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Getting the most out of financial aid requires having an understanding of how financial aid works. When most people hear about financial aid, they immediately think it only pertains to student loans. But keep in mind; financial aid is more than just student loans.
Here are a few FAQs so you can get the most out of financial aid!
1. What does financial aid include?
Financial aid includes student loans, federal and state grants, work-study assignments and other financial aid programs that may be available to you or your child.
2. How can I apply for financial aid?
In order to apply for financial aid, it is important that you complete the FAFSA form. This form is available online or a paper copy could be obtained by request by calling1.800.4.FED.AID. Forms are required to be submitted by June 30, 2017 for federal. Depending on the where you reside will also determine when the state deadline is applicable. Keep in mind that this deadline applies to the 2016-2017 school year.
3. How is your expected family contribution determined?
Your EFC is determined by your family’s income, assets and also benefits to determine what amount could be used for the payment of college. In addition, the number of members in your household who are in college is also considered in the formula.
Certain assets are considered toward the expected family contribution. These assets include real estate, investments, checking and savings accounts and education accounts generally. In addition, assets such as the value of retirement plans, home equity and cash value insurance policies are not included.
4. Are you considered independent for financial aid purposes?
Determining whether a student is considered independent depends on a few factors. In general, if a student is
· Considered married or separated
· Currently active duty
· Have children which receives at least half of the students’ support
· Determined by a court
Keep in mind that I order to get the most out of financial aid, you have to apply early. This way you can ensure you are considered for any aid that may be available to you!