As prospective college students begin the process of securing financial aid for one of the most important investments they'll ever make, experts caution against misleading claims that can cost money and jeopardize identity security.
As with any financial transaction, students should always take care with whom they share their personal information -- Social Security number, birth date and address, advises Will Casaine, executive director, financial aid, tutoring and the Center for Student Success at The College of New Jersey.
This is especially important when completing the Free Application for Federal Student Aid (FAFSA), administered by the U.S. Department of Education. Some websites mimic the government's official site but charge fees once an applicant has entered all of his or her personal information.
"When completing the FAFSA, be sure you're on the fafsa.gov site,'' Casaine said, noting that many have fallen prey to similar-looking sites that charge a fee after all the information has been collected, putting students' identity at risk.
Students also should avoid paying for help in completing the FAFSA, said Gabrielle Charette, executive director, New Jersey Higher Education Student Assistance Authority.
"One of the things I always say to students and parents is that the first word of the FAFSA is free,'' Charette said. "You do not need to hire a consultant to sit with you to fill out the FAFSA.''
The data retrieval tool allows applicants to import income information from the IRS, which is the most difficult part of the application, Charette said, adding that an icon at the end of the FAFSA allows students to simultaneously apply for state loans and grants.
"There are no filing fees, no applications fees, ever,'' Charette said.
Prospective students should also be wary if they're contacted by someone promising scholarships or loans for a fee, Casaine said.
"Be wary of any company that promises a scholarship and asks for a fee up-front,'' Casaine said. "It's that old adage, if it sounds too good to be true, it is.''
Instead, both Casaine and Charette advise students to tap into the many free resources available to help students find scholarships, grants and other forms of financial aid.
Start with your high school guidance counselor and attend a financial aid night, advises Charette. Students also should check out the financial aid pages of the institutions where they will be applying, Casaine said, noting that most schools have links to outside scholarships, such as TCNJ's page at financialaid.tcnj.edu.
"It will tell you about institutional scholarships and outside scholarships that we have vetted,'' he said.
Other good sources of information are HESSA, which has an 800 number that students can call with questions or concerns, as well as a host of publications on its website, hesaa.org.
Mappingyourfuture.org is another good source to explore financial aid options and avoid scams, Charette said.
"Everything is free,'' she said. "I encourage students to look at HESSA's websites and work with their chosen institutions.''
-- Nancy Parello
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