At long last, college is nigh. And now, the rubber has hit the proverbial road: it’s time to apply for financial aid. You’ve been putting submission off because you know nothing about it. You may be wondering what exactly financial aid is, and whether you’ll be able to get it. You also may be wondering what the various types of aid available are. Well, never fear. Read on for understanding financial aid for college.
What Is Financial Aid?
How Do I Get It?
If you’re looking for needs-based financial aid from the federal and state government, you start by filling out the Free Application for Federal Student Aid (FAFSA) for student loans, grants, and student employment.
Each year, the Education Department awards some $115.6 billion in federal loans, grants, and work-study funds, helping about 10.8 million students get their education. If you still find that you need a private loan, for the best rates contact the server Juno, which also offers affordable international student health insurance, for that matter.
How Does The FAFSA Work?
Applicants must first enter info about their marital status and citizenship, residence, how many people live in the household, and their social security number. Your parents must submit that information as well, although a FAFSA independent student usually gets more aid because they aren’t supported by their parents. Students must list up to 10 colleges that they will or have already applied to.
Note that as of this year, no longer are males required to register with the Selective Service to get financial assistance.
Regarding finances, the FAFSA requires tax returns from two years ago. This is to lessen the need to estimate when filling out the form. Students and parents are required to enter income and any child support payments, and whether they got any assistance from a federal program such as SNAP or Medicaid.
After FAFSA Is Submitted
Once your application is complete, you will get what’s known as a Student Aid Report, or SAR, which is a summary of what you turned in. So, look the info over and make sure it’s correct. Your online FAFSA will be processed in 3-5 days, and your information will be sent to the colleges to which you’re applying. The schools will use that to decide your financial aid eligibility. Note that there’s no financial income cutoff, so even households with higher incomes typically qualify for at least some aid.
Who Can Get Financial Aid?
You may apply if you’re a U.S. citizen, legal permanent resident, national, or a refugee who has an arrival-departure record from U.S. Citizenship and Immigration Services. Students also must be enrolled in a Title IV program – in other words, one that can receive government financial aid funds.
What Are Other Types Of Financial Aid?
For merit-based financial aid, which includes scholarships, check out scholarship listing books or a scholarship matching service like Fastweb.com. There may be small local scholarships available. Check for postings at your college’s financial aid office or near your school counselor’s office.
Now that you have a better understanding of financial aid for college, you can get going on trying to find all the help you can get. An do it early; do not delay. And remember, if you need a loan, Juno leverages its membership numbers to find you the best interest rate possible.
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