September 18, 2020 5:02 pm

College Financial Aid Questions and Answers


With the increasing costs and aggravating overheads of attending to college, more and more percentage of students are highly relying on financial aid to help meet their tuition and other related fees. Financial Aid such as student loans is specially designed to help individuals with limited means or inadequate financial source the opportunity to attend college. After all, those individuals who earn their college degree can earn in the long run as they already take their career or embarked on the course of their professional/work life.

Most students need financial assistance not only for their tuition but also for their living expenses and lab fees. And thanks to the help of financial aid, students are now given the opportunity to cut their cost when it comes to college fees. However, many are still hesitant to take student assistance due to some confusion or questions in mind along with the unforeseen possibility that comes along the process.

Let’s take a look of the following financial aid questions and answers to discover how financial assistance work:

 

Is there a way for me to apply for financial aid to attend college independently even if I’m younger than 24 but I’m already living on my own?

According to the federal regulations intended for student aid eligibility, if you are dependent on your parents (unless married), have a child, a veteran, or already attained a bachelor’s degree, applying for federal aid can be limitedly granted. In this case, consider taking two year course or attending college on part-time basis, or you can also appeal to a reliable aid counselor. When you’re already 24, you will be independent for the federal aid.

 

How do I apply for a student loan?

What you need to do is to head over to the university/college/vocational school and enroll after you fill out for Federal Student Aid Application. It may take several weeks for your application to be processed and for the notification of monetary awards that was sent to the school & yourself. This is something that takes some tedious time so make sure to allow adjustments or allocate enough time by doing all these process as early as possible.

 

How much fund/money should I take out?

Ideally, you should only take out money to cover your fees, tuition, books or your living expenses. Colleges include these costs in many reports. But in this case there are some exceptions to reduce your expenses such as: Are you going to work a part-time job? Are you involved in a collegiate sports? Will you be receiving aid from anyone else (such as parents, aunts/uncles, grandparents or spouse)? Try to take out enough amount on what you will be needing. Remember that you’ll have to pay back all of these, plus interest, so let that factors be your guide in determining how much financial assistance will you take out from your loan. And be realistic. Some schools may be out of your price range. Consider in-state public schools with good academic programs, which can offer you a similar experience to a private school but cost much, much less.

 

My parent will not contribute for my college costs. Will his/her salary be counted in EFC?

You will  have to obtain some proof or written documentation that your parent is not contributing to your college costs and that they are filing their taxes independently. To be guided on this process, you can seek for a financial counselor and use professional discretion to better help you. Every college or universities can give your different EFC analysis, so make your appeal.

 

Enrolling in a financial aid to attend college is not that complicated as what you think, provided that you have the proper knowledge about them. Utilize your resources and prepare to stay on track for your payments.

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Chrissy Reese

Chrissy Reese

Writing about this wild, crazy economy and the finance world we live in!
Chrissy Reese

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