Less funds for late applications, but aid still available

Cost is perhaps the biggest factor surrounding students' decisions to attend college. It can lead to students waiting until the last minute to make their decisions, but waiting can cost big money.

"Applying sooner, they may have more opportunities for scholarships," said Nancy Wunderly, director of admissions at Kutztown University. She noted that some forms of financial aid, including Pennsylvania state grants, have deadlines that have already passed.

"If they didn't submit their FAFSA prior to May 1, they are not eligible for that grant," she said.

The FAFSA, also known as the Free Application for Federal Student Aid, is available online at FAFSA.gov.

But while a few forms of financial aid are not available to students applying and filing their FAFSA late in the year, additional loans and scholarships are still available. Federal loans, known as Stafford loans, are guaranteed loans based on students' financial need.

Most colleges and universities also require the FAFSA if a student is applying for need-based aid directly from the school.

"They should still fill out the FAFSA, for these reasons," said Wunderly. "The FAFSA needs to be submitted for some of those need-based scholarships."

If you're still considering applying to college or enrolling, don't wait much longer, she added. Some forms of need- and merit-based aid are available on a first-come, first-served basis.

"Those students who make a commitment and deposit to the university, they have secured those funds. Sometimes there are fewer funds available when students are coming in later, especially in July and August," she said.

But admissions counselors agreed that applying to a school doesn't mean committing to attend. If you're concerned about cost, most encouraged first-time students to apply and receive all of the information that they can before they make a decision about attending a particular school or even whether or not to attend college.

"Let them have all that information before they make that decision. I'd hate for them not to apply, and to not even have the opportunity to see what is available in terms of financial aid," said Wunderly.