Many eligible students missing out on financial aid for college
SPM WIRE

With college tuition on the rise nationwide, families should be more aggressive than ever before on making sure they're not missing out on financial aid available to them.

"While many high school seniors are engrossed in completing college applications, it's also important for them and their parents to be thinking about paying for school. Many will need multiple loans to cover the burgeoning costs of college," says Kevin Walker, co-founder and CEO of SimpleTuition, Inc., a company that helps students and parents make sense of education financing options.

Indeed, average tuition and fees at four-year public colleges rose 6.6 percent this year, again outstripping increases in financial aid and pushing students into more borrowing, according to the College Board.

Completion of the Free Application for Federal Student Aid (FAFSA) is a key step families should take when preparing to pay for college. This application helps to determine the amount of federal and college aid a student may receive and allows them to apply for federal student loans. Federal loans have favorable repayment terms when compared to private loans and experts recommend maxing out on federal loans first.

"Only after the FAFSA is completed can students access the best borrowing programs available," stresses Walker.

With the cost of college continuing to skyrocket, thousands of families nationwide will require multiple loans each year to cover tuition and fees. One of the reasons families tap multiple loans, is that federal student loans, available in limited amounts, are worth the trouble of including in the package. The FAFSA is a necessary step toward accessing these loans.

Walker strongly advises parents and students to consider the following advice:

• Federal Stafford Loans are available, regardless of need, but you must complete the FAFSA. Many families assume they won't be eligible for the financial aid programs governed by the FAFSA process. However, the federal Stafford loan - the most common student loan - is available to almost any student, regardless of need. To qualify for Stafford, you need to complete the FAFSA form. If the family is deemed 'needy' enough, the student may be able to borrow through the subsidized Stafford program, where no interest accrues during enrollment. If the student is going to borrow at all, don't leave this best-in-class loan on the table.

For more information about funding for college, visit www.simpletuition.com.