College Finanical Aid
What is Financial Aid and How does it work?
Next to buying a house, planning for college expenses can be one of the biggest financial projects that an individual can undertake. Four years of college can costs tens of thousands of dollars, and it is increasingly easy to break into the hundreds of thousands range, especially for advanced degrees such as Ph.D.'s.
There are a variety of financial aid tools available to students today, including need-based awards, work-study employment programs and student loans.
Over 50% of today's college students receive need-based financial aid. Eligibility for need-based financial aid is based on two simple issues-cost of education and family ability to pay. The cost of education may vary significantly from school to school. Generally, these budgets include all reasonable costs (tuition, room, board) of attendance.
To apply for need-based financial aid, complete the Free Application for Federal Student Aid (FAFSA), and if appropriate, the College Scholarship Service's PROFILE. These applications are used to determine what amount, if any, a family can provide toward the annual cost of college attendance. Required amounts of family contributions may vary somewhat from institution to institution.
The FAFSA, as the application for all federal funds, is required by all institutions. Many institutions will ask for copies of your most recent tax returns and W-2 forms. The PROFILE, which is generally viewed as the application for private or institutional funds, is required by many but not all institutions.
Both the FAFSA and the PROFILE are available through guidance counselor's offices and are also available online.
For further information, check out the following links:
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Thursday, December 04, 2008
