Financial Aid Tips for Students and Parents (Deadline: June 30, 2015)
Finding financial aid to attend college in Utah or elsewhere can be easier than you might think – if you start early! Just submit the financial aid application(s) required by your chosen school. You can get detailed information in a booklet from the U.S. Department of Education from your counselor.
Knowing a few basic facts about the process of applying for financial aid can save a lot of time and stress.
Estimate your Expected Family Contribution (EFC) during your child's junior year. By getting an idea of what you might pay, you can find colleges within your price range and identify what you might need in scholarships and loans to manage your tuition costs. Calculate at www.FAFSA.ed.gov
2. Learn a little about marketing
This is one of the most important aspects of competing for merit-based awards. Highlight your accomplishments and an award committee will be that much more likely to consider giving you a scholarship.
3. Make financial aid a part of your campus visits
Ask to speak with someone in the financial aid office - it's the best way to get your family on the radar for campus-based awards. Afterwards, take some notes! These contacts could come in handy later.
4. Determine the effect of outside awards
If you receive an outside scholarship, find out how it will affect your financial aid award. Some schools will lessen grant aid, and others will pare down on loans. The school’s policy will affect the amount you’ll have to borrow.
5. Pay attention to deadlines
The sooner you file your college applications, the better your chances of receiving aid. To assist with financial aid forms, file your taxes as early in the year as possible.
6. Complete the FAFSA
Fill out this form, even if you think you won't qualify - very affluent families sometimes qualify for aid at certain high-tuition schools. This single application is your gateway to all federal loan, grant, and work-study awards that total in the billions of dollars. Apply online at www.FAFSA.ed.gov
7. Make your college aware of special circumstances
If your parent has lost their job since completing the FAFSA, inform schools about your situation. Most have standard policies that allow for the use of projected income, which could increase financial assistance.
Finding financial aid to attend college in Utah or elsewhere can be easier than you might think – if you start early! Just submit the financial aid application(s) required by your chosen school. You can get detailed information in a booklet from the U.S. Department of Education from your counselor.
Knowing a few basic facts about the process of applying for financial aid can save a lot of time and stress.
- Most institutions of higher learning require that students apply to and be accepted to that institution before aid can be given.
- Federal Tax information will be required, so plan on having family taxes done as early as possible.
- Need-based Aid is calculated by looking at the cost and budget at the institution and subtracting from that the contribution expected from the family/student. Family contribution is determined by a federal formula.
- Grants like Pell, State or Institutional do not need to be paid back
- Loans like Perkins and Stafford are low-interest student loans available to those who qualify. Private loans (at a higher interest rate) are available to all students & parents.
- Work Study is a federally funded program and provides part-time on-campus work opportunities from five to twenty hours per week.
Estimate your Expected Family Contribution (EFC) during your child's junior year. By getting an idea of what you might pay, you can find colleges within your price range and identify what you might need in scholarships and loans to manage your tuition costs. Calculate at www.FAFSA.ed.gov
2. Learn a little about marketing
This is one of the most important aspects of competing for merit-based awards. Highlight your accomplishments and an award committee will be that much more likely to consider giving you a scholarship.
3. Make financial aid a part of your campus visits
Ask to speak with someone in the financial aid office - it's the best way to get your family on the radar for campus-based awards. Afterwards, take some notes! These contacts could come in handy later.
4. Determine the effect of outside awards
If you receive an outside scholarship, find out how it will affect your financial aid award. Some schools will lessen grant aid, and others will pare down on loans. The school’s policy will affect the amount you’ll have to borrow.
5. Pay attention to deadlines
The sooner you file your college applications, the better your chances of receiving aid. To assist with financial aid forms, file your taxes as early in the year as possible.
6. Complete the FAFSA
Fill out this form, even if you think you won't qualify - very affluent families sometimes qualify for aid at certain high-tuition schools. This single application is your gateway to all federal loan, grant, and work-study awards that total in the billions of dollars. Apply online at www.FAFSA.ed.gov
7. Make your college aware of special circumstances
If your parent has lost their job since completing the FAFSA, inform schools about your situation. Most have standard policies that allow for the use of projected income, which could increase financial assistance.