How to Get Financial Aid in College

Besides buying a home, college is generally the most expensive investment for most people. The cost of college is often a source of anxiety for many students. Financial aid is available to students who need help to foot the expensive bill for their education. Knowing the ins and outs of financial aid can be difficult to grasp. Learn how to apply for financial aid and help pay for college tuition.

Instructions

Difficulty: Moderate

1. Determine how much financial assistance you will need. Calculate your parents or guardian's income and find out what they have put aside for your college education. Look at the cost of attendance, including room and board, for the college you are attending and compare this cost with the money you have available to spend.
2. Obtain a PIN number from the FAFSA , or Free Application for Federal Student Aid, website so that you can fill out the online application for financial aid. Your parent or guardian will need a PIN number as well. Look up your school code using the FAFSA school code browser since you will also need this code before filling out your financial aid form.
3. Ensure that your school is represented by the FASA program. Most colleges and universities are represented through the Federal Aid Program, but some schools are not. Be aware of your school's accreditation status and whether or not you will need private bank loans or scholarships to pay for your education if federal aid is not available.
4. Check application deadline dates, since they tend to differ from school to school. Three basic types of financial aid exist: loans, grants and scholarships. Loans must be paid back and are offered in either subsidized (non fluctuating interest) or unsubsidized (interest subject to market rates) forms. Grants and scholarships do not require repayment.
5. Go online to the FAFSA website and fill out your free application for financial aid. Use the Department of Education's official financial aid website as a navigation tool. Keep all pertinent tax information on hand for both you and your parents or guardians since you need these documents to complete the application properly.
6. Complete and sign your FAFSA. You can sign electronically using your PIN number or send a hard copy into the FAFSA headquarters if necessary. Check the status of your submitted FAFSA periodically to ensure that you will not need to provide additional information to process your aid request.

Tips & Warnings

• After calculating the cost of your education, make sure that you will have enough to sustain you throughout your college year. Factor in any employment or allowances that you may have and only borrow what you need.
• Apply well in advance for aid, since it is typically determined on a first come first serve basis. The earlier you apply, the more likely you will receive the maximum amount of aid for your financial need.
• Check on scholarships and grants. These funds are more desirable than federal loan programs since you do not have to pay the money back.

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