First of all, the responsibility of ensuring that the processing of the application is completed is yours before you are cleared for registration. Clearance is considered the first step in the overall process that leads to registration. A student needs to be financially cleared by the FIDM Student Financial Services Office before registering. A Free Application for Federal Student Aid (FAFSA) needs to be completed and returned to the college.

If any additional documentation or information is needed by the FIDM Student Financial Services Office, the student must provide requested information or documentation. The requested information and documentation is used to ensure that those students with a demonstrated financial need receive government assistance. It is highly recommended that the student continually check the status of their FAFSA prior to registration.

The federal guidelines stipulate that the programs be awarded on a fiscal year basis. The fiscal year runs from July 1st and ends June 30th each year. It is often required that a student apply more than once during an academic or calendar year. For State Grant programs, the applications are available beginning January 1, with a filling deadline of March 2.

One of the most important federal guidelines is that the student be making satisfactory academic progress in their course work and that their classes be leading to a specific educational program. Any student failing to do so is at risk of termination or reduction of their package. A student’s proof of attendance report must be made on a quarterly basis before the disbursement of any aid. In order to receive the maximum award, a student must be enrolled as a full-time student (with a 12 units per quarter minimum).

You must understand that the guidelines stipulate that aid be given on a first-come first served-basis. Also that all financial assistance needs to be awarded before students can register for classes. The individual colleges act as trustee of the federal and state funds and must provide assistance programs to make sure that strict compliance with the federal guidelines are met.

It is the student’s responsibility, and not the colleges, to make sure that they understand the guidelines and regulations of federal and state financial aid. They are responsible for providing the needed documentation and information in the processing of the financial aid application. A student should always follow up on their FAFSA to make sure that the information on it is correct to the best of their abilities. Knowing the federal financial aid guidelines will help make the college experience mush easier for the student, their family and the college and university.

David has been writing articles for nearly 2 years. Come visit his latest website that has great resources on financial aid for single mothers which helps people find the best financial aid for school when students are unable to finance their education themselves.

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Two of the terms you will hear are “FAFSA” and “CSS Profile.” Both are applications that you fill out with your financial and personal information. The information is used by the college to help determine how much financial aid you will receive. But what’s the difference? Do you have to submit both?

FAFSA

The Free Application for Federal Student Aid (known as the FAFSA) is a form that you fill out annually to determine your eligibility for federal student financial aid including Pell grants, Stafford loans, PLUS loans, and work-study programs. The program is administered by Federal Student Aid, which is an office of the U.S. Department of Education. Its mission is to ensure that all eligible individuals can benefit from federally funded or federally guaranteed financial assistance for college education. The form is available online at the FAFSA website. As its name implies, the application is free. It may be filled out either on paper or online.

Most accredited career colleges are eligible to administer federal Title IV education grants, and they will ask you to fill out the FAFSA before your first tuition payment is due.

The CSS / Financial Aid PROFILE

The College Board is a not-for-profit membership association whose mission is to connect students to college success and opportunity. The association includes more than 5,400 schools, colleges, universities, and other educational organizations. This is the same organization that administers the SAT tests.

The College Board administers the CSS / Financial Aid PROFILE (or as most people say, the CSS Profile). It is similar to the FAFSA but the information is used differently. Schools use the CSS Profile information to determine how much non-federal financial aid you will receive. This includes institutional grants and scholarships – that is, money that the college basically pays to itself to help you lower your cost of attendance (COA). Your COA will include tuition, room and board, books, travel expenses, and other expenses associated with attending college.

The CSS Profile is an Internet-based application system. There is a charge to fill out the CSS Profile application – an initial fee of $25 that includes sending your application to one school, plus a fee of $16 for every additional school or college that you want your information sent to.

Which Colleges Use the CSS Profile?

Almost 600 colleges, universities, graduate schools, and professional schools use the information collected on the CSS Profile to determine eligibility for nonfederal student aid funds. Many private colleges, which have institutional financial aid funds, rely upon the CSS Profile to assist them in determining how much institutional financial aid to award. It is likely that a private college will ask students to complete both the FAFSA and the CSS Profile applications.

Many career colleges and public universities do not have institutional funds to distribute, and these schools may not require the CSS Profile.

How Is the Information Used?

