Paying for College | Wealth of Knowledge

Posts Tagged ‘Paying for College’

Jun 4

Student Loan Options

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You have applied for all your scholarships and looked into all the student aid you can. Now it is time to look into bridging the gap with student loans. There are three major categories when it comes to education loans. They are: MORE

Tags: Education Loans, Financial Aid, Paying for College, Student Loans
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Jun 3

Am I Eligible for Federal Student Aid?

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You have applied for every scholarship you feel will be a good fit. Now what? Start looking into Federal Student Aid. The Free Application for Federal Student Aid (FAFSA) is the form used by the U.S. Department of Education to determine your Expected Family Contribution (EFC) by conducting a “need analysis”.

The first thing you want to know is who is eligible to receive Federal Student Aid? From www.fafsa.ed.gov here is your answer.

· Be a U.S. citizen or eligible noncitizen.

· Have a valid Social Security Number.

· Be registered with Selective Service if you are male and 18 to 25 years of age (go to www.sss.gov for more information).

· Have a high school diploma or a General Education Development (GED) Certificate or pass an exam approved by the U.S. Department of Education.

· Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program at a school that participates in the federal student aid programs.

· Not have a drug conviction for an offense that occurred while you were receiving federal student aid.

Also:

· You must not owe a refund on a federal grant or be in default on a federal student loan.

· You must demonstrate financial need (except for unsubsidized Stafford Loans).

You might be wondering how much financial aid you are eligible to receive. This all depends on your Expected Family Contribution (EFC), your year in school, your enrollment status, and your cost of attendance at the school you will be attending. You will want to contact your school’s financial aid office to get this information.

Don’t forget to look at state and school resources to help pay your school costs as well. The financial aid administrator at the school you plan on attending can help you with that.

Start researching non-federal aid early (ideally, start in the spring of your junior year of high school). Many states, colleges and universities have filing deadlines that are much earlier than federal deadlines. Find out all application deadlines and make sure you meet them.

Tags: Children and Money, College, Federal Student Aid, Paying for College, Student Loans
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Jun 1

Questions You Need to Ask When Looking for College Scholarships

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Finding college scholarships may be a daunting task, but there is no reason for you to not look. There are scholarships out there for almost everyone. When looking for scholarships, it really is as easy as going to Google and typing in something to the effect of “how to find scholarships for college”. You will probably have to register at some of the Web sites, but there are plenty out there ready, willing and able to help make some connections.

Remember, not every scholarship is going to be a perfect match for you and/or your family. From www.getreadyforcollege.org, here are some questions you may want to ask to see if you have found a good match.

· What is the maximum scholarship award? They can range from $100 to $10,000 or more.

· Is the scholarship based only on merit (no financial need requirement), or does it require both merit and need?

· How is financial need defined for scholarships that require need? Each program has its own definition of need. If you cannot find that information readily, check all the other eligibility criteria. If there is a good match overall, submit an application and your need will be assessed in the scholarship review process.

· How does the scholarship program define merit? Some scholarships are very strict, requiring a minimum grade point average of 3.0 to 3.5, along with other leadership skills that are highly competitive. Other scholarships have more flexible criteria.

· Does the scholarship require admission to a degree-granting program? This is a common requirement, but some scholarships offer flexibility.

· Does the scholarship require full-time enrollment? This, too, is a common requirement, but some are flexible and may fund students who are less than full-time.

· What are the other eligibility requirements? Is the scholarship targeted to a specific educational institution, specific field of study, resident’s of a specific geographic area?

· What is the application process? Many scholarship programs have their own application forms. Some you can apply for through the Free Application for Federal Student Aid (FAFSA) program.

· What is the application deadline? Scholarship deadlines can be six to nine months preceding the start of the academic year, while some may be closer to the start of the fall term.

For free and valuable information, visit www.Scholarshiphelp.org. Please don’t overlook resources out there to help you.

Tags: College, College Scholarships, Paying for College, Scholarships
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