Readers Question: Am I Eligible for Financial Aid for College?
Am I eligible for financial assistance from the university? It’s an issue that many high school graduates – not to mention people who missed out on college after graduation and are thinking about it now – probably will have to object to. The simple reason for this is that college education can be extremely expensive, and its costs reach thousands of dollars a year. Not everyone has that kind of money to pay for four years of college. In fact, statistics show that only a third of high school graduates can get a bachelor’s degree for their money, without financial assistance.
Nevertheless, obtaining financial assistance is a very difficult process. It is also a race in which grants and grants are provided on a first-come, first-served basis. Fortunately, it is easy to know whether a person is entitled to financial assistance. You just need to fill out a few forms, do some calculations, and implement a few strategies to make sure that the person is really fit to get the scholarship they need.
Your income and your eligibility for financial assistance
Many incoming students often do not bother to check their eligibility for financial assistance because they feel that they will not meet the requirements. This is because they themselves have money or because their parents have a good income every year. You think so? You may not know that no matter how much you or your parents earn in a year, you may still be eligible for financial assistance. You only need a few strategies to do this.
Before you start studying these strategies, determine whether you want to study on your own or whether your parents will help you. The expected family contribution is important for financial assistance. Federal laws state that you contribute 35% of your money to college, while your parents must pay only 5%. If you can, it’s best to ask your parents for help.
The first thing to do is to spend your own money so that the federal government or any other publicly traded organization does not take into account your own income to find out whether you are eligible for financial assistance or not. You don’t have to waste money. You can invest them in what you need to study, such as furniture for a new apartment or dormitory or a new computer. If you don’t feel the need to spend it, you can send money to the account on behalf of your parents.
If your parents want to help you get financial help, they will also have to lose some of their property at least two years before you start applying for scholarships or grants if necessary. The only assets that the federal government and other target agencies do not pay attention to are funds directly tied to your parents’ primary residence and funds allocated for their retirement. It will also be a great time for them to liquidate assets such as stock options and non-core real estate, and invest in an annuity or pension fund. They can also use the money to pay off debts or buy a new home. No matter what they spend their money on, it is important that the organizations to which you apply for financial assistance make sure that neither you nor your parents have significant disposable income for your college tuition.
Get your documents in order
Once you have settled money issues for a potential donation, you should have your documents in order. Keep in mind that needs-based scholarships are awarded on a first-come, first-served basis. If you take your time, you won’t get the money you need. Always keep an eye on the deadlines.
Speaking of documents, you should make sure that you have included Pell Scholarship and Free Federal Student Assistance (FAFSA) in your duties. Both are often prerequisites for scholarships, especially from the federal government. You have to solve them quickly.
Basically, regardless of your family’s income, you can always try to seek financial help as needed.