Financial Aid
What is Financial Aid?
Financial aid is any grant or scholarship, loan, or paid employment offered to help a student meet his/her college expenses. Such aid is usually provided by various sources such an federal and state agencies, college, high schools, foundations, and corporations.
Financial aid is any grant or scholarship, loan, or paid employment offered to help a student meet his/her college expenses. Such aid is usually provided by various sources such an federal and state agencies, college, high schools, foundations, and corporations.
Grants
Grants are non-repayable funds or products disbursed by one party (grant makers), often a government department, corporation, foundation or trust, to a recipient, often (but not always) a nonprofit entity, educational institution, business or an individual.
Grants are non-repayable funds or products disbursed by one party (grant makers), often a government department, corporation, foundation or trust, to a recipient, often (but not always) a nonprofit entity, educational institution, business or an individual.
Loans
Loans are taken out in order to pay off school debt. When a loan is taken out, it is considered as "borrowed" and must be paid back over time. When planning how to pay for school, try to AVOID taking out too many loans.
To compare student loan refinance rates, use this awesome site: LendEDU
Loans are taken out in order to pay off school debt. When a loan is taken out, it is considered as "borrowed" and must be paid back over time. When planning how to pay for school, try to AVOID taking out too many loans.
To compare student loan refinance rates, use this awesome site: LendEDU
Scholarships
Scholarships are a grant or payment made to support a student's education, awarded on a basis of academic or other achievement. Scholarships can be awarded for all sorts of things ranging from height, to athletic or academic ability, and even number of siblings.
Scholarships are a grant or payment made to support a student's education, awarded on a basis of academic or other achievement. Scholarships can be awarded for all sorts of things ranging from height, to athletic or academic ability, and even number of siblings.
The FAFSA
The FAFSA stands for Free Application For Student Aid. It is a form that should be completed annually while in pursuit of higher education. This year the form opened on October 1st. Students have until the end of the school year to complete the form. However, the sooner the better! The form is now available to be completed online and the items that are needed to complete the form include:
- Social Security Number
- FSA ID
- Driver's License Number (State ID will work if no license)
- 2016 W-2 Forms and other records of money earned
Student: 2015 Federal Income Tax Return
Parent: 2015 Federal Income Tax Return (dependent students), 2015 un-taxed income records, current bank statements, current business and investment mortgage information, business and farm records, stock, bond, and other investment records. Alien registration or permanent resident card (if non-citizen).
This is commonly spoken of as a difficult form to complete; it is not that hard, it should take first-timers up to 35 minutes to complete while returners should only take between 15 and 20 minutes to complete.
The FAFSA stands for Free Application For Student Aid. It is a form that should be completed annually while in pursuit of higher education. This year the form opened on October 1st. Students have until the end of the school year to complete the form. However, the sooner the better! The form is now available to be completed online and the items that are needed to complete the form include:
- Social Security Number
- FSA ID
- Driver's License Number (State ID will work if no license)
- 2016 W-2 Forms and other records of money earned
Student: 2015 Federal Income Tax Return
Parent: 2015 Federal Income Tax Return (dependent students), 2015 un-taxed income records, current bank statements, current business and investment mortgage information, business and farm records, stock, bond, and other investment records. Alien registration or permanent resident card (if non-citizen).
This is commonly spoken of as a difficult form to complete; it is not that hard, it should take first-timers up to 35 minutes to complete while returners should only take between 15 and 20 minutes to complete.
Common Misconceptions about the FAFSA
There are many rumors about the FAFSA that encourage individuals to steer away from completing this FREE MONEY application. Some of these myths include:
There are many rumors about the FAFSA that encourage individuals to steer away from completing this FREE MONEY application. Some of these myths include:
- Our income is too high to qualify - many more factors go into the FAFSA than just income, the number of children, as well as the number of parents to list two.
- We've saved a lot of money so we don't qualify - your son or daughter may still qualify for free money!
- Our child will only be attending college part time - they are still eligible!
- Our older child wasn't eligible for financial aid, so this one won't be either - things could have changed for your family, as well as the way the financial need is determined since your last child applied.
- There is not enough aid for everyone - each year there is aid left unclaimed!