Financial Aid-What it's All About
In order to get financial aid, it is necessary to fill out a Free Application for Federal Student Aid, or FAFSA
. The FAFSA, which is roughly 130 questions every year, looks at the size of your household, household income, what your household assets are, how many college students there are, as well as other financial factors to determine your eligibility and your EFC or expected family contribution. Based on these numbers, you will be awarded financial aid with a mixture of grants and loans. This money is given on a first come, first serve basis, so getting your application in as soon as you can after January first is imperative. The time allowance for financial aid is open for eighteen months in order to allow for a student's financial circumstances to fluctuate and allow for adjustment. States also normally give aid to some students based on need, and some not based on need.
This aid is made up of grants, loans, work-study programs, tuition waivers, and scholarships. Colleges and universities themselves may provide there own form of aid with grants and scholarships. If more monetary aid is needed a student can seek out loans from an commercial financial institution. These often come with much higher interest rates than federal loans. Getting financial aid to help you in your quest to get to college can be a daunting task. Luckily, by filling out the FAFSA, you can be on your way faster than you though. The FAFSA can alert the Federal and State Departments of Education along with your institution of choice to your financial state and from there they can help you get the assistance you need. Make sure you turn it in on time, and as early as possible, in order to get to be first in line, since the money can run out.
Financial Aid-What it's All About
By: Jenny Maloy
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