Things you should know about financial aid

In the days when expenses have drastically increased, one need not mention how the college tuition fee is soaring higher than ever. Increasing at a rate of 6 percent per year, it is decreasing opportunities and affordability for students at a much higher rate. In times like these, one should make sure to avail as many opportunities as possible to continue their education and one such opportunity available to most would be the financial aid. However, being careless about the application would take it away just as easily. Hence, it is necessary to make a note of all the things that could be in your favor to get a financial aid and work on them.

The most basic detail which is paid attention in case of financial aid is the expected family contribution which talks about the amount the student or parent can pay the college fee. This needs to be calculated and if it turns out to be lower than the cost of attendance, applying for a financial aid would be suggested. Apply for the financial aid if your EFC is higher than the cost of attendance but you still feel the need. The college will decide the rest. Various EFC calculators are available online.

There is no such thing as an income cutoff to qualify for a financial aid. Your expected family contribution is calculated on the basis of your family size, total income, assets, and the number of children attending college. There are good chances your financial aid might be declined even if your EFC is low if the fee and number of children are less and there are equally good chances you might qualify for a financial aid when your EFC is high but there are two kids going to college.

Know that your information is safe. Also, if you do qualify to receive an aid, do not expect it to cover all the costs. Being prepared for the shortcomings will save you from future debts. Compared to the total funds, scholarships are scarce and hence being realistic when counting on them is necessary.

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