Financial Aid

The financial aid process can be a daunting task. If you don’t get a primer from a guidance, counselor or older sibling who is already on a college campus somewhere, it could be difficult to figure out where to start.

With a little research and an introduction to the basics, you’ll be using even the most obscure financial aid acronyms with ease. Your starting point should always be the Free Application for Student Aid, or as you’ve probably already heard before, the FAFSA. That step will determine what you do next, as once your application is processed you’ll know exactly how much free money you’re going to get from federal assistance programs and grants, how much you’ll be able to borrow through federal loans, and how much of your package you may need to supplement through private agencies.

The process is the same for graduate students, although you may not be eligible for all the programs available to undergraduates, including Federal Pell Grants, a free gift from the government with a current maximum of up to $5,550. Once you’ve done that, you begin weighing your options, and potentially looking for ways to cut your college costs. Scholarships is the best source of financial aid, and if you apply early and often enough, you’ll have a better chance of landing a good amount of free money to supplement your financial aid package.

The best way to supplement your financial aid package is to apply for (and win) college scholarships. While it will take some initiative, research and time on your part, the payoff is worth it if it decreases your total student loan debt. In these time, you don’t need to be an athlete to land a scholarships. Many are based on characteristics like need, community service and your intended field of study, or if you dig even deeper, you’ll find a wide array of awards based on more specific characteristics. Student loans is also a great asset if you have the opportunity and are looking for ways to get financial aid.

What makes you and only you unique could be what lands you a generous college scholarship. Chances are you qualify for more scholarships than you thought you did, so conduct a free scholarship search or browse through our site to see awards you may be eligible for and start earning money toward college. A good start for families unsure of where to begin or how much they should strive to save is estimating how much college will cost by using a college financial aid calculator. It’s fine to start with a conservative number, as some of the college saving accounts come with stipulations that the funds must be used for college expenses, which could hurt parents whose children don’t end up going to college or go for a low-cost option like community college without any financial aid.