| The topic of financial aid isn't a new one for many | | | | through FAFSA was offered in the last academic |
| college students. Finding the money to fully cover the | | | | year. This is aid money that is generally first come, first |
| cost of tuition is difficult and most students don't have | | | | served, so the closer you are to January 1 when you |
| the money saved up as incoming freshman. However, | | | | fill out your application, the more likely it is you will |
| a thorough knowledge of types of student financial aid | | | | qualify for funds. The FAFSA application covers |
| and how it works will make the process of applying | | | | roughly 130 questions, which pertain to household size, |
| easier, less time-consuming and less stressful. | | | | income, assets and other financial factors to determine |
| There are many types of financial aid available to | | | | your eligibility for aid. |
| students, including grants, scholarships, work-study and | | | | The final portion of the FAFSA to evaluate your |
| loans. It's easy to feel overwhelmed by the amount of | | | | financial aid eligibility is called the EFC, or Expected |
| information available regarding each and every one of | | | | Family Contribution. The EFC is used as a guide to |
| these options. One of the best places for a college | | | | determine what financial aid a student should qualify |
| student who needs financial aid to start is with the | | | | for after applying. The EFC also takes into |
| federal government. | | | | consideration any previous investments in college |
| With 605 state and nine federal programs for aid for | | | | savings or pre-paid tuition plans - so even if you don't |
| students, there are programs that cover need and | | | | have those funds available, you can start thinking |
| merit. A number of institutions for those who have | | | | about applying them to your children's tuition plans. |
| completed high school also offer financial aid options | | | | Federal financial aid programs offer a number of |
| that are specifically merit-based. Many students put in | | | | grants, which is money for tuition that doesn't have to |
| applications for the federal programs first because | | | | repaid upon graduation. Pell Grants, SMART Grants, |
| they are the largest programs and offer the most | | | | and Academic Competitiveness Grants all fall into the |
| amount of money. | | | | category and are available to a wide number of |
| In order to qualify for federal, state and institutional aid, | | | | students. The government at the federal level also |
| students must prepare a FAFSA, or Free Application | | | | offers work-study programs, to provide jobs to |
| for Federal Student Aid. Students can file no earlier | | | | students so they can earn money to help pay |
| than January 1 for the upcoming academic year. The | | | | education expenses. Federal loans, such as the |
| application can be filled by the student on the | | | | Stafford Loan and the Federal PLUS loan, are funds |
| Department of Education's website or the services of | | | | that have to be repaid after graduation, and accrue |
| a professional aid advisory firm can be used. | | | | interest. |
| Almost $170 billion in aid to students who applied | | | | |