With the economy playing hide and seek in the midst of college fees increasing almost by 5 percent year after year, it only makes sense to value the pros and cons of the college financial aid. And to be frank it really doesn’t depend whether or not you have a sound financial background.
Financial Aid For College
Everyone who is looking at going for higher studies with well-known universities should undoubtedly try their luck with the college aid. To top it, January is an important month for every student to start applying. Take a quick look on all that you should know about and be prepared before you apply for Financial Aid for College:
It’s a myth that college aid is available in the form of scholarships. So don’t keep your hopes to high. It’s not a scholarship. Just so you know, even if they are offering, it’s just one tenth of the total financial aid offered. So until and unless you are one of the best, bright students, you can bag the scholarship or else forget about it.
Don’t just leave your hopes even before trying. Do you know that there isn’t any income cutoff to apply or be eligible for the college aid? Well, here’s how they come to conclusion on behalf of EFC. There are four key characteristics – total house income, number of members in the family, possessions if any and college going children in the family.
Furthermore, if the college is an expensive one, the EFC might be higher and yet you might find yourself not qualifying. Here’s a quick estimate to make things easier for you to understand. If your family income is $150,000 and has a child studying in a public university there is still a probability that you might not get qualified for the college aid. On the other hand, family with an income of $250000 and 2 children going to a private college might still be able to avail the collier aid. Even a financially sound family with more than two children might qualify for a financial aid for college.
The best way to identify with what and how the financial aid works of a particular college does is to go and meet the counselor of the college aid. Understand this clearly – a college aid is a local subject so as to help all those who are financially fragile but have skills and talent to climb up the ladder. Moreover a college authority can also make decisions based on his discretion and at times can makes changes too. The college can also change their policy with regards to the EFC calculator. Hence the best policy is to meet up with the councilor; this will help you get the clear-cut information on all the policies of the college and the way to go about.
Be prepare what you might end up getting in the form Of college financial aid – when you do get the college aid, it is a possibility that you may get grants or gifts. But it can also be in the form of a package which will comprise of a grant, subsidized student loan wherein as a student you don’t have to pay the interest till you complete your college. Also keep in mind that a college always has a tight budget when it comes to such aids. Hence you might have to keep some money ready if the aid offered falls short of the fees to be paid. This is known as gap wherein this amount is the extra amount you will need to provide excluding the calculated EFC.
Things that you need to be prepared while applying for financial aid
Never think that your financial information will be shared with a secret national agency and the next thing you know that a government official will be knocking at your door. Take it in writing from me that the information you share will only be shared with the Department of Education and will never be shared with the federal agents. Don’t make this concern overshadow you stopping you from applying to the college aid. You don’t know what you will be missing. It’s a good amount, if you don’t ask for the college aid; no one is going to come to offer it to you. Do you know that they are wealthy families who fill up these forms just to prove that they don’t require any financial aid? So you don’t have to worry, your information will never ever be disclosed.
Complicated forms – it is one of the common scenarios while applying for a financial college aid. You will have at least one complicated form. Just for your information filling an aid application FAFSA isn’t that difficult. Just go online and click on the website www.fafsa.ed.gov. Now just fill in the worksheet. It is about an hour’s job to fill in the details. Now, do you think this is a tedious job compared to the dollars that you will be entitled, just in case everything goes according to what they want? No right!!
So what are you waiting for, get started with the application.
It’s always essential to meet the cut-off date. Every college has its limitations as to how much they can provide. Most of the times providing the college aid doesn’t depend upon first come, first basis. So you need to gear up and get running before anyone takes your seat. It’s simple when the college is done with their dollars they are going to stop giving out the aid.
Nevertheless a bit of good news here- don’t worry about the college aid, there are millions of the financial aid waiting to get distributed. You just have to be the first one who plans to drop in at the right time to bag the right opportunity. Just be there to fill the forms correctly and there’s a huge chance that you would make it and make it big. Won’t that be like a dream come true?
Now that I have led down some of the rules, I am sure you are, without a doubt, ready to apply in favor of the financial aid for college.