Strewn in haphazardly organized piles across senior Abby Sung’s kitchen counter are copies of her parents tax forms and the pages of the FAFSA form. Like most college-bound seniors, Sung is starting the process for applying for need-based financial aid through the Free Application for Federal Student Aid (FAFSA). Anytime after Jan. 1, students can file a FAFSA for need-based financial aid and with both the cost of college tuition and unemployment rate rising, more and more seniors are opting to apply.

“I am applying to a few prestigious universities and on the chance that I get accepted to one, I want to be able to pay for it and not be in crippling debt after I graduate,” Sung said.

According to The SmartStudent Guide to Financial Aid, two-thirds of four-year undergraduate students with a bachelor’s degree graduated with some debt in 2007-08 with an average student loan debt of $23,186. Though it helps lower debt, grants, scholarships, work-study and other forms of gift aid often do not cover the full cost  of a college education.

“Even though my parents make a good enough income so I most likely won’t receive much need-based, I am still applying through the FAFSA for federal aid just in-case and applying for a lot of non need-based aid,” senior Megan Humburg said.

The amount of federal financial aid received is determined by household size, incomes, taxes, assets, payment timing, and the amount a family owes on a mortgage. A students income is also reported on the FAFSA if he or she makes more than $4,500 a year.

“Most of my money I earn from working at Target goes to car payments, gas and my cell phone bill though I do try and save a portion to help pay for college,” senior Alyssa Huskins said.

The deadline to submit the FAFSA depends on the individual college but most are due in early February. Howell hosted a FAFSA workshop in the library Feb. 8th to help parents in completing the form. The forms are available online at www.fasfa.ed.gov.