Early decision for colleges and financial aid do not complement each other, in fact it works totally the opposite. So your chance of getting financial aid is reduced from slim to none. Q. I have received partial aid. Moreover, do not think that if you try to intimidate the financial aid office you might be able to improve upon your financial aid, it might just work against you. If you’re stuck and need some help finding good information online try using Financial-Aid-Directory.com for finding the latest information on financial aid to help you when you need it most.
Inside the Mind of the Financial Aid Administrator
December 30th, 2009 by admin No comments »Especially once you received your financial aid award. Financial Aid philosophy is to award scholarships/grants first, followed by work study, then loans, as a last resort.
Counseling students against excessive borrowing is an integral function of any financial aid office. There have been countless times when I sat with a student who had requested a loan or loan increase that I felt was not necessary to: 1) determine why the student felt the need to request a loan or loan increase, 2) explain his/her options and 3) discuss future education plans, such as grad school (grad students rely almost exclusively on loans), and how this request will impact those plans. Loan entrance and exist counseling is required at all colleges. So FAA’s are not pushing loans to drive up student debt, quite the contrary. In fact their Colleges’ ability to participate in the FFELP loan program is tied the annual Cohort Default Rate for Student loans. As far as educational loans are concerned, FAAs always recommend that students first apply for Stafford and PLUS loans due to their lower interest rates as compared to personal loans or private educational loans. As the financial industry seized up in the last two years, lenders of private student loans have tightened the credit requirements and increased the interest rates. Fewer students and parents are eligible for these loans. » Read more: Inside the Mind of the Financial Aid Administrator
The Fury of Financial Aid
December 26th, 2009 by admin 1 comment »Make sure to use your PIN to check the SAR on your FAFSA and see if your EFC will qualify you for a PELL grant.
If you’re having trouble navigating your way through the modern financial aid system, you’re not alone. Finding, applying and receiving different types of financial aid can be one of the biggest headaches associated with college-bound children or grandchildren. With only a little know-how and some financial planning, you can easily find your way through the maze known as financial aid. FAFSA stands for Free Application for Student Financial Aid. It is recommended that every family fills out a FAFSA form as well as the financial aid forms required by the schools you have applied for. Each school will put together a financial aid award package based on the results of your FAFSA form.
FAFSA forms have a mathematical formula which determines your EFC. EFC stands for Estimated Family Contribution. The SAR is your Student Aid Report and it’s a summary of all the answers and information you’ve entered into the FAFSA form. That way, when you fill out the individual school financial aid forms, your information will be consistent.
If your EFC is low, you may be offered a PELL Grant. Your financial aid package may also include an option of work-study, where your child can work at a campus job and make extra money. Most packages also include a variety of loan options.
