Kick-starting This Year's Financial Aid Application
For most college students, financial aid is a must. Not many can afford to fully pay for all the college expenses as it goes into tens of thousands of dollars. By statistics, about 70 to 80% of college kids need financial aid and if you are one of them, we will help you kick-start your application for this year.
Assessing the need
First of all there are 2 types of financial aid. There is the loan type which is almost like your typical college loan, but with some minor differences depending on each situation. The other type is a no-loan type where the financial institution giving you money does not expect anything in return. The latter started being implemented since 2001 for US colleges and it started targeting families with low-income.
The latter is also less problematic since you get money and you spend it. That is it. On the other hand, loan type is more risky. So making sure of taking only the amount you need as loan, thereby avoiding purchase of any additional amount might be beneficial as you would need to pay back the interest as well along with the loan amount being offered to you, so be careful. If you need a draft estimate, check out your college’s website and they should offer some guidance on the same.
A lot of paperwork
You didn’t expect to get all the money once you snapped your fingers, did you? There are some standardized forms for different colleges and some colleges require additional proprietary forms to be filled in order to qualify. In addition to all of this, you will need tax return statements, bank statements, income statements, information about your household and maybe a lot more depending on the school and amount. Contact your school in order to kick-start the application process. Each year the process may change, be sure to ask relevant info about this year’s financial aid program offered. Once you do get the necessary info, start getting all the forms you need and start filling them out as soon as possible.
No one likes to be late
No one likes to be late, especially the people who are lending you money won’t like you being late.That is why all these applications have a deadline. You must strictly respect it, otherwise you won’t be considered for the aid package. Usually the time frame isn’t tight, so you should have enough time to get everything you need and just don’t leave it until the last day.
Sometimes these things are not as strict as they seem. People’s need differs from case to case and there is always going to be a little leeway here and there. Be sure to keep in touch with the people responsible for this and if you have any sort of problem, contact them first and see what they can help you with. For example, if you are a really good student in need of money they might consider something.
As a general tip to college students, we would suggest borrowing as little as you can because it will come back to haunt you. But if you still decide that you have to, make sure you do everything by the book. So go ahead and kick-start this year's financial aid applications.