College Financial Aid - Let Me Show You How to Get Free Money for College!

College involves a lot of costs and expenses so be sure to invest some time before going to college to learn about what options are available to you.

Many colleges can cost $25, 000 - 30,000 plus a year for tuition and fees. However, more than half of students at a four - year school pays less than $10,000 for tuition and fees thanks to the various forms of financial aid. The average cost for a four - year private college is near $25,000 / year and $7,000 / year for a public school.

Now let's keep this simple and get straight to what you need to know about getting financial aid for college. Financial aid basically refers to various vehicles or ways that you and your family can get financial assistance to pay for college. Financial aid is available in three distinct major forms.

These three forms are:
Grants and scholarships (don't have to be repaid)
Loans (do have to be repaid)
Federal Work Study (you get paid for working a job usually on campus at your college)

Click Here to Find Out How You Can Get Free Money for College and to Learn All About Paying for College!

Most of the financial aid awarded by the government is based on the student's ability to pay for the expenses associated with college. It's is based on need. You will here this word "Need" a lot during your quest for financial aid. But only those students that fill out the required forms (FAFSA) will be considered for any of this money. They won't come looking for you to give you money so be proactive! Don't assume you won't qualify for aid!

So just how much does the government give out in financial aid? The government hands out Billions (yes Billions with a "B"!) each year in the form of loans, grants and work study assistance. Now, do you think that you could use some of that money? There is over $100 billion available in financial aid in various forms.

Financial aid falls into one of three categories listed below:

Need - Based Aid Financial Aid
Need - Based aid depends on your family's financial situation, using standards set by the federal government.

Merit - Based Aid Financial Aid
You can be eligible to receive this aid based on your abilities in areas such as athletic, academic or musical excellence. eg. Athletic scholarship

Non - Need Based Aid Financial Aid
This financial aid is available to you regardless of financial situation.

You will find one of the following within one of these financial aid categories:
Loans such as Federal Perkins loan, FFEL and Direct Loans

Various types of scholarships (academic, athletic, music etc.)

Tax credits or deductions such as Hope Scholarship or Tuition and Fees deductions.

Various types of grants such as Federal Pell Grants, State Grants or FSEOG

Federal work - study (FWS) programs

FAFSA - Free Application for Federal Student Aid
The FAFSA is the first step in helping you to obtain financial aid so it is in your best interest to always fill out the FAFSA form. Why wouldn't you? Every college in the United States requires financial aid applicants to file the FAFSA.

When you first see the form you may be a little overwhelmed but you will soon see that the questions are easy to answer, you may just have to do a little work in obtaining information about your assets, income or stocks. You will have to provide personal information about your income, stocks / shares you have, your assets, your personal contact details and so on. Don't let this discourage you from filling out the form. You may just receive thousands of dollars in aid!
The FAFSA form is a U.S. Department of Education (ED) form used in determining a student's financial need. They take into account various information including the financial status of your family as well if there are any other members of your family currently enrolled in school.

When to apply for financial aid and what information do you need to give?
It is very important to apply early, if you wait then you are likely to be left out as many grants come on a first serve basis. January 1st is the earliest that you can submit your application form for the next school year. The deadline for each application may vary for each school but is generally during the month of February. Schools and states have their own deadlines. Contact each school for their exact deadline dates.

You will need to provide your previous year's tax return which is required by FAFSA. By taking notes throughout reading this book you should be able to have these documents ready by the time you apply.

College Application process
Once you have filled out the appropriate form and provided all required information, your form will then be sent and processed by the Department of Education for reviewing and processing. Your form will be reviewed and then the next step is for a form to be sent back to you showing how much, based on you status, you will be required to pay or contribute to your college education. This is called a Student Aid Report (SAR) and it contains your EFC (Expected Family Contribution).
You will receive your SAR much faster when you file your FAFSA online. You should receive your SAR about one week after your application is processed. You may check the status of your application at any time, but we recommend you at least check the status.

If you choose to submit your FAFSA form via direct mail, then you will receive the SAR in about 2-4 weeks after they have received your FAFSA form.
When you receive your SAR you will need to sit down and review all of the information provided. If you need to make corrections then go ahead and do so before sending it back via "Corrections on the Web" at www.fafsa.ed.gov. Ask your school advisor to help you make the corrections electronically via the internet if needed.

Visit www.CollegeHelpGuide.com to Learn All About Financial Aid and FAFSA Aplications!

For Institutional grants which are handed out by the individual colleges themselves; you may be required to fill out their own forms. One form may the "profile form" which can be sent to you by the financial aid department of that college. This form will be sent to the College Scholarship Service where they will review it and in return provide the appropriate information based on you individual application.

Due to constantly changing details it is best to visit your state's student aid offices for the most up to date information and application process.

Tips About College Financial Aid

Use the internet as it has lots of free information and search capabilities when looking for scholarships. Just be sure use the most reputable sites.

Make hard copies of all documents and forms; keep them in a safe place!

Never sign a blank form otherwise you are just asking for trouble!

Call the Financial Aid office at your college if you have any questions.

Keep up to date with deadlines by writing them down in your diary or college planner.

Take advantage of tuition pre-payment discounts. Some colleges offer a significant discount for early payment.

Re-apply for financial aid each year as long as you need it, it is worth the effort!

Be proactive in your search for financial aid as it won't come finding you!

Start early while the money is still there!

Seek financial aid from the federal government first and then from the private sector

Educate yourself on the financial aid process - which you have already started doing by reading this book!

Complete follow-ups - be proactive!

Your Aid Package refers to the combination of loans, grants and other forms of aid that is offered to you. If your package consists of scholarships and grants then this will be better than a package full of loans as you will have to pay back these loans with interest.

Student Aid Report - this is what you get from the computer with regards to your Expected Family Contribution (EFC). This report is also known as the "SAR"

What is professional judgement? This is a term used when a financial aid officer or director uses their "professional judgement" to change your need, either higher or lower.

If your financial situation changes after you have already completed and filed the FAFSA then it is in your best interests to notify the financial aid office of your college about these changes.

Let's Talk about College Grants
The biggest source of direct financial aid for college students comes in the form of federal and state grants. Grants are available from the Federal Government, State Government, schools or private organizations. The federal Government guarantees that each participating school will receive enough money to pay the Federal Pell Grants of its eligible students. The great thing about grants is that you don't have to pay them back. This gives you the peace of mind in knowing that this will ease your burden once you graduate in paying back your debts accumulated during your college years.

Grants are often given to students on a first come first served and also a "needs" basis. There are several main types of grants and the key for each student is to research which grants you are eligible for and then to apply for them! Don't wait, get in and apply early for these grants. Remember they won't come to you so you will need to go after them!

Visit College Help Guide to Learn All About College Grants!

College Scholarship
Click Here to Learn All about College Scholarships