Student Loans and Fafsa and Scholarships

Paying for College
1

Does fafsa give you financial aid? What are ways to lower the cost of tuition? How do you collect scholarship money? What are grants? Please help !!!

2

The FAFSA is a financial aid form…not some entity that gives money. You complete the FAFSA and colleges use that data to help,determine need based aid awards. If your EFC per fafsa is below a certain point…you might be eligible for a federally funded grant…like the Pell or SEOG.

The best way to lower your out of pocket costs at a college…apply to colleges where you will get merit aid based on your academic stats.

How do you collect scholarship money? Well…that depends. Some scholarships are sent directly to the colleges…and are used to pay the billable costs to the schools. Some scholarships are sent to you…and YPU send them to the colleges to pay the costs to attend.

Grants…usually this refers to need based awards given to you…that do not have to be paid back. They are based on your financial need.

Things you didn’t ask…but need to know.

  1. Most colleges do NOT guarantee to meet your full financial need.
  2. There are colleges that have varying costs...you need to find some that fit YOUR family budget for college.
  3. Some schools do NOT award merit aid at all.
  4. DEADLINES. There are deadlines for applying for school financial aid. These deadlines vary by school...so...read all of your school websites carefully.
  5. You should have a conversation about college finances with your parents. Find out how much they can contribute to your college costs.
  6. Some colleges also require the CSS Profile as an application for need based aid.
  7. There is a net price calculator on EACH college website. If you accurately enter your family financial data, you will get an estimated net cost. However, if your parents are divorced, own a business...or own real estate in addition to your primary residence...the NPC won't be as accurate.

Also…YOU aren’t starting college this year. The NPCs are set up now for students enrolling Fall 2017.

  1. The financial aid application forms use prior prior tax return year information. It looks like you won't be starting college until 2019...is that right?

For,the 2019-2020 school year…the fafsa and Profile will use the 2017 income tax return information.