The cost of a college education is rising every year. This year the average cost of a private four-year school was $26,273, up 4.4% from last year, and the average cost of a public school was $7,020, up 6.5% from last year. For most families, paying for college is a struggle. If you feel like you do not have all the pieces of the financial aid puzzle, you are not alone.
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:
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Applying for financial aid can be a challenge and many parents delay the process as long as they can. Some think they need to wait until their taxes have been filed, when in fact an estimate based on your previous year’s taxes is completely acceptable. Sometimes parents feel embarrassed to apply for financial aid, even in this uncertain economy. Too many parents do not apply for financial aid because they do not believe they will qualify. Never make this assumption. The easiest way to lose out on financial aid for college is to not apply for it.
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.
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Financial aid is a key process in beginning the college experience. It is, in fact, almost as important as being accepting to the college of a student’s choice because, these days, without the benefit of financial aid, it is well highly impossible to get through all four years of undergraduate school. Financial aid applies to the entire college experience. It is used to help students pay for tuition first and foremost, but it also aids in paying for books and lab fees, their dormitories or apartments, as well as the many and varied miscellaneous fees which often apply in college.
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.
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