FAFSA - the starting point for federal student loans, grants and work study programs - can take months to process when students submit the traditional paper forms. Many students determine which school they will attend by the amount of federal financial aid they receive. Students cannot afford to wait months to notify the schools of their choice. However, if students choose to forgo paper and electronically submit their applications, the length of their wait will decrease. The optimal turnaround rate for an electronically filed Student Aid Report is three to six days. Once the form is processed, colleges that the student lists will receive the results within 72 hours.
Constantly rising tuition costs force students to look to avenues other than their parents to help fund their educations. With faster results, students can figure out the difference between federal aid packages and the expected family contribution, and have much more time to determine their financial situation before they head off to school in the fall. More time allows students to better plan their summer job situation and fall course load to allow for a part-time job if one is necessary.
Internet security becomes an issue when personal and detailed financial information - required by FAFSA or the RFF - is transmitted electronically. The U.S. Department of Education, which provides the software to submit FAFSA, and the University's Office of Financial Aid, which collects University students' RFF forms, must insure privacy of students' financial information. Without the proper security measures, personal information will have a better chance of running into Internet traffic and being accessed by outside parties. Students who do not feel that their information is secure may hesitate to submit their forms electronically.
Another potential system problem is server overload, which may impede form delivery. There are certain times of day when the server is busier than others. It is also common for servers to break down completely, halting all service and delivery. The U.S. Department of Education should practice good maintenance to avoid system crashes.
The new electronic filing system for financial aid promises to speed up the process for students requesting funds. Using the form requires Windows 3.1 or better; the FAFSA is found at: www.ed.gov/offices//OPE/express.html. Easy instructions on how to download and submit the form accompany FAFSA software. The difficult, long and bureaucratic process of collecting financial aid should now be more efficient and allow students to breathe a little easier.