Financial aid tips
Financial Aid is complex process which requires proper guidance.Studnet can find proper guidance and tips through Financial Aid Experts and Financial Aid Professionals to make the process smooth.
Tips to the students are:
1. Hunt down scholarships: Scholarships are a kind of financial aid which does not require repayment. Before applying for Financial Aid make through search via internet through sources such as Fast Web, Fin Aid, the College Board and the Financial Aid Resource Center.
2. Go crazy applying for grants: Grants also offered on the basis of non repayment. There are two types of grants are available like Academic Competitiveness Grant, which assists up to $1,300 to the High school program completed students and The National Science and Mathematics Access to Retain Talent, or SMART grant, offers up to $4,000 for undergraduates majoring in physical, life or computer sciences, math, technology, engineering or a foreign language.
3. Time your FAFSA application carefully: If you start the process of financial-aid, first step need to file a Free Application for Federal Student Aid (FAFSA) to get the federal grants and different forms of state aid.
4. Borrow as a last resort: If you are unable to get student loans, select for subsidized loans when you can. The federal government pays the interest on such types of subsidized loans during the grace period before repayment begins.
5. Pick the right school: Select the best private schools which allow spending so much less. Some of them offer tuition discounts for the first two years of that four-year degree.
6. Weigh the possible benefits of a gap year: Students are advised to take gap between the under graduation and graduation to search about the financial aid by saving one year cost of education.
7. Pursue tax credits if you can: If the students are having income of less than $55,000 can be eligible for a Hope credit and a Lifetime Learning credit to bear educational expenses.
9. Dont give up on tax breaks if your income is too high: If the student is qualifying for a tax credit there are some tax benefits are available.
Unlike students, parents also advised with some Financial Aid Tips.
1. Get an early idea of your EFC: Parents are advised to know their expected family contribution towards the Financial Aid.
2. Reduce your childs savings: Encourage your kid to save funds which 20% of them can consider for college.
3. Learn a little about marketing: Highlight you child talents to get more Financial Aid.
4. Make Financial Aid a part of your campus visits: Consult financial aid officer for better guidance.
5. Do a bit of detective work
6. Make a decision on early Decision: Analyze the effect of early decision which affects the Financial Aid.
7. Determine the effect of outside awards: Find out the impact of outside scholarship on Financial Aid Award.
8. Pay attention to deadlines: Be submitting the forms before deadlines.
9. Complete the FAFSA: Irrespective of the financial aid eligibility, apply for the FASFA.
10. Make your college aware of special circumstances. Be informing the schools about the filing and applying for FASFA.
11. Have your kid contribute
12. Parents dont blow your retirement savings.