It is common to hear about how expensive college is, parents and even young people plan their finances years in advance. We want to support you by making known the 5 ways to get financial aid for students in the United States.
Determine what the costs are for attending college in U.S it is not as simple as it seems.
Little is said about the high percentage of college students receiving assistance through grants, scholarships and even student loans which is subsidized by the federal government U.S.
The official portal USA.gov in Spanish offers us details about financial aid for students in the US.
There are many factors that can influence the total cost that a student will have to pay in U.S such as your household income, size of your family nucleus, academic and extracurricular performance.
So you should always prefer to see the options that can solve the problem. Evaluate and make the most of any financial aid for students in the United States that you could receive to cope with your academic training process.
Let’s get down to business, we’re going to talk about solutions and financial aid for students in the United States.
The FAFSA form
Most of the students in the United States who need some kind of financial aid use the form FAFSA o Free Application for Federal Student Aid.
With this student financial aid You will be able to support tuition, housing, food, books, supplies, transportation and some dependent care expenses.
To help you in that process, CNBC Make It conducted an interview with charlei javice, cauthor of the FrankFAFSA and hereafter we summarize his words.
Well, who better than him to explain the 5 ways to obtain financial aid for students in the United States.
#1: Complete the FAFSA
It is awarded annually by the United States Department of Education more than one hundred and twenty billion dollars in grants, loans, funds for study and work.
With which more than 13 million students at the university level are benefited. What classifies this firm as the best provider of financial aid for students in the United States.
And what you must do to opt to be supported with such funds as financial aid for studies, is to complete the free application for federal student aid (FAFSA).
If you are a student and complete the aforementioned form, you could benefit from amounts of up to US$30,000.00 (thirty thousand dollars) as financial aid for studies.
You should know that almost all students are eligible for some type of financial assistanceAnd it costs nothing to apply.
Is it difficult to apply to the FAFSA?
According to Javice “Aid is available to anyone with a family income of less than US$250,000 a year”.
Then, it clarifies that: “Therefore, it is very important that as FAFSA season approaches, people don’t forget that there is no such thing as being too rich to file the FAFSA”.
The process of completing the application is simple, you just need to get a copy of your family’s tax return, a bank statement, to show how much your family spends and how much they can afford. Next, you will need to submit the FAFSA information to the college or university you are interested in applying to.
But it does not end there and it is possible that increase the package from student financial aid what do you get after submit your FAFSA application.
Well, there is a process to appeal what has been filled in the FAFSA form, it is possible that since you complete the FAFSA When you start college there are variables that have changed and require appeal.
#2: State Aid
Although the aid you receive as a student with FAFSA is federal, it does not mean that the states do not offer benefits of financial aid for students in the United States.
State governments often provide significant financial aid to students, through mostly non-refundable grants and scholarships.
Therefore, if you are a resident of a single state for more than 5 years, you may qualify for more aid than you expect.
And if you haven’t qualified for the student financial aid federal, you still have the option to receive it at the state level.
You should do your research, as states have their own unique processes for granting the student financial aid.
could you communicate with your State Agency of aid to request more information.
#3: Send your information to schools and colleges
Schools and colleges calculate how much your family will be able to pay or how much aid they should provide you if you send them information from your financial records, state aid packages and the FAFSA.
In case you have to go through the verification process, you will have to provide some documents such as tax return, W-2 statement, 1099 forms. With which they can verify that the information you provided is real.
The CSS / Financial Aid PROFILE
have a CSS Profile has its advantages, for example, you will be able to provide more detailed information than is provided through the FAFSA form.
For example, if your parents are divorced or have financial difficulties, the css-profile It will allow you to show schools or universities why they need institutional aid in addition to federal financial aid.
The css-profile requires the most recent tax returns, W-2 forms, and other documents to be submitted that include current year income, earnings record, benefits that are not taxed for current and prior years; finally bank statements.
#4: Care Packages
In the periods when admissions to universities are approved, young people receive several envelopes or emails with communications congratulating them and giving them compendiums with the financial aid packages.
Each school may make different offers or amounts of loans, grants, scholarships, work-study offers. These are unique to each university, although sometimes they look alike.
It is important that you take enough time to evaluate each package of student financial aid before you make a decision of what you are going to do.
Organize all the offers you could receive, analyze and compare. What you would have to pay and what not, draw your conclusion about which alternative to take is the best.
Remember, the loans must be paid later, you have to know how and how much you will pay.
There are three key aspects that you have to take into account when evaluating the package of student financial aid what are you going to choose:
- You must know what is family contribution expected, since that amount is what your family will have to pay and it varies between schools.
- Evaluate whether non-reimbursable funds or gift aid are contemplated. Each university offers certain variable amounts.
- How much loan expect instruction you can get.
Ideally, it should be a low family contribution, good level of aid and low level of debt or student loan.
You should take the time to carefully choose the package of student financial aid suitable.
Detail the terms of the loans that are offered to you, although you should know that usually the federal subsidy loans They have low rates and a flexible payment plan.
After you have obtained the concession of your student financial aid, charlei javice recommends that you appeal.
In his opinion, everyone should appeal assigned packageThis is motivated by the fact that universities usually reserve approximately 20 percent of the funds for those who appeal to their package.
It is important that you recognize your position of power when you are given the student financial aid, universities want students attending to increase their performance.
When the school admits you, it will want you to fulfill your career and get ahead with your academic pursuit. So do not be afraid to demand the best conditions regarding your studies because you do not have a better aid package.
In Charlie’s words: “In general, once a school admits a student, the institution is eager for the applicant to attend, so don’t be afraid to speak up if the school’s aid package is getting in the way of your decision to enroll.”
Appeal Process some recommendations
In case you decide to make the appeal to your student financial aid, it is best to contact the financial aid office of the institution with which you want to negotiate.
And if it is in your possibilities, go to that office so that the discussion of the package is more specific and according to your current financial situation.
At appeal process from financial aid for students You will be required to provide more details about your financial background and complete the information you have provided to adjust it correctly.
You must clarify if there is any change in your family structure (death, deportation or divorce). Also, if you have been affected by any environmental event (drought, hurricane or flood) that may affect the information you provided.
One of the best ways to get better financial aid for students in the United States is if you take advantage of the offers. If you received a generous offer from another institution, you should incorporate it when you appeal to another school.
What could make them equal or increase the package of student financial aid that they have offered you.
The CNBC admit that the emotional part plays an important role, so try to make clear your emotion and interest in attending that institution and make it clear that you do what is necessary to fulfill your university dreams.