The financial aid process is daunting, especially when going through the process without help from a reliable source. Fortunately, we are here to help you navigate obscure financial aid jargon with ease.
Always start out with the Free Application for Student Aid, known as FAFSA. Once your application is processed, you will know what federal assistance programs, grants, and loans you qualify for, and how much will have to be through private lending agencies. This process is the same for graduate students, however graduate students may not be eligible for undergraduate programs, including Federal Pell Grants.
The FAFSA is an important first step, but it won’t be the end of your financial aid journey. Once you’ve completed FAFSA, look for ways to cut your college costs. Applying for scholarships and grants, investigating kinds of federal aid, and keeping your eyes open for financial aid opportunities will help you save money on your college tuition. Below, you’ll find more information and tips on navigating the financial aid process.
The best way to supplement your financial aid package is to apply for scholarships. College scholarships minimize student loan debt. You do not need to be a star athlete or valedictorian to win scholarships. Many scholarships are based on financial need, community service and your intended field of study. Highlight your unique attributes to search for more specific college scholarships. Browse through our site or conduct a free scholarship search to see what awards you are eligible for, and start earning money for higher education.
From 529 Plans - offering tax savings over taxable accounts - to Coverdell Accounts - optimal for families looking to invest $2000 or less per year - every parent should be able to find a savings plan that meets their needs. Have a reference point when looking for savings plans, estimate how much college will cost using a college financial aid calculator, and always start with a conservative number because some savings plans come with stipulations.
Federal aid comes in the form of federal grant programs, federal student loans and federal work-study programs. Federal Aid is subject to change based on government funding policies. Eligibility guidelines for FAFSA are available online for a quick application and fast processing, starting October 1 of every year. The FAFSA will determine how much funding you can receive, and what federal funding programs you qualify for. Students with great financial need may qualify for a Pell Grant. Most students will be able to take out a Direct Loan, which, while not as desirable as a grant, do have lower interest rates than any private loan.
Research will help you understand financial aid information, and dispel popular misconceptions about the process. Many students believe they are either ineligible for scholarships, or that applying for scholarships is a waste of time. Truthfully, the financial aid process is the most important step you will take in the college application process. More than $130 billion is awarded each year to college-bound students. And while it helps to have an impressive academic record, much of the funding is need-based. Once you've filled out your FAFSA, conduct a free scholarship search to find awards, and boost your financial aid package with money from scholarships and grants.
The optimal way to navigate the financial aid process is conducting thorough research. Luckily, we’ve done it for you. We update our site with the latest news on financial aid changes that affect how much you will receive from the government. Check out our news section for updated financial aid news to determine what higher education institutions are doing to affect students’ financial aid packages. Always keep track of how government policies affect your ability to take out loans, get awarded grants, and pay for college.
While college is the most rewarding years in a student’s life, paying for college is not. No one wants high monthly payments or to be forced to default on payments, ultimately damaging your credit score. If you are faced with a higher tuition bill than anticipated, consider your options to cut your college costs and take advantage of the millions of dollars being awarded to students annually.
Latest College & Financial Aid News
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Let’s say you’ve made it. You are enrolled in college, or have been for a year or two. You’re receiving some financial aid, or even a scholarship, but something’s missing. It’s money. No matter how generous the package you’re receiving is, there’s always one more book to buy, one more activity fee, one more dining hall bill… [...]
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The coronavirus made laptops a necessity for college students. Where before students without personal computers or laptops could use on-campus computers and provided software to meet the technological needs of their courses, the shift last spring to online classes necessitated that students have a stable internet connection and a compatible device. While the majority of students were able to meet this requirement, according to a study by EDUCASE, some students found themselves without a modern laptop that could run the most up-to-date browser, use RAM-heavy software or keep up even with reliable high-speed Wi-Fi. One university has announced a unique remedy for this technical situation. [...]
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When students hear back from colleges in the coming weeks, they may not get a firm acceptance or rejection, but rather get put on the wait list. Getting waitlisted is a normal part of the college admissions process, but some experts say that this year the wait list could turn into the longest it has ever been. A combination of the effects of the coronavirus on colleges, changes in application policies and an increase in applications at top colleges may contribute to a difficult wait list period. [...]