Financial Aid FAQs

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For Answering Questions Financial Aid

When it comes to Financial Aid, Student Loans, dealing with the US Department of Education and other financial aid sources, you must know what steps to take, if you are going to get funded. Because time is of the essence, we have the most popular frequently asked questions available. Check them out and also check out the various financial aid sources...

What is Financial Aid?

Financial Aid is funds/money provided to students and the family to help them pay for the student's education. Financial aid comes from a variety of sources, such as:

o        Federal and state governments

o        Private agencies

o        Colleges

o        Associations

o        Civic groups

o        Companies

o        Charitable organizations

o        Churches

o        Corporations

o        Philanthropists

o        Family Funds

What Types of Financial Aid Are Available?
There are four basic forms of financial aid provided by financial aid sources:

o        Scholarships – financial aid that does not have to be repaid.

o        Grants – financial aid that does not have to be repaid.

o        Federal Student Loans – funds back by the federal government that students or parents borrow that must be repaid with interest.

o        Private Student Loans – funds not backed by the federal government that students or parents borrow that must be repaid with interest.-

o        Work study – students work and earn wages to help pay for school. The jobs are usually arranged by the schools and can be on or off campus jobs.

Are There Any Alternative Forms of Financial Aid?

Yes there are! We discuss these little known alternative methods in our “Find Money For College” Article. There are so many ways to fund your educational dreams and the Student Loan Whiz will show you avenues you probably never thought of.

How Do I Start The Process of Obtaining Financial Aid?
It depends on the financial aid source. For federal financial aid and most other sources, it starts with completing an application for admission to the school(s) of your choice and then applying for the federal financial aid programs by completing the FAFSA. The FAFSA is available online at www.fafsa.ed.gov.  Worksheets may be obtained from your local high school guidance office, college, or the FAFSA web site.  If you do not have access to a computer, computers are available at most campuses

When Should I Apply For Financial Aid?
Complete the FAFSA as soon as possible after January 1 of each year. There may be delays if you wait. For instance, those who apply by March 15 are more likely to be awarded campus-based aid. Those who apply after March 15 will be considered only if funds are still available. Since you need information from your tax return from the previous year, you’ll want to file your taxes early. Once you have completed your taxes, complete the FAFSA Worksheet, then complete the FAFSA online and submit it. When you do not have pin numbers, be sure to print the signature page, sign it, and mail immediately to the address found on the bottom of the page. If the application is not signed, it will not be processed.

What Happens After I Complete The FAFSA Application?
If you did the FAFSA application online and provided an e-mail address, you will receive a confirmation by e-mail.  If not you will receive it by mail. At the same time each school listed on the FAFSA will be sent a copy of your report. Call the Federal processor at 1-800-433-3243 if you do not receive a copy of the report. Review your report carefully to make sure there are no mistakes. If you find an error, your school can help you with the correction or you may send it back to the processor yourself or go online to www.fafsa.ed.gov and make corrections.