www.sampleresume.net |
|
|
How College Financial Aid Works
|
Article on How College Financial Aid Works
Applying for financial aid is a daunting task for the high school senior applying to college. Besides worrying about acceptance into a university, students must also worry about paying for that expensive education. When the student understands how college financial aid works, the process becomes much easier.
Step 1: Research Aid Options
Most students have heard of government student grant and loan programs and federal work-study program. This is just a small amount of the aid that is available. The federal government offers the many other grants, internships, and scholarships through hundreds of government agencies such as the Department of Agriculture. State governments also have ongoing grant programs for those either residing or attending school in that state. Even beyond this, there are several thousand opportunities for grants, scholarships, and loans through private grantors. Examples include banks, professional associations, and non-profit agencies.
Step 2: Apply for Aid
Completing the FAFSA online in effect puts in an application for most government and school aid programs. How college financial aid works is by submitting a FAFSA, the federal government determines the family's ability to pay for college. An expected contribution amount is calculated and sent to the school. Before filling out the FAFSA, use the FAFSA worksheet that can be downloaded online to gather the necessary information. School names, housing status, major, full, or part time status, information from that year’s taxes, and holdings in financial accounts are all needed for the application.
Step 3: Apply for Private Aid
How college financial aid works is that even private need based aid programs will require that the student complete a FAFSA as well as their own separate application. Both these programs and any merit-based programs will each have their own requirements and application filing dates. Make sure to read the program guidelines thoroughly and put enough time aside to complete all of the requirements. For instance, many scholarship applications require long essays.
Step 3: The Letter
When the family contribution amount is determined, the information is sent to the school. The university then puts together a financial aid plan and sends a letter to the student. This letter details the types and amounts of aid being offered. The student must then accept or forfeit all or part of the financial aid package. If student loans are offered, promissory notes need to be signed and returned to the school.
Step 4: After Getting Aid
For some grant programs such as TEACH, the student may have to perform some service during school or after graduation. For others, a certain GPA must be met or the grant must be repaid. For student loans, payment must begin after graduation. Consolidating loans often makes it easier than paying four separate loan bills. Remember that how college financial aid works is that student aid must be applied for each school year.
When students are prepared and understand how college financial aid works, the process runs much smoother. The more prepared for the process, the more private aid may be applied for, making paying for that coveted college education much easier.
|
|
|
|
|
|
|