If you have kids, you probably know that only health care cost increases can compete with the inflation seen by education costs. This means that you are probably going to need to do what you can to help your child get the college financial aid that he or she needs. Even if you have been contributing to a 529 Plan or a Coverdell ESA, chances are that you might need a little more to help things along. Getting a job is always an option for college students, but there are other ways.
Here are some suggestions when it comes to finding college financial aid:
Fill out the FAFSA…Now!
The Free Application for Federal Student Aid is necessary if you want federal grants, certain types of state aid, access to work study programs and access to subsidized and unsubsidized federal student loans. The earlier you fill out the FAFSA, the better, since it’s s first-come, first-served process. So you should fill out the FAFSA as soon after January 1st as possible for the upcoming academic year.
This form has to be filled out every year to continue taking advantage of government financial aid programs. And remember: 529 and Coverdell assets are considered parental assets, and not student assets. Pell Grants and subsidized student loans are offered based on need, but if you don’t qualify for those, you might qualify for work study or unsubsidized loans at competitive rates.
Look for additional federal grants
The government has a web site aimed at student aid questions. On this site, you can also look for different types of special grants available. Two promising grants include the SMART grant for undergrads who are going into science and technology fields, and the Academic Competitiveness Grant, offering money to students who went through a rigorous high school track. Grants are great because you don’t have to pay them back. It’s free money that can help pay for your education.
Apply for as many scholarships as possible
Don’t shun scholarships just because they are for small amounts. The bottom line is that ten $1,000 scholarships add up to $10,000. That’s not too shabby. There a number of free web sites that can aid your search for scholarships you qualify for:
- <a rel="nofollow" href="http://apps.collegeboard.com/cbsearch_ss/welcome.jsp" …