Process To Fill Out The Financial Aid Forms (FAFSA) In 5 Easy Steps!
As many as 13 million parents of college-bound students are struggling financially in order to send their kids to college. Many uninformed parents will end up mortgaging their homes, or spending their entire life's savings. However, last year, over $183 billion in financial aid was awarded to students, the majority of which was based on the forms alone. Students can learn college financial aid basics in 5 easy steps and maximize the amount of financial aid award.
#1 What is "financial aid?"
There are four (4) basic components:
1) Merit based scholarships and grants (GPA and SAT/ACT test scores based)
2) Need based grants
3) Work study employment
4) Loans
a) Student loans (Stafford and Perkins)
b) Parent loans (Parent Loans to Undergrad Students [PLUS])
c) Private student loans
#2 Where do I apply?
Parents and students must provide information similar to that in annual federal and state tax returns. The goal is to determine the family financial profile. The forms required include:
· Free Application for Federal Student Aid (FAFSA) for the US Department of Education
· College Scholarship Service Profile (CSS/Profile) for private colleges and universities
· Supplemental information as requested by individual institution
The student must be a US citizen, permanent or other legal resident, and have valid SS number.
#3 How much will I get?
Based on the answers provided in the FAFSA and CSS/Profile forms, the Expected Family Contribution (EFC) will be calculated. This is the amount that parents and students will be expected to contribute towards the annual cost of college.
#4 How is the "EFC" determined?
Most schools use the Federal Methodology (FM), which includes: Adjusted Gross Income (AGI); real estate holdings; cash, savings, stocks, funds; number of dependents in college; number of members in household; age of parents.
Select private schools use the Institutional Methodology (IM), which includes additional information such as: qualified retirement accounts; equity in home; business assets, and more.
Basically, the higher the EFC, the less financial aid you receive to attend school.
#5 Can I lower my EFC and maximize my financial award?
There are many ways to legally reduce your EFC and increase your financial award. The best time to begin implementing plans for maximizing financial award is when your student is in the 10th grade, but there are many shorter term strategies also available for 11th and 12th graders. College financial counselors are excellent resources for you and can provide their expertise for your financial benefit.
College is more expensive than ever. Don't miss a chance to maximize your financial aid award. Contact us for a free, no-obligation consultation at 888-825-8228 or awatkins@collegeapptraining.com.
Andrew Watkins, Business Director for College Application Training, has over 15 years experience as a corporate attorney and financial consultant. He works with families to financially prepare them for college and optimize the amount of financial aid students are eligible to receive. Contact him for a FREE consultation at awatkins@collegeapptraining.com, or call 888-835-8228.
Visit to: http://grantmoneyaid.blogspot.com/
Source: http://EzineArticles.com/6819744
Tags:
federal student aid (fafsa) formAs many as 13 million parents of college-bound students are struggling financially in order to send their kids to college. Many uninformed parents will end up mortgaging their homes, or spending their entire life's savings. However, last year, over $183 billion in financial aid was awarded to students, the majority of which was based on the forms alone. Students can learn college financial aid basics in 5 easy steps and maximize the amount of financial aid award.
#1 What is "financial aid?"
There are four (4) basic components:
1) Merit based scholarships and grants (GPA and SAT/ACT test scores based)
2) Need based grants
3) Work study employment
4) Loans
a) Student loans (Stafford and Perkins)
b) Parent loans (Parent Loans to Undergrad Students [PLUS])
c) Private student loans
#2 Where do I apply?
Parents and students must provide information similar to that in annual federal and state tax returns. The goal is to determine the family financial profile. The forms required include:
· Free Application for Federal Student Aid (FAFSA) for the US Department of Education
· College Scholarship Service Profile (CSS/Profile) for private colleges and universities
· Supplemental information as requested by individual institution
The student must be a US citizen, permanent or other legal resident, and have valid SS number.
#3 How much will I get?
Based on the answers provided in the FAFSA and CSS/Profile forms, the Expected Family Contribution (EFC) will be calculated. This is the amount that parents and students will be expected to contribute towards the annual cost of college.
#4 How is the "EFC" determined?
Most schools use the Federal Methodology (FM), which includes: Adjusted Gross Income (AGI); real estate holdings; cash, savings, stocks, funds; number of dependents in college; number of members in household; age of parents.
Select private schools use the Institutional Methodology (IM), which includes additional information such as: qualified retirement accounts; equity in home; business assets, and more.
Basically, the higher the EFC, the less financial aid you receive to attend school.
#5 Can I lower my EFC and maximize my financial award?
There are many ways to legally reduce your EFC and increase your financial award. The best time to begin implementing plans for maximizing financial award is when your student is in the 10th grade, but there are many shorter term strategies also available for 11th and 12th graders. College financial counselors are excellent resources for you and can provide their expertise for your financial benefit.
College is more expensive than ever. Don't miss a chance to maximize your financial aid award. Contact us for a free, no-obligation consultation at 888-825-8228 or awatkins@collegeapptraining.com.
Andrew Watkins, Business Director for College Application Training, has over 15 years experience as a corporate attorney and financial consultant. He works with families to financially prepare them for college and optimize the amount of financial aid students are eligible to receive. Contact him for a FREE consultation at awatkins@collegeapptraining.com, or call 888-835-8228.
Visit to: http://grantmoneyaid.blogspot.com/
Source: http://EzineArticles.com/6819744
Tags:
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