Money often plays a big factor in the pursuit of a college degree, but hopefully, it will not stop anyone from attending college! Yes, college can be expensive, but there is aid available to help you and your family pay for college. Major sources of financial aid for college include:
Grants – Grants are “gifts” from the government and from individual colleges that reduce college costs. Grants are awarded based on your family’s financial situation. Colleges are the largest source of grants for higher education. The Federal Government and some state governments also offer grants to help students from lower-income families pay for college costs. Grants do not have to be paid back or earned. Grants may be renewed every year you attend college, although if your family’s financial situation changes, the amount you receive may also change.
Merit Scholarships – Merit scholarships are offered by many colleges and private organizations. Scholarships are...
When you’re searching and applying for college financial aid, it helps to understand the jargon. The FAFSA form (Free Application for Federal Student Aid) employs a bewildering array of acronyms. American students should file a FAFSA as soon as possible after October 1st of senior year. Complete your application online at https://fafsa.ed.gov. To make the process easier, we offer a handy translation guide.
• COA stands for Cost of Attendance. This number includes such costs as tuition, room and board, fees, books, a minimal budget for incidental spending, and two round trips yearly between the college and the student’s home.
• EFC is the Expected Family Contribution—the amount the student and his family are expected to pay towards the first year of college expenses. The EFC is derived from an analysis of all of the data entered on the FAFSA form.
• ESTABLISHED NEED—the difference between the COA and the EFC. This is the amount that the college...
The FAFSA (Free Application for Federal Student Aid) is the primary form used by colleges to determine eligibility for need-based aid. In some cases, colleges will not consider an applicant for merit aid unless that student has first submitted a FAFSA. The FAFSA should be filed as soon as possible after October 1st of the student’s senior year, and then yearly while attending college.
The FAFSA collects basic information about both the student’s and his/her parents’ incomes and assets and uses this information to determine an expected family contribution (EFC). The EFC is the amount that the student and family are expected to contribute towards that individual’s college expenses during the next academic year. The difference between the EFC and the total cost of attendance at your college of choice is known as demonstrated need. Colleges use this information to prepare a customized financial aid package for each admitted student who qualifies for financial aid....
Your eligibility for financial aid will be based on the calendar year starting in January of your junior year. Now is the time to learn what information you and your parents will need in order to file a FAFSA.
What is the FAFSA?
The Free Application For Federal Student Aid (FAFSA) is a form students and parents must complete and submit to the federal government to determine their eligibility for financial aid and scholarship opportunities.
Who files the FAFSA?
Since this is a federal application, it is for US citizens or students with a legal status in the United States. International students are not eligible for federal student aid.
What kind of aid does the federal government offer?
Don’t fall victim to these myths!
1 My family makes too much money to qualify for financial aid.
This is one of the biggest myths out there. You may not qualify for aid at one school, and qualify for lots of money at another school (see blog - How Do You Get Money for College?).
2. It costs more to go out-of-state than to stay in-state.
Not so. With increased tuition rates in many states, it is not always cheaper to stay in-state. There are out of state tuition waivers available for many students. Also, colleges offer scholarships to students for athletes, scholars, certain majors, leadership, and other categories. Don't narrow your list of colleges to just in-state schools.
3. It cost more to go to a private school than a public school.
Not necessarily. Each family situation is unique and you may find it will...
Paying for college is often compared to paying for airline tickets. No two people pay the same price. What will your costs be at college? How much you pay for college depends on so many factors. Knowing what those factors are, and how college will look at your family’s financial situation, will help you know what the price of your “college” ticket will be. Knowing how it will differ from one college to another will help you compare one college to another.
How do I know if I am eligible for financial aid?
What do colleges look at to determine how much you pay for college? The FAFSA or Profile forms are used to determine how much your family can contribute to your college education. The forms include questions to find out:
What is an “Expected Family...
Here are the Top 10 factors to consider for your “Perfect” college:
Academics: How important is this factor to you? If you know your major, that should be a requirement What about special programs such as honors, study abroad, senior projects? Also consider the learning environment. Is the campus on semesters, quarters, or offer a May or January term? How do you learn best?
Climate: Think about what climate you will want to live in for at least three seasons of the year while at college. If you have never lived through winter in New England, think about how you will feel about months of snow, rain and later a very muddy spring. Or visa versa, how will a lot of heat and humidity feel for days on end. Will you melt? Climate can make or break a school.
Size: Think about what size college you would like to attend. Attending a school with 20,000 undergrads is not for everyone! What is your comfort zone?
Location: Think carefully about what type of area are looking...
Learn the secrets on how to attract colleges that will offer scholarships and compete for your student.
The #1 reason why families fail to negotiate the price of college!
How To Avoid This Single Mistake That Can Cost You Thousands of Dollars.
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