If you want to qualify for financial aid, you start by filling out the Free Application for Federal Student Aid (the FAFSA). This form gets the ball rolling on all federal, state, and institutional financial aid.

The FAFSA should be filled out as soon as possible after January 1 if you are starting school in the summer or fall. Many financial aid programs require that the FAFSA be completed and submitted no later than March 15 or no funds will be dispursed.

Every college bound student should fill out the FAFSA even if they think their parents’ income and assets won’t qualify them for aid. Many, many students have been pleasantly surprised that they do in fact qualify for some kinds of aid. In fact, every college student qualifies for unsubsidized Stafford student loans regardless of their parent’s income.

You will fill out the FAFSA for free at www.fafsa.ed.gov. You will need to apply for a PIN number at the same time. You must reapply for the FAFSA each year.

About a month after you fill out the FAFSA, you should receive your SAR ? Student Aid Report. The SAR will state your Expected Family Contribution ? EFC. This is the figure that your family is expected to meet regardless of where you go to school. So, if your family’s EFC is $6000, that is what you will ideally pay whether you go to a college that costs $15,000 or $50,000.

The college itself will take the data from the SAR and generate an Award Letter. The Award Letter will break down how your demonstrated need will be met. This includes scholarships, grants, work study, and loans.

Many colleges guarantee that they will meet the full need amount of every admitted student. This means that they will come up with a package in the award letter that covers the cost of attendance including tuition and living expenses, subtracting out only the EFC. However, not every college is able to meet the full need.

If you want to attend a college that can not meet your full demonstrated need, you will have to come up with additional money from your family or by taking out extra loans.

Also, some Award Letters that meet the student’s full demonstrated need fill the package with loans while others offer more in the way of grants and scholarships. So, be sure to compare what is in the award letter along with the total amount covered.

Getting into college is only the first step of the process. The next step is to secure funding for the experience. A college education can cost more than a house in some areas of the country making the experience the most expensive venture of your life. Getting on the financial aid train early can allow you to go to the best college at the best price.

Filed under: Grant Money for College

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