It is true that happiness comes with children in the family. Although, such happiness may be achieved if you’re responsible plenty with your children. You must provide all of their needs, starting from their infancy until the period that they are studying. Although it will really cost you a lot, you have the responsibility to your children, especially in feeding the education that they require.

If you have children who’re now going to college, you have to consider their financial needs. Probably, you still remember your individual collegiate years and you are mindful of the financial needs of an ordinary college student. Yet, the difference is that you are now the parent-you will now be the one to think of the different payments that you need to settle for your children’s college education, such as college application, scholastic assessment test expenditures, transcript of records, and others. Add to it the lodging and food allowance of your children if the college or university is distant from your individual residence.

Thinking all of these college-related expenses may be overwhelming and bothering as well, particularly when your salary is not plenty to support such expenses and your family’s financial needs at the same time. But if you understand how to get a college financial aid for your children, you will discover out that everything will work out smoothly.

How you will start your look for the college financial aid for your children? Here are some ways that you can start with:

o When your children are still on their high school years, you should start searching for possible universities that proposal college scholarships for deserving freshman students in addition to financial aid programs funded by different organizations. You might start your search on the world wide web to search for possible college financial aid options for your children.
o Once you find a prospective university, visit their main workplace and inquire for any college scholarship or financial aid offers.
o Always ask for the cut-off dates of filing and submission of college financial aid application forms.
o Tell your children about the need for a scholarship to their college education. Make them aware that they have ample of options to think about as long as they have good college scholastic records. In this fashion, you will be in a position to motivate them to study harder and rectify grades, thus growing your prospects of a good financial aid.
o You will probably think about filing an application for financial aid programs funded by the Federal government. State-owned colleges and universities provide this kind of financial assistance to qualified and deserving students who would like to pursue their college studies regardless of of financial difficulties. You might submit the FAFSA (Free Application Form Student Aid) personally.
o Make certain that you have completed all the FAFSA requirements (like present statement of bank accounts, monthly income records, present mortgage info, and others) and understand the rights or special advantages before accepting the financial aid for your children. You could also check if the financial aid is renewable.

With different financial aid programs like college scholarships and federal grants, you are assured of a bright future for your children inspite of of the poverty that you are currently experiencing.

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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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There are many types of financial support given out by various organizations, universities and colleges, either private or government bodies to college and universities students. While a few of them are free money which do not to be paid back, others financial aids are offered to the students in a form of loans that need to be repaid after the students complete their study.

In general, financial aids for students can be categorized into 4 groups:

Group 1: Gifted aids – Grant, Fellowship and Scholarship

Most students know what scholarship is. But many are confused with grant and fellowship. What are the differences between these three and how you can qualify for any of them?

In fact, both scholarship and fellowship are sub-group of grant. Grant is the gifted financial aids that provide to the students without the need to be paid back. In some extend, fellowship is the same with scholarship which is the free money given to students for funding their education. Most often, fellowship refers to a fund awarded to graduate students at universities or colleges. Whereas, scholarships are awards at degree or certification levels based on merit or academic achievement. Since, they are gifted free money, many students are competing to win them and you need to outperform other competitors in order to secure one. Hence, when you apply for these grants, make sure you are qualified to apply and meet the application requirements, else you application may not even get reviewed.

Group 2: Student loans

Most often, students who fail to secure any grant will turn to apply for student loan if they really need a financial aid for their study. Student loans need to be paid back. But, you should aware that there are student loans being offered with zero interest by charities and associations. If you need to apply for a student loan, you may want to give first priority to the loans with zero interest, so that you just need to pay back the amount you have borrowed. Other than the zero-interest loan, some student loan may offers in partial scholarship form. It allows you to pay back only a certain percentage of the loan amount if you achieve excellent result in academic or merit.

