Looking to get college financial aid? Unless you're very wealthy, when you apply for college you need to explore financial aid opportunities. But the process can seem confusing, and before you seek the assistance of your college financial aid advisor you should know how the system works.
The Free Application for Federal Student Aid (known as the FAFSA) is a form that you fill out annually to determine your eligibility for federal student financial aid including Pell grants, Stafford loans, PLUS loans, and work-study programs. The program is administered by Federal Student Aid, which is an office of the U.S. Department of Education.
All eligible individuals can benefit from federally funded or federally guaranteed financial assistance for college education. The form is available online at the FAFSA website. As its name implies, the application is free. It may be filled out either on paper or online.
Most accredited career colleges are eligible to administer federal Title IV education grants, and they will ask you to fill out the FAFSA before your first tuition payment is due.
Many colleges, universities, graduate schools, and professional schools use the information to determine eligibility for nonfederal student aid funds. Many private colleges, which have institutional financial aid funds, use this info to assist them in determining how much institutional financial aid to award.
The FAFSA calculates your expected family contribution or the amount of money they expect the individual or their family to contribute, and how much the school will award in grants and school. It also ignores assets of siblings and families with low income.
Be sure to plan ahead and get in before the deadline. You will be happy if you are able to get the most funding possible. Paying for school is expensive. Now is your opportunity to get college financial aid now.
Friday, April 2, 2010
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