Getting into College: Financial Aid Basics
Applying for financial aid is very simple and can save you tons of money in college. Make sure you get organized and apply early to ensure your financial aid package.
The FAFSA
You will first need to fill out a FAFSA (Free Application for Federal Student Aid).. This is used to determine what kind of aid you are eligible for. Make sure you communicate with your parents and get all the needed tax forms ready early. Having all your tax forms will make filling this out very easy.
Once your FAFSA is evaluated you will be given an EFC number, or your Expected Family Contribution. The school you plan to attend should be able to cover your expenses up to that amount, and the rest you will have to pay.
CSS Profile
If you are applying to private schools you will probably need to fill out a CSS Profile. This is just a more in-depth version of the FAFSA so the schools can get a better idea of the aid you need. This is usually only relevant to private schools because they are able to offer university grants which public schools usually do not offer. The CSS profile can be found on Collegeboard.
Types of Aid
Your financial aid package might include grants, work study, and loans. A grant is money you never have to pay back. Work study means you can get a job on campus once you are attending and work to get the amount of money they list. If you are work-study you will have no trouble getting a job on campus because they are obligated to give you one. Loans offered will either be subsidized or unsubsidized. Unsubsidized loans accumulate interest while you are in school, however subsidized loans do not. Other forms of aid can include scholarships, which will be covered in another article.
Words of Advice
Do not avoid a school because you think you will not be able to afford it. A private institution which costs upwards of $50,000 a year may come out cheaper than a public school that costs $13,000 because of the aid the private university is able to offer.
Do not skip the FAFSA because you think your income is way over the ceiling for aid. Apply and see what happens. I know people who did not apply their first year because they though they wouldn’t get anything, and then applied the year after and got some help from the government and their school.