Group 3: Work study

Most colleges and universities offer jobs to their students so the students can earn money to fund their education cost. This is a type of financial aid program to enable students to work at the college or university where they study and earn the money to support the tuition fee and part of their living expenses. Because of the vacancies are limited, you need to apply it early. There are not many requirements you need to fulfil in order to qualify for the work study as long as you show to the school you need the job to get the money to fund your education.

Group 4: Waiver

Under some special circumstances, schools may allow the students to attend their degree program without the need to pay for tuition fee and other related costs. This is a special financial aid program that enables students to attend the degree program for free, but it has rather strict eligibility requirements that you need to fulfil if you want to qualify for it.

Summary

You are not limited to scholarships and student loan to get a financial aid for your study, there are more than two types of financial aids you can look for. Hopefully, you have understood them and make sure you don’t miss the opportunities for the type of financial aids you are qualified for.

Amelia Turner, the author invites you to explore more insights and additional information on finding Scholarship Money and other financial aid resources at her website at http://www.your-online-degree.info.

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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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For those seeking financial aid, begin with the federal financial aid form known as FAFSA. Families can file the FAFSA online at fafsa.ed.gov, or via mail. Completing federal income tax forms makes filling out the FAFSA form a lot easier, and makes it less likely that you will have to provide more information later. Note: Funds are more readily available for those who apply early!

Following are some often overlooked tips for those seeking financial aid for their college education:

* Consult your guidance counselor. Guidance counselors receive a lot of information about financial aid programs, scholarships, and deadlines, as well as information from schools. Some guidance counselors send out newsletters to parents and students, while others keep it for those who ask.
* Check within your community. Many scholarships are available based on where you live, who you are and what you do. Be sure to inquire at work, your place of worship, the local Rotary Club, American Legion and businesses.
* Meet with your school financial aid officer. Some college and trade school financial aid officers have some discretion on financial aid packages and can adjust awards based on the information you provide and extenuating circumstances.
* Verify student loans. Parents and students often feel compelled to accept whatever student loan package is offered by their school. Students should research interest rates and payment schedules to get the best deal and to understand what they are getting into.
* Meet with university department heads. Students already in college should get to know the department head of their major since many departments have dedicated financial aid and scholarship opportunities for deserving students. Also, they may have job opportunities within the department.
* Monitor your funds. Financial aid programs assume that you will live within your means. Many students learn the hard way that paying for what you need means waiting for what you want.
* Conduct online research. Following are good resources for beginning your online research: Federalstudentaid.ed.gov (federal financial assistance), FinAid.org (scholarship searches and other forms of financial aid), Scholarships.com (free scholarship search), nasfaa.org (educates parents and students on borrowing student loans), and Sallie Mae (the largest issuer of student loans).

Obtaining financial aid for a college education is toughest on those who need the most help, but there are people and organizations out there who value education and can help kids succeed once they take that first step.

Hilary Basile is a writer for MyGuidesUSA.com. At http://www.myguidesusa.com, you will find valuable tips and resources for handling life’s major events. Whether you’re planning a wedding, buying your first home, anxiously awaiting the birth of a child, contending with a divorce, searching for a new job, or planning for your retirement, you’ll find answers to your questions at MyGuidesUSA.com.

Find scholarships, grants and financial aid tips and resources for prospective and current college students at http://colleges.myguidesusa.com