The FAFSA and the CSS profile use two different methodologies when calculating your expected family contribution (EFC) – that is, the amount of money they expect the individual or their family to contribute, and how much the school will award in grants and scholarships.

The CSS Profile asks for different financial information than the FAFSA. For example, the Profile collects information on estimated academic year family income, medical expenses, elementary and secondary school tuition, and unusual circumstances. In contrast, the FAFSA ignores assets of siblings, all assets of certain families with less than $50,000 of income, and both home and family farm equity.

The CSS Profile is generally due earlier than the FAFSA, and the due dates are set by individual colleges. Plan ahead! Go to the College Board website, review the list of colleges, and get the due dates for the one(s) you want.

The bottom line? Search a reputable online resource such as www.Education-for-Careers.com, compare colleges, and apply to the ones that are a good fit for you. When you are accepted, immediately contact the school’s financial aid office and find out which applications they require.

Thinking about training for a new career? Join the millions of Americans who rely on http://www.Education-For-Careers.com for college information. In just minutes you can compare colleges and learn about career training programs, online education, financial aid opportunities, job placement services, and much more.

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On January 1st the 2010-2011 FAFSA (Free Application for Federal Student Aid) was released. The FAFSA is probably the most important part of the financial aid puzzle. If you are planning on attending college in the fall of 2010 you should be in the process of submitting this form. The FAFSA determines how much federal financial aid you are eligible to apply for. There are three basic types of federal student aid:

* Grants: Grant money is financial aid that does not have to be repaid. Most grant money is based on financial need.
* Work-study: Work-study money is earned through a job or near campus. Work-study money does not have to be repaid.
* Loans: Loan money, including subsidized Stafford loans and unsubsidized Stafford loans, is awarded by the government and must be repaid with interest.

Federal financial aid can be a huge help when paying for college, but since most federal financial aid is awarded based on need, not everyone who files a FAFSA will be awarded sufficient aid to cover their education. So what happens when your federal Stafford loans and grants are not enough? Luckily, there are other pieces of the financial aid puzzle that can help you pay for college.

PLUS Loans are federal student loan options that are not based on financial need, but rather on credit. There are two types of PLUS loans; Parent PLUS loans and Graduate PLUS loans. If you are an undergraduate student, your parents can apply for a PLUS loan to help supplement the cost of your education. If you are a graduate student you can apply for a PLUS loan for yourself. With the federal PLUS loan you can borrow up to 100% of unmet financial need. PLUS loan money can also help you pay for educational costs not covered by your tuition including housing and supplies.

Some students choose to add private student loans to their financial aid puzzle. Private Student Loans are an alternative student loan option. Although you should always apply for federal financial aid before pursuing this option, private student loans have a few advantages. Private student loans are awarded based on credit rather than on need. You can use private student loans for any education related cost including textbooks, housing and transportation. If you are looking for a private student loan, the new private student loan comparison tool on PrivateStudentLoans.com can help you determine which lender and loan best meets your needs.

Because private student loans are based on credit, most students need a parent, family member, or close friend to cosign the loan. A cosigner is an individual who agrees to pay any debts if the primary account holder is unable to do so. This ensures to the lender that the loan will be paid back even if the student borrower does not have the funds to make payments.

The final, and quite possibly the best, piece of the puzzle is scholarships. Scholarships are favorable because unlike loans they do not have to be repaid. Hundreds of thousands of organizations around the country award scholarships to students based on their backgrounds, interests and accomplishments. StudentScholarshipSearch.com is a website that helps you find and apply for scholarships that you qualify for.

Every student’s financial aid puzzle is put together differently. Many students take advantage of all of these financial aid options while some students only need to use one or two. Some student might qualify for more financial aid while other students might be awarded more scholarship money. Whatever your financial situation is, remember that all of these options exist to help you complete your education.

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To decide which type of student financial aid would suit your educational pursuits, the following information on loans and scholarships should come in handy. Before enrolling at any school to acquire your online college degree, however, you need to make sure that it’s accredited, the degree program you’re interested in is eligible for student financial aid, and you’ve discussed your situation with the college’s representatives in the financial aid office.

