How to Figure Out Financial Aid
Paying for college. The thought of this can be extremely daunting for most families, especially if their son or daughter is ineligible for academic or athletic scholarships or they are not financially well-to-do. Since tuition rises every year, is it possible to afford college without taking out a second mortgage or pawning off the family jewelry?
Parents ask me this all the time, and the good news is “yes,” it is possible, but it may take some work from both you and your student to achieve. Just the other day a parent emailed me the following question:
What types of financial aid are available for my student and how can we keep up with all the application deadlines?
There are many resources available, and the first one that every financial aid department will suggest you check out is the Free Application for Federal Student Aid (FAFSA). The FAFSA is a Federal form used to determine the amount of state and federal aid a student qualifies for, based upon need. There are grants, loans and work-study programs available through this service. Federal Pell grants and Stafford loans are two of the most popular. There may also be state aid available, depending on your state of residence. The priority deadline for the FAFSA is March 1st, so be sure it’s submitted well before then.
Since Federal and state aid can have strings attached, some parents choose to forgo this type of financial aid, opting instead to look for other ways of financing their child’s education. Some private resources to look into are the following:
All of these sites offer free financial aid and scholarship searches. If a website are business tries to charge for this type service, run away, as it’s either a scam, or simply trying to make a buck off of something that’s already available for free. Either way, your student will not have any better chance of receiving scholarships or other aid than if you did the search yourself.
One way to keep up with the financial aid and scholarship deadlines is My College Calendar, a free online resource that tracks time-lines and deadlines for the college admissions process. I have been very impressed with the information they provide.
Last March, Heidi Fletcher of College of Notre Dame of Maryland wrote a fantastic article on financial aid, which can read here.
To learn more tips on financial aid, scholarships, and deadlines, download your free copy of my 10 Step Guide to Stress Free College Planning.
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