Navigating the financial aid process can feel overwhelming. Starting early and staying organized can make a big difference. Here are five tips:
1. Start your scholarship search early.
The best time to search for scholarships is during your child’s junior and senior high school years. Most scholarship deadlines fall between January and April of the senior year. Stay organized by keeping an Excel spreadsheet with details like the name of the scholarship, due date, requirements, and amount. Don’t dismiss the smaller scholarships – they add up. I once had a student who secured ten scholarships that covered his entire first year without loans!
2. Get to know the financial aid office staff.
The financial aid office can be a trove of information and resources. Building relationships with the staff and asking about available financial aid resources can be incredibly helpful. Keep in touch with them because they can alert you when new scholarships or grants come up. If an unexpected life event impacts your finances, the financial aid staff can assess your situation and provide options.
3. Explore all financing options.
There’s no one-size-fits-all solution for financing college. Completing the FAFSA at least once is crucial to understanding what aid your child is eligible for. Many colleges require it for institutional aid, opening up federal loan options. Consider payment plans, as many schools offer interest-free payment plans for a minimal setup fee, helping you minimize borrowing. Using a combination of federal aid, institutional scholarships, third-party scholarships, payment plans, and private loans if necessary, can cover the cost of attendance.
4. Understand financial independence for aid purposes.
Not claiming your child on your taxes doesn’t mean they’re considered independent for financial aid. To be independent for financial aid, your child must meet specific criteria, such as being 24 or older, married, having legal dependents, serving in the military, enrolled in a graduate program, or having been an orphan or ward of the court since age 13.
5. Know the deadlines and apply early.
While the FAFSA deadline is after the school year starts, many schools and states have earlier deadlines. Some federal grants have limited funds, so applying early ensures you don’t miss out on aid.
By following these tips, you’ll be better equipped to navigate the financial aid process and maximize the resources available to your child. Happy planning!
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