Student Financial Aid Information

One of the biggest decisions that you can make is going on to college after graduating from high school.

Many times your advanced education depends on your ability to pay the increasing costs of tuition.

Selecting the student financial aid program that meets your needs can be confusing and frustrating. We have provided links to websites and sources of information that can help you in making those important financial decisions.

One of the first decisions you will need to make is whether you want to apply for a federal student loan, grant or scholarship. In case you don't qualify for federal assistance there are many loans, grants and scholarships in the private sector also (Private College Loans). In general, the federal loan programs are easy to apply for using the Free Application For Federal Student Aid (FAFSA).

Once you are successful in securing a student loan, you need to remember that you have to pay it back. Going to college can be expensive.  It is very likely that you might acquire more student debt than you can afford. If that does happen, you may need to look at a student loan consolidation program that will assist you in paying back your student loans.

Remember that obtaining information and applying for federal student loans and federal school grants is free. You don't need to pay any company to apply for you. If you have additional questions, please be sure to talk with your parents and school financial aid office to get assistance.

The information and links that we have provided will help you get started in planning your education and future. Remember to take the time to do the proper research before you sign on the dotted line...

FAFSA Overview: FAFSA stands for Free Application for Federal Student Aid.  In order to apply for Federal Student Aid, you must FIRST complete and submit a Free Application for Federal Student Aid (FAFSA).

Federal Student Aid Programs: The programs covered by the fafsa include the following:
Federal Grants - Grants, unlike loans, do not have to be repaid. The newer grants are the TEACH, ACG, and National SMART grants. The most well known grant is the Federal Pell Grant.  The FSEOG and other Institutional Grants are less well known. More Federal Grant Information...

Campus-based Programs - These programs are administered by the financial aid office at each school. These programs include the FSEOG, the Federal Work-Study and the Federal Perkins Loan. More info...
 
Stafford Loans - The FFEL and Direct Loan Programs for students are known as the Stafford Loans. The Plus Loans are the FFEL and Direct Loan Programs for parents.  More Federal Student Loan information...

FAFSA Application: The FAFSA has several steps that ask about you, your school plans and your financial information.  Applying online with FAFSA On The Web is quicker and easier than submitting a paper application.

FAFSA Process:
1. Complete and sign the FAFSA.
2. Within 5 days they will process your FAFSA and send you a Student Aid Report (SAR).
3. Review the SAR to check for errors. The SAR will summarize the data you report on your FAFSA.
4. Keep a copy of your SAR.
5. View your Expected Family Contribution (EFC). If your FAFSA information is complete, an EFC will appear in the upper right corner of your SAR. Your EFC is based on the financial information you provide on the FAFSA.
6. Check with your school. Your school will use your EFC to award your financial aid.
7. For additional help filling out the FAFSA, visit a FAFSA website.

As with all financial matters, don't wait until the last minute to fill out your application.  Do your research, start gathering the appropriate financial information and submit your application BEFORE the deadline!

Remember, the FAFSA is a completely FREE application. If you need help filling it out, there are many free tools available to help you. You don’t need to pay anyone to help you fill out your FAFSA.

If you decide to take out a student loan, or already have several student loans, you might want to research loan consolidation. There are several advantages to consolidating your student loans.  Through consolidation, you will only have one loan payment to worry about, you might be able to get a lower interest rate and there might be more flexibility in paying your student loan off.  There are a lot of options available to you and be sure to take the time to visit the different websites to determine which course of action will be most beneficial to you.

As with the FAFSA application process, gathering information and filling out forms is free. You don't need to pay any company to do the application for you. Be sure of what you are committing to before signing anything.