With cost of study going up day after day, it’s becoming hard for students with not-so-good financial conditions to pay the fees. Financial aid is what works as boon in it. Financial aid always seems scary thing to most of people, however, it’s not so. If you are wondering how does financial aid work, then you just need to read this post.
Know the Forms to Be Completed
Depending on college you opt for, there may be different forms you need to complete. The complete and accurate info about forms that you need to complete can be obtained from the intended college only. Since the form process may be bit lengthy, so you must start working on it before few weeks of admission date.
Know the Determination of Expected Family Contribution by Government and College
How do they calculate that how much your family can spend on college? To compute the Expected Family Contribution, a formula is used, which changes every year. You can know the latest formula right away by just performing Google search.
After the determination of EFC by government, the same is determined by the College. With the former, you can easily have an idea how much money do you need more to afford the college fees. Again, to determine the EFC by college, a formula is used which varies from one college to other. Just approach the college officials to know it so that you can have an idea how does your intended college determine the expected family contribution.
Try to Lower your EFC
If your EFC has been calculated to be low, then you can surely avail a handsome financial aid, but if not, then you need to spend more out of your own pocket. You must try to lower your EFC. This can be achieved by keeping very low money on child’s name. In other words, parents should money on their name rather than on child’s. This will make their child poor on papers, and thus, he/she will be able to avail maximum possible financial aid.
Declare your independence
If you are one of those many who think declaring independence will help you get more financial aid, then let me tell you, you are on wrong side. This will help you in financial aid for sure, but after passing through strict guidelines. You are independent if:
- You are 24 years or older by December 31 of on-going year
- You are Orphan or ward of the court
- You are veteran of the U.S. Armed Forces
- You are married
Take Care of Deadlines
The deadline is February or March. It may vary from one college to other. Turned in your application before the deadline to be on safe side. If you go late, then who knows, college may run out of money, and thus you may not receive the financial aid at all?