Getting Financial Aid Part 2

Getting financial aid

First, you need to determine your expenses for college such as tuition, books, transportation, housing costs and food. Then you need to determine how much you and your family are able to contribute to your education. The difference between these amounts is considered your financial need.

Applying for financial aid requires effort and determination. Each college has a financial aid office. When you are visiting schools, it is a good idea to stop by this office, ask questions and pick up the paperwork necessary for application. Some colleges offer need-based financial assistance. In these situations, the less money you or your family has, the greater the chance that you can receive financial assistance from the college.

It’s also important to find out how each school defines part-time and full-time students. Your financial awards could be affected by how many courses you take each semester. For example, allowances for room and board may be eliminated entirely for students enrolled less than half time. Be sure to check with the financial aid office about all options available at the college.

You can count on having to fill out the Free Application for Federal Student Aid form that is online at www.fafsa.ed.gov. Many libraries and financial aid offices also have a hard copy. Start looking into this your senior year and check your college’s due date. You will also need your tax return from the previous year and your pay stubs. Additional information may be required. You can send this application to six schools. Being early and accurate in your application is considered to be one of the most important steps in securing aid.

Check with your guidance office to see if there is a specific person that works with students on financial aid options. Often schools will hold meetings during the evening or at other times for students and families to learn how to complete a FAFSA form, or the guidance office will provide Web sites for you to explore various scholarship or loan programs.

Scholarships

There are several ways to locate scholarships. Each scholarship has different criteria, application processes and deadlines.

1. Check the College Board Web site to search scholarships.
2. Ask at your high school for information about local scholarships.
3. For scholarships for persons with disabilities, see pages 15-19 of Creating Options: 2007 Financial Aid for Individuals with Disabilities [PDF].

Budgeting your money

Learning to manage your money goes hand in hand with getting financial assistance. You may be surprised how many credit card companies are willing to issue a card to you. Many times, you will be walking around campus and you’ll find a credit card representative wanting you to sign up for a credit card. Usually they will try and entice you with a freebie like a T-shirt. It is important to talk with a family member or someone who knows you well to discuss obtaining a credit card. If you are not a good money manager, it is not recommended to accept and use these cards while at school. Many companies charge high interest on unpaid balances.