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1. What is Financial Aid? Financial aid is monetary aid to help you pay for your college education. Aid is made available from grants, college scholarships, student loans, and part-time employment from federal, state, institutional, and private sources. The types and amounts of aid awarded are determined by financial need, available funds, student classification, academic performance, and sometimes the timeliness of application.
2. What is the FAFSA? FAFSA stands for Free Application for Federal Student Aid. The FAFSA is the Federal Department of education’s primary application for financial aid and is the gateway form to just about any other federal, state or private grants, college scholarships, student loans or college work study programs. The FAFSA form must be filled out each year between January 1 and March 10th (although some colleges have their own earlier deadlines) and can be completed online or by mail. Four to six weeks after you file the FAFSA (two to four weeks if you filed electronically), you will receive your Student Aid Report (SAR) which will contain a summary of the information you submitted on your FAFSA and presents your Expected Family contributions (EFC) which tells you the amount your family is expected to contribute towards your education. The amount of financial aid is then determined approximately by the tuition of your college subtracted by your EFC. If you do not receive the SAR within a reasonable amount of time, you can call the Federal Processor at 1-319-337-5665. Review the SAR carefully for errors. If necessary, make any corrections on Part 2 of the SAR and return it promptly to the address listed on the form. You will then be sent a new SAR with the changes made.
3. What is the College Scholarship Services Profile (CSS Profile)? Some colleges also require you to fill out a College Scholarship Services Profile form in addition to the FAFSA. It is a secondary financial aid form that supplies further information about your family income. Be sure to check whether this form is necessary and about specific deadlines with your college directly.
4. What is the difference between a Grant, a Student Loan and a College Scholarship? A grant is free money from government or non-profit organizations that does not need to be repaid. Grants are usually determined by financial need but can also be influenced by academic merit. Unlike grants, student loans are money loaned from an academic institution, financial institution, or federal government that must be repaid. Like a grant, a student scholarship is free money, but is generally offered through colleges, businesses, private individuals and outside sponsors. Those awarded by the college itself are often called MERIT AID. While grants tend to be issued according to financial need, college scholarships are awarded on a broad-base of criteria, the most common being academic merit. Furthermore, to receive any grants or loans you must complete a FAFSA, however, many scholarships may not require you to complete a FAFSA to be eligible. Instead, you may need to obtain application material directly from the donor of the scholarship.
5. What are the different kinds of grants? There are federal as well as campus-based (institutional) grants. Federal Grants are free gift money from the Federal Department of Education while campus-based grants are government funds issued directly from your college. The campus-based grants provide a certain amount of funds for each participating school to administer each year. When the money for a program is gone, no more awards can be made from that program for that year, so make sure you find out about the types of grants awarded by each college you are considering as well as their specific deadline. Below are some of the most common grants.
6. Federal Grants Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and non-federal sources might be added. Pell Grants are usually only awarded to undergraduate students who have not earned a bachelor’s or a professional degree. The amount you get depends on your financial need, your college’s tuition, your status as a full-time or part-time student and your plans to attend school for a full academic year or less. The Academic Competitiveness Grant is a new grant available to first year college students who graduated from high school after January 1, 2006 or for second year college students who graduated from high school after January 1, 2005. Only students who are eligible for a Federal Pell Grant and who has successfully completed a rigorous high school program as determined by the state or local education agency and recognized by the Secretary of Education. An Academic Competitiveness Grant will provide up to $750 for the first year of undergraduate study and up to $1,300 for the second year of undergraduate study for full-time students who are eligible for a Federal Pell Grant. The National Science and Mathematics Access to Retain Talent Grant (AKA the National Smart Grant) is available during the third and fourth years of undergraduate study to full-time students who are eligible for the Federal Pell Grant and who are majoring in physical life, or computer sciences, mathematics, technology, or engineering or in a foreign language determined critical to national security. The student must have also maintained a cumulative grade point average (GPA) of at least 3. 0 in coursework required for the major. The National SMART Grant award is in addition to the student’s Pell Grant award. Campus-based Grants
7. The Federal Supplemental Educational Opportunity Grant (FSEOG) The FSEOG is a campus-based grant aimed at assisting students with exceptional financial need. Pell Grant recipients with the lowest expected family contributions (EFCs) will be considered first for a FSEOG. You can receive between $100 and $4,000 a year depending on when you apply, your financial need, the funding at the school you are attending, and the policies of the financial aid office at your school.