FAFSA: Student Financial Aid

The Free Application for Federal Student Aid, or FAFSA, is an office of the U.S. Department of Education that provides student financial aid or monetary assistance to eligible individuals who wish to continue their educations well beyond high school and receive a traditional or online college degree. FAFSA strives to encourage all Americans to achieve a higher education and realize the power that it has within our society.

By partnering with a large number of postsecondary schools in the U.S., FAFSA is able to play a vital role in ensuring that interested individuals have ample student financial aid to continue their schooling and receive an online college degree. The program, which processes 14 million applications each year, distributes more than $80 billion per year in student financial aid to eligible applicants (1). To apply online or learn more, please visit FAFSA’s website.

Students Loans

In essence, student loans are low-interest monetary assistance from the government to help cover the cost of education (tuition) as well as books, housing, and incidentals. However, upon graduation and receipt of your online college degree, the loan must be re-paid. There are three types of student loans: federal student loans doled out to the students themselves; federal student loans to parents, which are normally referred to as PLUS (Parent Loan for Undergraduate Students); and private student loans, which are funded by banks and/or financial companies rather than the government.

Advocates for private student loans say that this type of student financial aid combines the best of the low-interest rates, but with a higher loan amount and a longer grace period. Private loans have two methods of disbursement of funds – school to channel (money is distributed to the school) and direct to consumer (money is given to the individual to use as he or she sees fit). Before deciding which type of loan is appropriate for your particular situation, do your homework! Federal student loans require that you are enrolled in college for a certain amount of hours each semester, while private student loans begin accruing interest rather quickly (2).

Loan Forgiveness Programs

While loan forgiveness is not necessarily a way to fund your way through school, it is an excellent way to eliminate your loan debt quickly once you’ve received your traditional or online college degree. The government has devised a way to purge most (and sometimes all) debt for students who involve themselves in community or military service or work for AmeriCorps, Volunteers in Service to America (VISTA), Teach for America, Peace Corps, National Health Service Corps, or teach students in a low-income area (3).

Most of these programs, which serve underprivileged families and individuals, will forgive a large portion of your loan debt if you work full-time upon graduation. The National Health Service Corps, for instance, pays up to $25,000 per year towards your debt. To learn more, visit the Sallie Mae website.

Scholarships

Attend the college of your choice and acquire your online college degree – for free! How is that possible? Student financial aid in the form of scholarships from organizations, clubs, and fund programs all over the United States offer billions of dollars to students around the nation to help them realize their dreams. Scholarships recognize scholastic achievements or merits, while some focus on personal interests, community involvement, and/or financial need. You may be required to write at length on a topic or simply submit some detailed information on your educational interests.

Best of all, scholarships are free money in your pocket – you do not have to re-pay this gift! To learn more about scholarships or to find a few that may be of interest to you, please visit Fastweb.com.

Realize Your Dreams with an Online College Degree

If you receive a loan, the important thing to keep in mind is that you’ve been given more money than needed. Try not to spend it all; tuck some away and save it for when you must begin re-paying the loan. Otherwise, you may find yourself with a large loan bill each month (with all the interest to boot). If you’ve received a few scholarships or other type of student financial aid, congratulations! This money is yours and you can do what you wish with it. You are off the hook and are released from re-paying these generous contributions to your educational pursuits to receive an online college degree.

Regardless which student financial aid route you decide to take, enrolling in college, learning all you can, and acquiring your online college degree are things to be proud of!

Sources

1. federalstudentaid.ed.gov

2. finaid.org

3. collegeanswer.com

Kimberly Diane, now a frequent contributor to EducationAdvancementOnline.com, previously served as a direct consultant to numerous accredited online colleges and universities for several years. Education Advancement Online, which promotes higher education for non-traditional students seeking an online college degree or certification program, is a premier online education directory that is a one-stop shop for available degree programs from institutions all over the United States. For more information on Education Advancement Online or to search for degree programs, please visit www.educationadvancementonline.com

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If you are like the vast majority of American’s in our sagging economy, your family will be looking for additional funds to help cover the cost of a college education. The largest share of this need-based supplemental money comes from the federal government through its financial aid system.

But the government also assumes that you are able to participate in the expense of educating your child prior to considering how and to what level they will participate in funding your child’s education. Therefore, in order to determine your initial level of participation, families are required to fill out the Free Application for Federal Student Aid, or FAFSA form.

