Financing a college education is something that we’re all worried about, with the sticker price of a Penn State education costing upwards of $48,000 a year, just for tuition. This is where financial aid becomes a necessity, rather than just a helping hand.

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The Free Application For Federal Student Aid (FAFSA) is the document that colleges around the country use to determine the amount of financial aid to award to students. Right now is the best time for students to re-new or apply for financial aid, with the best chances of granting aid going to those who apply early.

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The Financial Aid office also has some tips for ensuring that you get the most lucrative financial aid package possible. They urge students to apply early, With now being the ideal time, since the 2017-2018 FAFSA is now available to file on October 1. Some students are also afraid that they will not receive aid at all, so they opt not to file. While granted, it is hard to predict exactly how much money a student will receive, it is still very likely that filing will help you in one way or another. Also, qualifying for federally sponsored loan programs like Stafford Loans and Parent Plus loans requires filling out the FAFSA first.

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Although this may seem obvious, many delays in processing of an application are due to small mistakes. Students often get frustrated and confused when put in the back of the line to get  handed out aid packages, so be sure to fill out all fields and input the correct information.

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The FAFSA formulas assume that students should be able to spend 20% of their assets on college. For parents, the rate maxes out at 5.64% of assets. (Rates for income are higher for both groups.) Moving this money over to a 529 account in a child’s name shields it from consideration as a child asset in FAFSA calculations. A 529 that parents control will also be evaluated at the lower 5.64% rate, just like any parental asset.

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Alternatively, families can use a student’s savings to pay tuition during freshman year so that the money won’t continue to limit aid awards in subsequent years. For families with younger children, the simplest solution to avoiding the higher rates is to consistently save for college in parental accounts instead of setting up child-owned college savings accounts.

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Also, remember, after you have been sent a financial aid package, there’s still an opportunity to negotiate a better aid award. If there has been a substantial change to your financial situation, or you have been given wildly different aid packages, it might be worth making a call to the financial aid office. Experts stress that it’s important to be polite and grateful for the money you’ve already been awarded. “It’s an art,” Kantrowitz, a financial aid expert, says of the appeals process. “Don’t complain about how hard it is to make ends meet, it won't but you much pity.”

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Navigating the waters of financial aid can be difficult, so be sure to contact the Financial Aid office at Behrend with any questions. They are available Monday to Friday in the Metzgar Building, or by calling (814) 898-6100.