8. What are the different kinds of student loans? A student loan is money that needs to be repaid after you have completed your studies. Generally, interest rates are low- so that you do not rack up as much debt as you would with a credit card or bank loan. There are campus-based loans, which you repay directly to your college, as well as federal loans which you repay either directly to the U.S. government or to your financial institution.
9. Campus-based LoansFederal Perkins Loan The Federal Perkins loan is a campus- based loan because it is administered directly by the financial aid office at each participating school. In other words, your school is the lender although the loan is made with government funds. Your school will either pay you directly or apply your loan to your school charges. You’ll receive the loan in at least two payments during the academic year. You can borrow up to $4,000 for each year of undergraduate study with a maximum of $20,000 for your entire undergraduate degree. The amount you receive depends on when you apply, your financial need and the funding level at your school. The Federal Perkins Loan is a low-interest , 5 % loan for students with exceptional financial need. You must repay this loan directly to your school and you have nine months to begin your repayment plan after you graduate. Generally you will make monthly payments to the school that loaned you the money over a 10 year period. Federal LoansThe U.S. Department of Education administers the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan) Program. Both the FFEL and Direct Loan programs consist of what are generally known as 1. Stafford Loans (for students) and 2. PLUS loans (for Parents). Schools generally participate in either the FFEL or Direct Loan program, but sometimes schools participate in both. For either type of loan, you must fill out FAFSA, after which your school will review the results and will review the results and will inform you about your loan eligibility. You also will have to sign a promissory note, a binding legal document that lists the conditions under which you’re borrowing, and the terms under which you agree to repay the loan.
1. Stafford Loans Stafford loans are federal loans for students. Eligibility rules and loan amounts are identical under both the FFEL and Direct loan programs, but providers and repayment plans differ. For all Stafford loans first disbursed on or after July 1, 2006, the interest rate is fixed at 6. 8 percent. However, you can be considered for a subsidized loan, depending on your financial need, in which the government will pay (subsidize) the interest on your loan while you’re in school, for the first six months after you leave school and if you qualify to have your payments deferred. You might be able to borrow loan funds beyond your subsidized loan amount even if you don’t have demonstrated financial need. In that case, you’ll receive an unsubsidized loan. Your school will subtract the total of your other financial aid from your cost of attendance to determine whether you are eligible for an unsubsidized loan. Unlike a subsidized loan, you are responsible for you’re the interest from the time the loan is disbursed until the time it is repaid in full. After you graduate, you will have a six month ‘grace-period’ before you must begin repayment. During this period of time, you’ll receive repayment information, and you’ll be notified of your first payment due date. You are responsible for beginning repayment on time, even if you don’t receive this information. You will receive more detailed information on your repayment options during entrance and exit counselling sessions provided by your school.
* Federal Family Education Loan (FFEL)Funds from your FFEL will come from a bank, credit union or other lender that participates in the program. Schools that participate in the FFEL program, will usually have a list of preferred lenders. Student loan borrowers may choose a lender from that list, or choose a different lender they prefer. Your loan money must first be applied to pay for tuition and fees, room and board and other school charges. If money remains, you’ll receive the funds by cheque or in cash. Besides interests, you will pay a fee of up to 4 % of the loan, deducted proportionately from each loan disbursement. For a FFEL Stafford Loan, a portion of this fee goes to the federal government, and a portion goes to the guaranty agency (the organization that administers the FFEL Program in your state) to help reduce the cost of your loans.
* Direct LoanUnder the direct loan program, the funds for your loan come directly from the federal government and you will need to repay your Direct Loan to the U.S. Department of Education’s Direct Loan Servicing Center. Like the FFEL loan, you will pay a fee of up to 4 % of the loan. For a direct Stafford Loan, the entire fee goes to the government to help reduce the cost of the loans.
2. PLUS Loans (Parent Loans)Parents can borrow a PLUS Loan to help pay your education expenses if you are a dependent undergraduate student enrolled at least half time in an eligible program at an eligible school. PLUS Loans are available through the Federal Family Education Loan (FFEL) Program and the Direct Loan Program. Your parents can get either loan, but not both, for you during the same enrolment period. They must also have an acceptable credit history. For a Direct PLUS Loan, your parents must complete a Direct PLUS Loan application and promissory note, contained in a single form that you get from your school’s financial aid office. For a FFEL PLUS Loan, your parents must complete and submit a PLUS Loan application available from your school, lender, or your state guaranty agency. After the school completes its portion of the application, it must be sent to a lender for evaluation.