The FAFSA captures the required financial information used to calculate how much your family is expected to pay via a formula known as the Federal Methodology (FM). Your initial or beginning monetary participation level is known as your Expected Family Contribution (EFC).

The data used to generate the initial EFC calculation is collected beginning in January of your child’s junior year in high school and ends on December 31 of that same year, which would be his or her senior year in high school. This time frame is referred to as your “base year.”

In essence, if you’re in your base year, you are now under the financial aid microscope and any financial moves being considered (including the sale of real estate or stocks, withdrawals from IRAs, contributions to retirement plans, receiving monetary gifts, etc.) must be weighed not only from a federal tax standpoint but also in relation to the financial aid system. The catch is that what makes sense from a 1040 point of view may have adverse consequences on your chances of receiving financial aid.

Case in point: Consider contributions made to your 401(K) plan at work during your child’s base year or any year prior to financial aid application. In order to encourage individuals saving for retirement, the federal government does not tax contributions made to 401(K) plans up to a specified annual limit. This money enters the retirement plan on a pre-tax basis with taxes being accounted for as money is withdrawn to supplement retirement.

The Federal Methodology used to calculate your EFC treats these contributions from an entirely different prospective. The financial aid system believes that you can stop contributing towards retirement and apply these contributions to college expenses. They anticipate you playing “catch up” with these contributions after your child is out of school.

Accordingly, your pre-tax retirement contributions, which are not considered taxable 1040 income, are considered “untaxed income” by the financial aid system and are added back into the EFC calculation and assessed at the applicable rate.

If we assume an assessment rate of 30 percent and $10,000 of retirement contributions, your initial EFC just increased by $3,000 for the year in which federal aid is applied for. This could very well eliminate you from being considered for preferred financial aid.

This is not to suggest that you discontinue your retirement contributions. However, the harsh reality of the situation is that the enormity of funding your child’s college education and your retirement collide with each other at an inopportune time, especially as our national economy struggles. As you make decisions regarding college education versus retirement funding, you should carefully weigh how each decision will impact your wallet, both during the base year and well into the future.

Understanding the pros and cons of any financial moves made during your base year – or any year in which financial aid is applied for – from both a tax and financial aid standpoint goes a long way toward determining what you pay for college. The process is complicated and should only be done in consultation with a qualified professional.

Marc R. Hill is a financial planner who coaches and educates families on how to dramatically reduce their college costs up to $12K or more! Now you can learn how to cut your family’s college costs and protect your retirement account with Hill’s FREE e-newsletter: “College Savings Tip Sheet.” Subscribe now for FREE at http://www.reduceyourcollegecosts.info and & receive two complimentary issues of Hill’s members-only newsletter “Affording College.”

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Federal Pell Grant – For students with demonstrated need

Federal Supplemental Educational Opportunity Grant – For students with demonstrated need

Academic Competitiveness Grant – For students who are Pell grant eligible, U.S. citizens and pursue a rigorous high school curriculum

National Science and Mathematics Access to Retain Talent Grant – For Pell Grant eligible Juniors and Seniors in college in eligible majors who achieve and maintain at least a 3.0 grade point average

Federal work study – a subsidized campus based student employment program

Federal Perkins Loan – Low interest student loan for students with demonstrated need

Subsidized Student Loan, Direct or Stafford – The U.S. government pays the interest on these loans while the student is in school and for 6 months after the student leaves school or graduates

Unsubsidized Student Loan, Direct or Stafford – Interest accrues on these loans while the student is in school. No demonstrated need necessary

Direct or Stafford PLUS Loan – Parent Loan for Undergraduate Students. Loan issued in a parents’ name for the students’ education related expenses. PLUS loans are now eligible for Graduate students

Keep in mind that the above list represents the federal aid programs only. Your state may have its own grant and or loan programs you should become aware of. Contact your school’s financial aid office or your high school counseling office to determine the requirements for state aid.

