Find college degrees by program
One of the recurring questions posed to Top Colleges by potential students is how to get financial aid to pay for school. “Financial aid,” though sounding complex, is composed of only four parts: grants, loans, scholarships, and work-study. This article will focus on how you can best prepare to maximize the amount of financial aid you can receive.
Preparing for Federal Financial Aid - Grants & Loans
The Federal government provides millions of dollars each year so students can further their education and become valuable members of the workforce. They control the standards by which aid is awarded. A standardized form, the FAFSA (Free Application for Federal Student Aid) needs to be completed. Once this form has been completed and reviewed, a financial aid decision will be made. If you qualify for Federal financial aid, you will receive an award letter detailing what portion are grants, what part are loans and what part is work-study. The Federal government is the only provider of student loans and a large supplier of grants, though grants may be available through other sources.
The FAFSA is a detailed form and requires a lot of preparation, including filing of the most current years taxes. Other preparation includes:
- Your Social Security Number (can be found on Social Security card)
- Your driver's license (if any)
- Your current W-2 Forms and other records of money earned
- Your (and your spouse's, if you are married) 2003 Federal Income Tax Return - IRS Form 1040, 1040A, 1040EZ, 1040Telefile, foreign tax return, or tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia
- Your parent's most recent Federal Income Tax Return (if you are a dependent student)
- Your current untaxed income records - Social Security, Temporary Assistance to Needy Families, welfare, or veterans benefits records
- Your current bank statements
- Your current business and investment mortgage information, business and farm records, stock, bond, and other investment records
- Your alien registration card (if you are not a U.S. citizen) Source: http://www.fafsa.ed.gov/
If you have young children, you will need to register a social security number for them. If you’ve had a drug conviction, you may not qualify for financial aid. A drug conviction worksheet is available to determine eligibility. Even if you don’t qualify for Federal aid, you could qualify for other forms of financial aid if you’ve had a drug conviction.
For those of you who are living with your parents and they claimed you on their taxes, you’ll need to provide the appropriate financial aid information to them and make sure they the information is completed on time.
Final Tips for FAFSA Completion
The Federal financial aid package is something every college student should complete. It is the primary source of all need based financial aid. Special attention should be made to your first financial aid application as it is difficult to get a higher aid award in later years. Also, your information provided on that first application will be saved, so later applications are easier to submit. You should fill out a FAFSA for every year you are in school. To receive Federal financial aid, you must also be registered with the selective service.