10. What are the different kinds of scholarships? Scholarships are awarded on a broad-base of criteria, the most common being academic merit. Many scholarships carry conditions besides academic merit, such as financial need, affiliation with a group-, leadership, athletic talent, artistic or musical ability etc. Some scholarships are awarded by the college itself, often called MERIT AID. Other scholarships are awarded by outside sponsors. For some scholarships, you need to be nominated. For most of them, you apply directly to a sponsor. Because there are so many different types of scholarships, you should check directly with your financial aid office at your college.
11. Can I apply for a grant, a loan and a scholarship at the same time? Yes. You can team up different types of financial aid or simply have one kind. Nevertheless, some types of financial aid are contingent on others. For example, you can only receive an Academic Competitive Grant or a Federal Supplemental Educational Opportunity Grant if you have received a Pell Grant. While you cannot team up a FFEL loan with a direct loan, you may be eligible to receive a subsidized loan (in which the interest is paid by the government) and an unsubsidized loan (in which you are responsible for the interest) at the same time. You can also combine grants with loans and scholarships, so it never hurts to try to get as many different varieties of aid as possible!
12. What is the Federal Work Study Program? The Federal Work-Study Program (FWS) is a campus-based program that provides part-time jobs for undergraduate and graduate students with financial need, that allows them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient’s course of study.
13. How often should I apply for financial aid? You will need to apply for financial aid each year. Even if you did not qualify this year, you should reapply next year since financial circumstances can change. The number of family members in college, for example can have a big impact on your eligibility for financial aid. If you submitted a FAFSA during the previous year, you may be able to complete the shorter Renewal FAFSA form instead. The renewal FAFSA will be mailed to your home. The renewal FAFSA preprints most of your answers from the previous year’s FAFSA. Verify that the old responses are still accurate and provide corrections or new answers where appropriate. If you don’t receive a renewal FAFSA by February 15, fill out a new FAFSA form.
14. How do I know whether I am eligible for financial aid? Don’t assume that you will not qualify for financial aid. Nearly all U.S. citizens or eligible non-citizens enrolled at least half the time are now eligible for some form of financial aid. Even if you don’t qualify for a grant, free college info is still available, and you may still be eligible for other forms of financial assistance. Many families don’t apply for financial aid, because they believe that they earn too much money. However, you don’t need to be from a low-income family to receive financial aid. Some loans and scholarships are available regardless of need. Many factors are used to determine your eligibility for financial aid and there is no simple cut-off base on income. You can’t get aid unless you apply!!

