Understanding Financial Aid and Scholarships
Thousands of students every year limit their college opportunities. They assume they can only afford certain schools. Thousands more find the financial aid process very complicated. They don’t even bother to apply. College Direction offers assistance with financial aid. We also offer suggestions that help parents find ways to pay for college and cut college costs.
Financial aid need not be the confusing issue it is made out to be. Many families are often pleasantly surprised that they qualify for financial aid. Granted, there are forms to fill out and information to gather. However,it is more than worth the time you put in for what you might gain in the end.
There are three types of student financial aid:
1. Grants and scholarships which are not repaid
2. Loans which can be federal and private and need to be repaid
3. Work-study on campus
Once students determine the schools they want to apply to, they should contact these colleges and talk with a financial aid officer. Find out what grants or scholarships might be available for freshmen students. Ask how to apply for them. Parents should fill out the FAFSA online form whether they think they qualify for financial aid or not. It can be sent in immediately after January 1, 2010. Some private schools also want you to fill out the CSS form. It is is available on the College Board website at www.collegeboard.org. Some schools may have their own application.
Financial aid is based on what the student’s family is expected to contribute to the total cost of attending college.
Here are a few factors to consider about financial aid:
1. The more children in college, the more aid you will receive
2. Reduce available cash by first paying for necessary expenses
3. Prepay your mortgage
4. Explain unusual circumstances such as job loss to
the financial aid office at the school.
5. Maximize retirement fund contributions
6. Minimize capital gains
There are a number of scholarship searches listed on the Helpful College Website page that every student should explore. Pay close attention to deadlines and don’t get discouraged. Don't miss out. The only way you can receive financial aid and scholarships is to go after them.
"You helped Jenny find some schools that were very generous with their financial aid, She was so excited to receive the scholarships she did and we feel greatly relieved about paying for college. Thanks so much for your college counseling and serving as our college guide."
