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How to Calculate Financial Aid for College According to Your Credits

Paying for college is difficult. With tuition rising annually and the value of a 4-year degree decreasing, pick the right college -- one that has the right mix of educational value and affordability. No matter what type of school is chosen, many students find it necessary to use financial aid to pay for higher education.

Instructions

    • 1

      Apply for financial aid by filling out the Free Application for Federal Student Aid (FAFSA) form online. You are required to enter information regarding your family's income and property ownership; most of this information can be found on your or your parents' most recent tax return.

    • 2

      Find your school's tuition rate in the documentation sent by the school or on the school's website. Most schools have a base rate of tuition that covers common credit amounts. Your rate will likely change if you take more or fewer credits than what is covered in the flat rate.

    • 3

      Calculate the total amount of money needed for your expenses. This amount should cover tuition and any other education-related expenses that may be incurred during the school year. Expenses may include room and board, books and mandatory fees charged by the school that are not bundled with your tuition rate.

    • 4

      Determine how much financial aid you need. Subtract the total cost of your education from your financial-aid award amount, your family's contribution and any scholarships you may have received. Note that your financial-aid award amount might not cover the remaining cost of your tuition.

    • 5

      Apply for private student loans if your financial aid did not cover the cost of your education. Private loans are actual loans that are awarded based on your credit history. If you have a bad credit history or cannot get someone to cosign your loan, your application could be declined, and you must make other arrangements to pay for school.

Tips & Warnings

  • Look for scholarships, if you did not get the financial aid you sought. Many kinds of scholarships are available for different types of people, so keep your eyes peeled.

  • Financial aid may seem like a blessing at first but remember that federal loans, such as the Stafford Loan and the Parent PLUS Loan, must be repaid after you complete your education. The more you use such loans, the more you will owe later.

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