FAFSA will be a term that you come to know very well as a student applying for financial aid. FAFSA stands for Free Application For Federal Student Aid, and is used by the US Department of Education to figure out your expected family contribution. The FAFSA application uses financial information including income, assets, and other household information to determine on a need bases hoe much financial aid you receive.
Financial aid changes from school to school. Although financial aid is variable to your financial income at the time, schools will provide different amounts of aid subject to the cost of the school. For example, a lower cost school will give you less money than a higher costing school will. Even though they both cover seventy five percent of your cost for instance, seventy five percent of a lower cost school will be less than seventy five percent of an expensive school. Just because you receive more money at an expensive school doe not mean necessarily that you are receiving more financial aid.
Outside scholarships may or may not affect your financial aid. Some colleges will not alter the amount of financial aid you receive due to a scholarship, while others may reduce the amount of financial aid you receive by the amount of money the outside scholarship rewards you.
It doesn't hurt to apply. Even if you think that you do not qualify for financial aid, it can only benefit you to apply. Make sure to contact the financial aid offices and administrators at the specific college or colleges you are looking at, to see if they have a plan that could work for you. College is a large investment, but is also one that will greatly impact your life and your future. Bruce Mesnekoff, founder of The Student Loan Help Center, says to "Always make sure to do your research when applying for financial aid, so you are getting a plan that will best benefit you in the long run." Check back for more tips and information on all of your financial aid needs.
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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America
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