Students seeking financial aid for the 2012-2013 school year should begin the application process for student financial aid in February in order to receive the maximum funds available to them.
Paul McKinney, director of financial aid at Mississippi State University, said the earlier students begin to apply for financial aid, the better results they will receive.
The first step in receiving financial aid is completing the Free Application for Federal Student Aid available online from the U.S. Department of Education. The FAFSA will determine how much need-based aid is available for a student, McKinney said.
According to the department of education, American citizens enrolled in a degree program as a regular student who show financial need for aid are eligible to receive federal aid.
McKinney said in addition to Pell grants, subsidized student loans and college work-study opportunities, there is also the Student Equal Opportunity Grant that is available on a first-come, first-serve basis for qualifying students.
“If you qualify for SEOG and your FAFSA is complete, you get the money,” he said. “So those that complete their FAFSAs the soonest are more likely to get more aid.”
The Department of Education and the Office of Financial Aid are working to make the process of applying for federal aid as easy as possible, McKinney said.
“When students are completing the FAFSA, it will ask them if they would like to retrieve their tax information from the IRS,” he said. “We hope this will make it easier to fill out the FAFSA.”
One issue he said students need to know about with this new system is that students chosen for verification by the department of education will no longer be able to bring their tax returns to the Office of Financial Aid.
“Students chosen for verification can do one of two things: they can go to the IRS office and get a copy of their tax transcripts, or they can log back in and do that data match,” he said. “They cannot bring their tax returns to me anymore.”
McKinney said with the change in the tax information procedure, students should allow two weeks after they file their taxes before completing the FAFSA to give the IRS time to update its database. The ideal date to complete the FAFSA is soon after Feb. 1.
Jon McLeod, junior history major, said he applies for financial aid early and has not experienced issues receiving aid.
“I filled out everything for receiving aid as early as possible and was pleased with the Pell grant I received. Information on the loans was readily available and applying for them was very easy,” he said.
Students can access their financial aid information throughout the process on their myState account, McKinney said. If the student is subject to verification, he or she can check the status through the financial aid tab on the myState banner.
“The best things students can do, especially during the fall, is to check their myState account,” he said. “Any form that students need is on the Office of Financial Aid website.”
McLeod said he uses myState and the financial aid website to complete necessary forms.
“I am able to do everything I need to do online, and the financial aid office is very good about sending information and notifications through email,” he said. “My financial aid experience at MSU has thus far been simple and stress-free.”