It’s important to squeeze to the last drop of financial aid before considering borrowing money for college. The federal government, states, schools, and other organizations provide ways to secure money such as grants and scholarships to help cover the cost of a college that doesn’t have to be paid back. This can help significantly lower the cost of college and lower the loan amount for students.
It is important to do a little bit of work ahead of time as the search for more financial help can get overwhelming. There are many deadlines to be met and detailed information is often required. The answer to how you can get more financial assistance is simple: get organized, do your research, and follow these five steps.
5 Steps to Getting More Financial Aid for College
1. Register the FAFSA in good time
Submitting the Free State Student Aid Application (FAFSA) once it’s available each year is a good place to start. The FAFSA qualifies students for scholarships, job studies, and all federal student loans. While it can be cumbersome to fill out, waiting too long can reduce the chances of you’ll need help.
Applying early can lead to many rewards. Part of the help will be given based on availability. Missing the deadline may mean waiting for the next school year to be eligible for funding. . The federal deadline for submitting the FAFSA is June 30th, 18 months from the start of the application period. However, schools and federal states each have their own deadline, which is often much earlier.
2. Fill out all required forms
Make sure you check to see if your state requires any additional forms to qualify for a state grant. Each state has its own grant programs and deadlines.
Some schools may require you to fill out the CSS profile as well. The CSS profile is used to award institutional help such as grants and scholarships. The CSS profile can qualify you for more financial support than is made available by the federal and state governments. Around 400 schools require this form to be completed in addition to the FAFSA.
3. Get other scholarships and grants
To get more financial assistance that doesn’t have to be repaid, do your research and apply for outside scholarships early and often throughout your studies.
Scholarships and grants are offered by a variety of external sources such as private companies and professional associations, and each has its own criteria and deadlines. Some are as easy as putting your name on the draw to win a thousand dollars, while others are more help-out and academic, business, or career-oriented.
You can find a full guide to scholarships here.
4. Check the applications for errors
Incorrect information about grant applications can have an impact on the amount of assistance granted. It is important that you double-check that all the information is correct as you fill it out. If you later discover that there are errors in the FAFSA or in your CSS profile and need to be adjusted, updates can usually be made online. Be sure to confirm the changes with the school’s grant office.
5. Make an objection
You can usually appeal your financial support if the financial situation of a student or their family has changed. Whether you’ve experienced a loss of income, unforeseen expenses such as medical bills, or a change in enrollment status, you may be able to get more financial assistance. Contact the school’s financial assistance office to discuss changes in your financial situation.
More ways to pay for college
If more financial assistance is needed after the appointment to the school, there are a few more options.
Ask the school if they have any installment plans. Gradually paying tuition fees throughout the enrollment period may be easier to manage than paying a single flat fee.
Other federal student loans may also be available. If the student hasn’t reached the federal student loan limit annually, more may be taken out.
If there is a funding gap, consider private student loans. Private lender loans are based on an applicant’s credit and financial history rather than financial needs. Each lender offers their own interest rates, terms and application process. Some may offer ways to save, such as: B. Discounts and rewards for automatic payment. College students and college students with little to no credit may need to find a co-signer with good credit in order to qualify.
Some lenders offer pre-qualifying options, which will let you know if you qualify and get an interest rate estimate.
Appreciate your student loan
To get more financial help: get organized
Getting more financial aid for college is labor intensive. There are sources for federal, state, school, and outside agencies that need to be tracked down year-round, and many applications that need to be completed. But it pays to be organized. Start early, do a lot of research, stick to deadlines, and stay focused. It can seem almost like a second job, but in the end it will help make your college dream come true.
Apply for a private student loan
Do you need more help? Apply for a private student loan today.