Although there are numerous aid programs out there, not all students are eligible to receive them. All federal aid programs have eligibility requirements. The basic eligibility requirements are:

* Having demonstrated financial need based on your FAFSA data
* Having U.S. citizenship or eligible non-citizen status with a valid social security number
* Being a degree or certificate seeking student in an eligible program
* Have a high school diploma or the equivalent
* Be registered with the Selective Service if you are required to be registered
* Maintain satisfactory academic progress once in school (your institution sets its own satisfactory academic progress standards. Please become aware of these expectations)

Now that you’re aware of what is expected of you, did you know that the federal government has some high expectations of institutions of higher learning? To be title IV eligible (the federal code that regulates federal aid and aid eligible institutions) an institution must be accredited, calculate and make public its school loan default rate, its employment rate, and its graduation statistics. The school’s financial aid office must make public the location and hours of the counseling staff, types of aid available, post procedures and deadlines for each aid program and the procedure for selecting financial aid recipients.

Also the FAO (financial aid office) must make clear it’s procedure for determining financial need, its packaging process, its method of financial aid payments, its satisfactory academic progress standards and the details of your work study job if you are awarded one.

You should be aware now that the financial aid process is a commitment by the federal government, the institution of higher learning that you attend, and yourself. Each has its job to do, its processes to follow and its standards to maintain. Your part in the process as both student and consumer cannot be overstated.

Christina Tangalakis is an accomplished college financial aid counselor who writes for FinancialAidFinder.com. Check her regular student financial aid blog on the free website every week for new tips on scholarships, grants, and college loans. The website is designed for college and high school students as well as parents who need to learn more about completing financial aid applications, where to find college financial aid, and how to utilize the financial aid office.

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FAFSA stands for Free Application for Federal Student Aid and is the main form used to determine eligibility for federal aid, including Pell Grants and student loans. The majority of parents will fill out the FAFSA application online. It is the first step to getting financial assistance for college. Many student financial aid programs are on a first come, first served basis. The FAFSA is the critical connection between you and your student’s future financial aid package.

The key is to complete the entire FAFSA financial aid application and file it no later than the specific deadlines set by colleges and states. If you are unsure about an answer, wait to submit the form; if the answer is zero, put a “0″ on the line. File your taxes as early as possible because it is helpful to have that information available. Otherwise, you can estimate the amounts from previous years and correct the amounts on the form later at the corrections page on the FAFSA website.

FAFSA deadlines include federal, state, and college deadlines. Any outside scholarships you apply for may also have a FAFSA requirement and deadline. FAFSA deadlines vary from state to state and from school to school. Some deadlines are as early as mid-January, while others are later.

Parents can even “talk” live online with a customer service representative if they have questions. You can also get additional assistance by calling (800) 4-FED-AID or going to the FAFSA website at http://www.fafsa.ed.gov/. Applications are accepted beginning in January for the fall semester.

Parents need to avoid making mistakes on the FAFSA form because this will only delay the application from being processed. Some common mistakes that parents make include the following:

1. Not listing all of the colleges to which your student is applying
2. Writing in incorrect tax amounts
3. Not updating your information once your taxes are filed
4. Leaving a question blank
5. Not signing the FAFSA form

Most colleges and universities start sending out admission acceptance letters between January and April. Financial-aid award notices come close behind. Expect a financial-aid award letter to arrive within two to three weeks after an acceptance letter. If you have not heard from a school, it is appropriate to contact the financial aid office and inquire about your financial aid package
and when you can plan on receiving it.

You cannot expect financial aid if you never apply. Many parents are overwhelmed just thinking about college and wondering how they will afford it. For other families, our tough economy has changed the financial situation and security they once had. There is still time for parents to go to the FAFSA website and apply. Give your student the opportunity to receive the financial aid you need to make attending college affordable. Who get financial aid? Only parents who apply for it.

Susie Watts is an educational consultant in Denver, Colorado. She is the founder of College Direction and has been working with students for more than twenty years. She assists with the college search, essays and applications, help with paying for college, and college planning to help students become stronger college applicants. To find out how College Direction can help your student, go to http://www.collegedirection.org.

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But that is just the beginning of understanding the purpose and benefits of financial aid, which is generally split into two different kinds of help. The first kind of financial aid is called merit-based, wherein scholarships can apply both to awards offered by individual universities and those offered by third-party organizations. Merit-based financial aid is usually offered to students who have excelled academically. Some, however, also apply to students who have excelled in some special area. Certain groups, such as the YMCA, also offer merit-based scholarships.

