Financial Aid FAQs
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Act NOW For Money For College!
When it comes to Financial Aid, Student Loans, dealing with
the US Department of Education and other financial aid sources, you must know what action NOW, if you are
going to properly fund your college education.
There are tons of colloquial expressions and quotes about waiting till the last minute and procrastinating.
When it comes to obtaining funding for a college education, be warned; never let any of those quotes about being
a procrastinator describe you!
Simply put, time is not on your side in reference to obtaining money
Because when it concerns the best sources, money is limited and dispersed on a first come first serve type of
The sources we are referring to are the scholarships, grants, work for college programs and internships that pay
These are classified as the best sources because they are not loans and there is no payback.
Those sources should be your first point of college education funding and loans should be your last.
Because time is of the essence, we have assembled the most popular frequently asked questions concerning
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:
- Federal and State Governments
- Private Agencies
- Civic groups
- Corporations and Other Companies
- Charitable organizations
- Family Funds
What Types of Financial Aid Are Available?
There are five basic forms of financial aid
provided by financial aid sources:
- Family funding - these are funds provided by the family of the student.
- Scholarships – financial aid that does not have to be repaid.
- Grants – financial aid that does not have to be repaid.
- Federal Student Loans – funds back by the federal government that students or parents
borrow that must be repaid with interest.
- 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.
- Private Student Loans – funds not backed by the federal government that students or
parents borrow that must be repaid with interest.-
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.
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