High school graduation is just around the corner, and for many that means the excitement of college is not far off. However, as we all know, with college can come serious debt. Before you sign away your life to pay for your child's college tuition, you should consider student financial aid. With the Internet, finding out about scholarships and other forms of financial aid is easier than ever. Hopefully, within a few minutes, your main questions will be answered and you can begin the process of obtaining money that will make the next four years a bit more bearable.
To begin, call the financial aid office at the college your child will be attending. There you can gather information about federal aid, state aid, and college aid. If you are interested in requesting free booklets and an application for federal aid, you should call 1-800-4 FED AID or go to www.fafsa.ed.gov to apply online. Almost 70% of financial aid comes from the U.S. Department of Education programs; however, other federal agencies, such as the U.S. Public Health Service and the U.S. Department of Veteran Affairs also offer aid. Some loans you may qualify for are the Federal Stafford Loans, Federal PLUS Loans, Federal Direct Loans, Federal Pell Grants, Federal Supplemental Educational Opportunity Grants, Federal Perkins Loans, and Federal Work-Study. Remember, most of the loans are awarded based on financial need instead of scholastic ability.
State aid is also available. Contact your state's education agency to obtain free information. You can find the phone number for your state by contacting the Federal Student Aid Information Center at the number above or by finding its web site.
You may be interested in using scholarship search services, which are available through many high schools, colleges, and private companies, for free or a fee of up to $150. Before paying for a service, it is wise to contact the Better Business Bureau to ensure the service is reputable.
In order to apply for financial aid, you should have a valid social security number and your most recent U.S. income tax return. If your child is dependent, he/she will have to report both his/her and your financial information on the Free Application for Federal Student Aid (FAFSA) so they can determine eligibility. If your child is independent, he/she will only report his/her (and his/her spouse's) financial information. In order to determine whether or not your child is considered independent, see if he/she meets at least one of these criteria:
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