Once you begin the process of applying for colleges, it’s strongly recommended that you also begin applying for FAFSA & Federal Aid.
There’s no misconception that the cost of a college education can be great, and many families worry and struggle to pay for their child’s education in today’s economy. Therefore, knowing how much money will be required from your family to help pay for this education and how much can be obtained from loans and grants can certainly give you the direction you need to determine if college is an option for your child.
Since it’s a rare occurrence that a student will receive a “full ride” from a particular college, the Free Application for Federal Student Aid, or FAFSA & federal aid should help alleviate some of the worry.
This form will require some financial information regarding your current household, so it’s important to have that information available when completing your form. Once the form is received and reviewed, you will be notified as to how much aid the government can provide in the means of Pell grants and work study programs. The rest will be taken by loans or your own savings. In many cases, the government can help with a defined portion of your education, and in some cases, every little bit helps!
Since the FAFSA and Federal Aid forms are free, there’s no additional cost required to you to get the government assistance you need. Since college tuitions vary, and many larger private universities tend to be more expensive than your local community college, the amount of aid can change as well. Usually the government can give out anywhere from $500 to $5,000 per year, however those numbers can also change year to year, depending on your economic situation.
Paying for college can be one of the things parents dread even when their child is first born. Rising tuitions are common, and it’s important to know that the government can help to an extent. When it arrives to the time when you need to start applying for colleges, make sure to complete your FAFSA & federal aid will be on its way!