CampusCompare facilitates the college search and selection process by providing free information, student college reviews, and interactive media, connecting students to over 3000 colleges. Its helpful tools include the What Are My Chances tool and the Financial Aid Calculator to help students in the “match me with a college” process.

Article Source: http://EzineArticles.com/?expert=Maxine_Grossman

Education is an investment in your future. Before you choose your career, it is necessary to consider how much time, money, and commitment you have to prepare yourself for a career. Choosing the right career and paying for college takes planning, forethought, dedication, and commitment.

Financial Aid can be the stepping-stone to your future success. The purpose of financial aid is to assist students with their educational expenses so that financial barriers do not prevent them from achieving their educational goals.

What Is Financial Aid?

Financial aid is the assistance available to help students pay for the costs of attending a vocational-technical institution. Financial aid is provided by federal, state, institutional, or private sources and may consist of grants, loans, work-study, or scholarships. Each year, billions of dollars are given or lent to students, and about half of all college students receive some sort of financial aid.

Most financial aid is awarded based on financial need, college costs, and the availability of funds. This aid is provided to students because neither they nor their families have all of the resources needed to pay for a college education. This kind of aid is referred to as need-based aid.

What are the eligibility requirements?

In general, to be considered eligible for federal financial aid, you must:

o Be a United States citizen or eligible non-citizen

o Be enrolled or accepted for enrollment in an accredited institution

o Be making satisfactory academic progress in your course of study

o Not be in default on any loan or owe a refund or repayment on any previous financial aid received at any institution attended

o Be registered with the Selective Service, if you are required to do so

Merit-based aid is awarded to students who may or may not have financial need. Students are given assistance because they have a special skill or ability, display a particular talent, have a certain grade point average, or are enrolled in a specific program.

Types and Sources of Financial Aid

There are several types of financial aid offered to help pay for educational expenses:

o Grants

o Loans

o Student employment (work)

o Scholarships.

Grants and scholarships are “gifts” and do not have to be repaid. Loans are borrowed money that must be paid back over a period of time, usually after the student leaves school. Student employment is normally part-time work arranged for a student during the school year. Wages received by the student are used for specific college expenses.

The primary source of aid for students attending a vocational institution of higher education is from the federal government. The federal government offers both grant and loan financial aid programs. State assistance may also be available. Other sources of aid that award money to students come from private foundations such as corporations, civic associations, unions, fraternal organizations, and religious groups. In addition, many companies offer tuition reimbursement to their employees and/or their employees’ dependents. The personnel department at either your or your parents place of employment can tell you whether or not the company offers this benefit and who may be eligible. Lastly, there are also some colleges that offer awards from their own funds or from money received from various organizations. This type of aid is often referred to as “institutional aid.” Although most vocational institutions have little or no institutional aid available, the student should still be sure to ask the college about this type of assistance.

Determining Financial Aid Eligibility and Financial Need

Eligibility for financial aid is determined by subtracting the amount you and your parents can contribute from the cost of attendance. An assessment of your family’s ability to contribute toward educational expenses is made based on the information you provide when applying for financial aid. Income, assets, family size, and number of family members in college are some of the factors considered in this calculation. This assessment, referred to as need analysis, determines your financial need, which is defined as the difference between the total cost of attendance and what you are expected to pay. Financial need will vary between colleges because of each school’s different costs of attendance.

Determining the Student’s Status: Independent or Dependent?

Remember that both students and parents are expected to help pay for college costs. This means that you, as the student, will be expected to contribute to your educational expenses.

If you are considered dependent by federal definition, then your parents’ income and assets, as well as yours, will be counted toward the family contribution. If you are considered independent of your parents, only your income (and that of your spouse, if you are married) will count in the need analysis formula.
To be considered independent for financial aid, you must meet one of the following criteria:

o Be at least 24 years old.

o Be a veteran of the U.S. armed forces.

o Be married.

o Be an orphan or ward of the court.

o Have legal dependents other than a spouse.

o Be a graduate professional student.

Applying for Financial Aid

To apply for financial aid, it is essential that you properly complete the necessary forms so that your individual financial need can be evaluated. It is important to read all application materials and instructions very carefully. The financial aid office of the school you are attending will be happy to provide you with guidance and assistance.

Most vocational schools use just one financial aid application called the Free Application for Federal Student Aid (FAFSA). This form is a four-page application available at your college’s financial aid office, local high school guidance offices, and state education department offices. Students can apply for federal student aid via the Internet by using FAFSA on the Web. FAFSA on the Web can be accessed at http://www.fafsa.ed.gov.