For example, an Honor Society student might be offered merit-based financial aid due not only to high academic standards but also because the implied prestige and merit surrounding the National Honor Society. An outstanding high school football player with good grades could also qualify for a merit-based scholarship. He does not necessarily have to have a 4.0 grade-point average – generally, a C or C+ is the minimum grade-point average – simply because he has shown a high quality of skill, responsibility, and determination as it applies to athletics. A school’s best artist, then, might also receive a merit-based scholarship. Students exhibiting excellent qualities in leadership and responsibility may also qualify.

Merit-based financial aid does not focus on a student’s actual financial needs. A student who comes from a well-to-do family which would not have trouble paying for college could receive a merit-based scholarship – if he or she deserved, of course – as easily as a student who must rely solely on financial aid in order to attend college.

That brings to mind the second type of financial aid: the need-based scholarship. The monetary needs of an individual student determine the awarding of need-based financial aid. In other words, while merit-based scholarships can be awarded to those who have a lot of money and those who do not, the same well-to-do student used in the above example could not receive a need-based scholarship. Need-based financial aid exists solely to help those in financial need. In most circumstances, a student’s financial need is determined by FAFSA (the Free Application for Federal Student Aid), an extensive survey filled out before a student’s first semester at college.

Understanding the key differences between need-based scholarships and merit-based scholarships is just the beginning when it comes to understanding the ins and outs of financial aid. However, it is incredibly vital to know the difference before beginning the process of acquiring financial aid, to better understand what the potential student will need – and, more importantly, what they will be able to receive, in terms of financial aid.

Gary Marjani is author of several articles pertaining to student financial aid such as FAFSA, Stafford Loan, Pell Grant, etc.

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In fact, many nursing institutes have fairly long waiting lists of aspiring students. Given the situation above, many hospitals in United States have come forward to offer financial aid of different types so that more and more students feel encouraged to enroll for nursing programs.

Even educational institutes are not lagging behind to extend financial aid to meet the crisis of shortage that is currently plaguing the healthcare sector. Despite comparatively easy availability of financial aid for nursing courses, it is always advisable to explore different avenues before deciding to opt for the most ideal one.

Funding nursing education is not a one-step process irrespective of whether you want to study a bachelor program or an advanced degree. Selecting the right financial aid calls for diligence and ability to piece together disparate information from several sources in order to find out the best deal. As you will see, while some financial aids cover part of your educational costs, there are others that cover entire educational costs albeit with strings attached.

While at it, it is important to bear in mind that financial aids are not always reserved for the most needy and/or those with fairly high grades. Often there is a pie to meet your individual need, and the same holds true for others. The nursing shortage has opened a lot of creative ways to avail financial aid to fund your education as well as new paths to complete your education in an orderly manner.

Okay, you want to start now! But wait. Remember when you search for financial aid, you may be waylaid by lucrative propositions. Not all of them are real. In fact, there are any number of frauds and scams in the financial aid business.

The Federal Trade Commission has lined up a list of tips for students to assist you in this regard. Ensure that you read these tips carefully and refer to them often. Apply for FAFSA Even as you approach the financial aid office of your chosen institution, it will be a good idea to first fill out your FAFSA (Free Application for Federal Student Aid).

You may either access FAFSA online or get a copy from your institute’s financial aid office. FAFSA application needs to be completed each year within stipulated deadlines. After submitting FAFSA application, you may be able to check its status online and make corrections as necessary.

Visit ANA Web Site Your quest for the ideal financial aid to fund your study should next include a visit to the American Nurses Association (ANA) web site. Once here, you will be exposed to a treasure of rich information to which you gain access to know about financial aid offered by ANA.

Proceed to the State Boards of Nursing and begin exploring if there are additional offers from your home state as well as the state where your institute is located, if different from home state.

Do not forget to obtain contact information and respective web site addresses for professional nursing organizations from the ANA site. For example, if you want to enroll for emergency nursing, you should access the Emergency Nurses Association web site to find if financial aids are available.

Doesn’t Your Institute Offer Financial Aid? Do not fail to find out if your college or university has financial aid available to nursing students. It may as well be that your institute’s financial aid serves your need better than others. Obtain this information from your college’s financial aid office, or the nursing department.

