Financial aid, it is hot-button topic that is on the minds of most college students, and it is something that almost every college student should at least have a rudimentary understanding of due to the benefits that can come via a strong award package.
The basics of applying for financial aid are fairly straight-forward and simple, and to get the maximum amount of aid you can for any particular award year it is imperative that you become aware of the various kinds of aid that are in existence, and how you can go about applying for such aid.
Types of Financial Aid
There are essentially four major categories of aid, and each one can be utilized in concert with one another in order to get the most aid you possibly can for an academic year. Student loans, grants, scholarships, and what I like to call the “miscellaneous” category round off the four primary types of aid that may be available to you, and to apply for this aid it is essential that you complete a FAFSA application by June thirtieth. This is the final deadline you must heed if you want your application to be reviewed for the upcoming school year, and because most aid is given on a first-come, first-serve basis, it is a good idea to submit your FAFSA as soon as you possibly can after January first.
The FAFSA, or free application for federal student aid, is the universal application for federal student aid that is required if you want to be considered for the vast litany of federal aid that is available. These include a number of federal student loans, the Pell Grant, other federal and state grants, federal work-study, and even some scholarship programs. Some of these forms of aid are based upon need, and some are based upon a different methodology. Regardless, if you need money for school, federal aid can provide you with a very high amount of funding, and depending on the type of aid you are able to qualify for, much of this aid may never have to be paid back.
Taking Advantage of Other Forms of Aid
I typically recommend that students should always base their financial aid package off of what they can receive after submitting their FAFSA, and while this classically works fairly well, it isn’t always the best way to go if there are other financial aid opportunities available to you.
Various scholarships and other kinds of programs have deadlines that exist prior to when you will receive your award letter after the submission of your FAFSA, and for this reason it is always best to perform your own research, identify any opportunities, and then apply away regardless of whether or not you have received notification of the federal aid you may be able to receive for that school year. This only holds true for certain grant, scholarship, and other unique forms of aid that you may be able to qualify for, and not for private student loans.
Private Student Loans
Private education loans should only be looked to as a last resort upon gaining an understanding of where you stand in terms of all the other types of aid you are able to receive for that academic year. This means that you should only apply for your private student loans upon the reception of the financial aid award letter from your school, and perhaps after you have received notification of your status in regard to any forms of aid that you applied for on an independent basis.
Private student loans can typically provide you with any additional funding that you need up to the cost of attendance for your particular school, and this is in part why it is best to apply for them in this manner. In the end it is always best to consider all of your options in terms of grants, scholarships, student loans, and any other financial aid programs that are out there, and just remember to apply for this aid in a logical, and rational manner.
