as those that applied early. However, this isn’t always the case. Financial aid is often awarded as applicants apply and so there may not be as much money left for those that apply right before the deadline. While you can’t guarantee that you’ll receive funding, you can guarantee that applications are submitted early enough for top consideration.

Mistake # 3 – Not Knowing Your Options

Finding success in paying for school comes from knowing the different types of aid available to you. Students often finance their education through a number of different ways including

• Personal savings
• Family assistance
• Federal aid, scholarships, grants, and loans
• Private grants and scholarships
• Supplemental loans
• Working part-time while attending school

Here at HESAA, we encourage you to take some time to research all of the ways you can finance your education.

Mistake # 4 – Not Asking for Help

There are so many people that can help you apply for financial aid. A parent or caregiver is often your closest and best resource, but you should also consider asking your High School guidance counselors, siblings, teachers or other helpful mentors in your life. You may find that specific mentors are best suited to assist you with certain types of financial aid. For example, your parents will be a great help when filling out the Free Application for Federal Student Aid (FAFSA) and may also help you by co-signing for a supplemental loan. In contrast, your High School guidance counselor is one of the best resources for learning about local and national scholarships and grants. Regardless of those you choose to ask for help, the important thing is that you don’t try to go through the application process alone.

Mistake # 5 – Not Having a Contingency Plan

Even if you’ve done everything in your power to get yourself financially prepared for college by saving money, filling out the FAFSA and applying for grants and scholarships you still won’t have a guarantee that you will receive enough funding to cover the cost of college. In these cases, many students will also apply for a federal student loan and/or supplemental loans like the New Jersey College Loans to make ends meet. While nothing is better than free money, these loans still make attending college a possibility.