Your Rights and Responsibilities as a Financial Aid Recipient

As a student consumer, you have a right to:
o Be informed of the correct procedures for applying for aid, cost of attendance, types of aid available, how financial need is determined, criteria for awarding aid, how satisfactory academic progress is determined, and what you need to do to continue receiving aid

o Be informed of the type and amount of assistance you will receive, how much of your need has been met, and how and when you will be paid

o Appeal any decision of the financial aid office if you feel you have been treated unfairly with regard to your application

o View the contents in your financial aid file, in accordance with the Family Educational Rights and Privacy Act;

o Know the conditions of any loan you accept.
It is your responsibility to:

o Complete all application materials truthfully and accurately and comply with deadline dates

o Review all materials sent to you and read and understand all documents. Be sure to keep copies of all forms you sign

o Know and comply with the rules governing the aid you receive

o Provide additional documentation and/or new information requested by the financial aid office

o Maintain satisfactory academic progress

o Keep your local and permanent addresses current with all pertinent school offices

o Use financial aid only for expenses related to the college

Remember that your dreams come true when you act to turn them into realities. Financial aid is the means by which you can achieve your dream of obtaining an education and pursuing your career. Use it wisely and you will succeed.

Originally published at http://www.collegequest.com/

Article Source: http://EzineArticles.com/?expert=Cecily_Kellogg

Financial aid is readily available for families who qualify, based on need, and for the most part, packaging is not based on merit or athletic ability. For those institutions that do not offer athletic scholarships, or where athletics aid is exhausted, there are cases where college coaches can assist families in getting a financial aid “pre-read.” These early evaluations can be very helpful in providing families with a strong indication to what their family contribution will be in the first academic year of attendance.

The college coach is your “point person” here and he/she can act as an indirect conduit to the office of financial aid in an effort to assist the family in a very important area of recruiting.

PRE-READS

Financial aid pre-reads are in many cases an effective tool that many college coaches use as a means of providing prospects and their families with a “ballpark” figure as to what the family can expect to pay for a college education in the first year of attendance. It is important that the family request a pre-read early in the recruiting process, but not before sincere interest in the coach’s program has been developed. The family should first determine the individual institution’s policy on providing financial aid pre-reads through direct communication with the college coach.

For a family to receive a timely and accurate financial aid pre-read, the following information is typically required from the financial aid office:

• Prior year income/business taxes with all W-2 forms.
• Divorced/separated paperwork if applicable.
• Completed budget worksheet (provided by the coach).
• Admissions data (standardized test scores, class rank etc.)

Turn around time in completing the pre-read is about 2 weeks and this information should give parents a close estimate to what the family financial aid breakdown will be for the coming cycle. Note: financial aid packages can change from year to year based on changes to personal family finances.

MATCHING PACKAGES

Some institutions will attempt to “come in line” with financial aid offers from other institutions. Matching typically occurs with schools from the same conference, or similarly “select” schools. It is good to make a comparison, but out of respect for the college coaches, I encourage families to compare financial aid packages with those schools that are serious potential choices. Remember, the college coach is your “go to guy” in this process and clear and timely communication will facilitate the process!

INTERNAL SCHOLARSHIPS

Most institutions offer “internal scholarships” where student-athletes could be looked at favorably. Research the colleges on your radar for all institutionally related scholarships (academic, community etc.), especially leadership grants, which seem to be gaining popularity. These awards are typically selective and reward the “cream of the crop,” special interest prospects and those with strong financial need. Communicate your financial aid concerns with the college coach, who may recommend potential candidates for consideration of these awards.

It is important that the family share with the coach any outside offers or completed financial aid pre-reads from other institutions, and determine where your child ranks in the coach’s recruiting priority. If your child is considered a “blue chip” athlete and the school of interest does not offer athletic scholarships, carefully probe the coach’s feeling about asking the office of financial aid to take a hard look at the family’s request to determine if there are any options to possibly “sweeten the pot.”

The four year college experience is a tremendous investment in our children’s future. That being said, the premiums for a quality college education are seemingly heading “north” and I strongly suggest that families begin preparing for this important component of college recruiting early and with enthusiasm.

Tom Kovic is a former Division I college coach and the current director of Victory Collegiate Consulting, where he provides individual advisement for families on college recruiting. Tom is the author of “Reaching for Excellence”, an educational guide for college athletics recruiting. For further information visit: http://www.victoryrecruiting.com

Article Source: http://EzineArticles.com/?expert=Tom_Kovic