NHSC Program An alternative to traditional financial aid is the popular program for family nurse practitioners and nurse-midwives offered by the National Health Service Corps (NHSC).

This government program encourages graduates to work in under-served areas of the country. In exchange for financial aid like tuition, fees, and maintenance allowance, one year of employment is required for each year of funding.

Linda Raye is an accomplished writer and editor of NursingChoice.com website. Her main interest lies in the healthcare field with one of her passions being nursing. Contact her at: LRaye@cinci.rr.com Visit the website: [http://www.nursingchoice.com]

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A friend of mine (we’ll call him Rob) is a prime example. He hired a “financial aid consultant” to help him navigate the bewildering financial aid system when his oldest son was applying to colleges. I don’t know the exact qualifications for the man who showed up at Rob’s house to “help” him, but, he was clearly not qualified. Rob’s son was subsequently admitted to the expensive private school of his choice (which was no surprise, since it wasn’t a selective school), and they paid full price for the privilege. The son graduated, and now, 4 years later, both Rob and his son are still struggling every month to cover the payments on over $80,000 in student loans. I look incredulously at Rob and ask him, “What were you thinking?!?” His response: “We just didn’t know.”

So if you want to be sure that you’re informed about getting the most free college money, you may want to hire a professional. Let’s take a closer look at college financial aid consultants:

1. How does someone become a college financial aid consultant? They go to their computer and print up business cards with their name, phone number, and the words “College Financial Aid Consultant” on them. That’s it. There is no governing board or regulatory agency to qualify, regulate or monitor them. It’s up to you to determine if they are qualified.

2. Exactly what does a college financial aid consultant do? An ethical, qualified college financial aid consultant will tell you all about the financial aid process. They will answer questions like:

a. What is financial aid?

b. How do I apply for it?

c. How much can I get?

They will also provide you with advice on exactly how and when to apply. They will go through the applications question-by-question, making sure that you answer each one accurately. They will help you sort through financial aid award letters, and help you determine which offer is the best for you. If you have special circumstances, they will help you submit an appeal to the financial aid office.

3. What does an ethical, qualified college financial aid consultant NOT do?

a. They will not ask you for your PIN in order to complete the FAFSA (Free Application for Federal Student Aid) for you. That’s illegal.

b. They will not tell you to lie about your income or assets in order to receive aid your wouldn’t normally qualify for.

c. And they will never, NEVER offer to sell you an annuity. Some insurance agents have realized that parents who are applying for financial aid are prime targets for buying annuities. Why is that? Because annuities aren’t listed as an asset for financial aid purposes. If a family has $100,000 in investments (stocks, bonds, CDs, etc.), that amount must be listed as assets on their FAFSA. However, if they liquidate all of it and buy a $100,000 annuity, they don’t have to list it on their FAFSA, and they may be eligible for more financial aid. Don’t be fooled. Anyone who offers to sell you an annuity is an insurance agent, not a college financial aid consultant.

4. What does a college financial aid consultant charge? Most reputable college financial aid consultants charge a fraction of what admissions consultant charge, and will probably end up saving you a lot more than what you paid.

If you decide to look for an ethical, qualified college financial aid consultant, there are two main questions to ask:

1. Have you ever worked in a college financial aid office? This answer should always be “Yes”. There are over 7000 federal regulations that deal with financial aid, and only someone who has worked in the “trenches” can really know the ins-and-outs of the application process, eligibility, packaging, etc.

2. Are you licensed to sell annuities? This answer should always be “No”. I have run into many of these “financial aid consultants” who make a KILLING selling annuities, but don’t offer very good financial aid advice.

So now that you know the ropes, don’t end up like my friend, Rob. Like hiring a tax preparer when you don’t know much about taxes, hiring a qualified, reputable college financial aid consultant can make a scary, confusing process easier, and may even save you money.

Tara Piantanida is a working financial aid consultant with over 15 years experience helping colleges, students and parents in all aspects of the college financial aid process. She is also the publisher of several financial aid websites including http://www.DeadlyFinancialAidMistakes.com , and is the creator of http://www.CollegeMoneyMatch.com , a website that matches the student to colleges based on the student’s own selection criteria AND tells the student how much of its own FREE MONEY those colleges give to their students.

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