Funding Your Education
Written by Mike on May 15, 2008 – 4:11 am -It is a fact that a college education is expensive and the cost is only going up. The US Government calculates that the cost of higher education tuition and fees is going up faster than inflation.
Most students and parents don’t know all the resources that are available to them. If you plan on paying for college out of your pocket without knowing about all the financial aid options available, you will end up paying a lot more than you should. When you have narrowed your search to a few schools and are making your visits, ask about the financial aid available at each school. Get help from guidance counselors, or financial aid counselors at these schools. Fill out and file a FAFSA (Free Application for Federal Student Aid as soon after Jan 1st as possible. Use last year’s tax forms and a recent pay stub to estimate earnings. After your taxes are filed you will have to verify your estimates. Have all transcript materials ready to show schools who may want to award you a scholarship, apply early as there is only so much money to go around and take your time with this process. You don’t want to find out you missed an opportunity because you rushed through the process.
The Internet contains a large number of financial aid resources, including applications that you can file electronically, in-depth information about grants and loans, college connections, and scholarship searches. Almost every financial aid agency that you’ll deal with has a website that provides applications, deadline dates, news, and other important information that you need to know. There are also many unofficial websites that can help with your research. These sites often provide advice, tips, and tricks that the official sources won’t give you.
Always save a copy of your application and worksheet as a backup, whether filing electronically or submitting a paper form. The school may need to see these copies later, or you may need to refer to them if you find errors in your aid package.
Remember that the money from campus-based programs and the college’s own awards are often given out much earlier than the June 30th deadline for filing your FAFSA. Get your financial aid applications in as soon after January 1st as possible.
Adult students have many options for financing their education. If you are working, help with tuition costs may be available through your employers tuition assistance program. To maximize your chances for aid, visit the financial aid office of your college to find out what grants, scholarships, low interest loans, co-operative education programs, tuition payment plans, and work-study opportunities are available. You can also research scholarships in libraries or through scholarship search services on the internet. You should also take advantage of education tax credits such as the Hope Scholarship Credit and the Lifetime Learning Tax Credit.
Even if you don’t think you qualify for financial aid you should apply! Never assume that you don’t qualify. Many adult students believe they don’t qualify and miss out on many sources of aid, including grants and low interest loans that are offered regardless of grade point average, financial need, or credit history. Most federal and state aid programs don’t have age limits, although some scholarship programs might. For financial aid based on low income, you only need to demonstrate financial need, and some of the most eligible students are single parents. It isn’t necessary to be admitted to a college or university before you can apply for financial aid. Submit the FAFSA (Free Application for Federal Student Aid) form as soon as possible after January 1 as most states need to receive the FAFSA by March 1 to qualify for state aid.
A couple of things to remember about enrolling in FAFSA is that the paperwork can be your worst nightmare. If you’re not prepared, the process can be long, it can be tedious and get can be frustrating because it just might not make sense to you. FAFSA enrollment through the official site is free, but you can pay an independent company to complete the forms for you. Just be warned though, many of these services are using non-secure Internet pages to collect your personal and financial information which can easily be stolen. The advantage to having a professional complete your forms is that they won’t miss any details, and if you miss just one, it could cost you your loan, or a higher amount.
Tags: College, Financial Aid
Posted in College, Financial Aid |