College Education in America
College education had increasingly become unaffordable for middle class citizens of America. Tuition fees are soaring and it has been significantly tough to foot bills if the college is outside the state. The average cost of fees for a public university is now $25,600 every year and private schools have fees of around $34,700. There are scholarships available to help eligible and talented students. For students who have not been able to secure a scholarship can apply for a need based financial aid.
In the US, the majority of federal aid for education can be accessed through FAFSA, Free Application for Federal Students Aid. It is a form that schools use to determine financial aid needed by the student. The financial aid can be in the form of Federal Direct Loans and Pell Grants. The FAFSA form is used by many schools to determine if a student is eligible for their own scholarship program.
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Steps To Receive Maximum Aid
Finding the right aid to finance your education in the US is as important as finding the right school and course. Filling the FAFSA form at the right time is key. To get the best combination of work and study program that comes with need based financial grants and loans. A family must apply for the federal aid keeping aside their apprehensions of not qualifying. The best thing you can do to be first in line is to apply early. The loans and grants are given on a first come first served basis. You can file the form with previous years’ forms including tax returns.
The amount of grant is determined by the expected family contribution. If you minimize the taxable returns, the EFC will be lower which will result in more need based aid. You need to show better clarification on who owns your asset. If you have money saved for your children’s education then that will show in the total family contribution. You can think of postponing sale of stocks and other holdings as that will increase your profitable income. Keep most of the savings in the parents name rather than the child’s account.
Things You Need To Know
Whether you are financially well off to afford college education doesn’t matter. The need based formula is complex and it doesn’t always take the financial situation into consideration. Sometimes the age of parents or the number of students attending a college also plays a vital role. So don’t assume that you will not qualify for financial aid. The FAFSA form is also required by universities to consider students for their own scholarship funds. It is not a norm that only middle class and low income families should fill FAFSA. You just need to fill the form to open any doors for college education.
Though the expected family contribution is an important factor but that may not always be the case. Institutions also value skill and experience of a student and will be ready to offer attractive financial aid to woo him.
