by: Jeff Mictabor
If you plan to attend college for the first time in 2011 or have a family member who will, you’re about to embark on student financial aid season.
If you’re looking for money for college and want to apply for financial assistance, your first stop should be the Free Application for Federal Student Aid, also known as the FAFSA. All federal student loans (http://www.nextstudent.com/student-loans/student-loans.asp), federal grants, and other forms of federal student aid are tied to this form.
>> Federal Student Aid
The FAFSA can be filled out and submitted online at http://www.fafsa.ed.gov/. The FAFSA is available free of charge, and submission is also free. The federal deadline for submitting your FAFSA is June 30.
You don’t need to know which college or university you plan to attend in order to fill out or submit the form, but you will need to refer to your 2010 tax return. If you’re a dependent of your parents, you’ll need to have the 2010 tax return of your custodial parent(s) or the parent who claims you as a deduction, even if this parent doesn’t plan to help you pay for college.
Once you submit your FAFSA, the Department of Education will generate a Student Aid Report (SAR) that summarizes your and your parents’ financial information. You can choose which schools receive your SAR, and you can add schools to this list at any time.
The schools that receive your SAR will analyze your financial information and generate a financial aid package based largely on the school’s cost of attendance and the determination of your ability to pay. (Some schools also offer non-need-based financial aid, which is awarded on the basis of merit rather than on your financial need.)
Federal grant assistance is reserved for low-income and financial needy students. Most students, however, will qualify for federal college loans.
Federal Stafford student loans are available in both need-based and non-need-based versions. Need-based subsidized Stafford loans are reserved for students who demonstrate financial need. Non-need-based unsubsidized Stafford loans are available regardless of financial need. There’s no credit check or co-signer required for Stafford student loans; you take out these loans in your own name.
>> State Financial Aid
Some states also use the FAFSA to determine your eligibility for state student loan and grant assistance
Rabu, 08 Juni 2011
The Hunt for Student Loans, Grants, and Scholarships Begins
Posted by
Mr. zan
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scholarships
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