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Personal Finance Content
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Planning for College
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Funding College
What are my primary options for funding college?
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KBID
418
Date Created:
10/1/2004
Date Modified:
1/17/2020
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Terms of Use
While paying for college may seem a daunting task, help is available from the state, the federal government, colleges, private scholarships and grants, and other lending sources.
To apply for
financial aid, you must first complete a “Free Application for Federal Student Aid” or
FAFSA.
You can get a FAFSA through the U.S. Department of Education, colleges, libraries or on the Internet at
http://www.fafsa.ed.gov
. FAFSAs are accepted for the upcoming school year any time between January 1 and June 30, but the sooner you send it in the better. You (and the colleges you designate) will receive a Student Aid Report stating how much your family will be expected to pay toward college costs. Colleges take that figure, determine your “unmet needs” and offer you a financial aid package.
Every student is eligible to apply for financial aid. A study by the American Council on Education found half of all undergrads who may have been eligible for federal money during the 1999-2000 academic year didn’t receive any money because they didn’t apply. That equates to about 8 million students who lost out on low-interest loans and free money.
College funding options
Financial Aid:
More than half of all students enrolled in U.S. colleges receive some form of financial aid. According to the College Board, 57 percent of financial aid dollars awarded to undergraduates was in the form of grants, and 34 percent took the form of federal loans. The College Board also reports that the average student received a little over $13,200 to help pay for college, with $6,932 in the form of grants.
Federal
Student
Loans
:
Federal
programs
are
the
single
largest
source
of
education
loans
for
undergraduate
and
graduate
students
.
One
of
the
more
widely
used
federal
loans
is
the
Stafford
loan
for
students
,
while
parents
often
access
PLUS
loans
.
These
are
low-interest
,
long-term
loans
that
offer
attractive
repayment
options
,
including
the
ability
to
postpone
payments
while
in
school
or
in
times
of
financial
hardship
during
repayment
.
Scholarships
&
Grants
:
Scholarships
and
grants
do
not
have
to
be
repaid
.
These
are
considered
"
free
money
"
since
they
provide
a
debt-free
way
to
fund
some
or
all
of
a
college
education
.
Private
organizations
,
in
addition
to
the
government
,
often
offer
scholarships
.
Grants
are
awarded
based
on
financial
need
,
while
scholarships
are
awarded
based
on
merit
(
grades
,
athletics
,
etc
.).
The
federal
Pell
Grant
,
based
on
need
,
is
the
largest
federal
grant
program
.
Work-study
Programs
:
Aid
programs
can
include
a
promise
of
a
part-time
job
.
Work-study
programs
are
those
in
which
the
student
gets
a
campus
job
,
usually
through
the
college's
financial
aid
office
.
In
addition
to
helping
with
education
costs
,
this
program
also
allows
students
to
gain
valuable
work
experience
.
Tuition
Payment
Plans
:
Offered
through
college
financial
aid
offices
and
private
commercial
organizations
,
tuition
payment
plans
are
an
interest-free
and
debt-free
method
of
spreading
tuition
payments
over
the
course
of
several
months
.
Often
used
to
cover
the
gap
between
the
cost
of
attendance
and
the
financial
aid
received
,
these
plans
may
carry
enrollment
or
participation
fees
.
Compare
these
plans
to
the
potential
cost
or
tax
implications
of
liquidating
an
asset
instead
or
the
interest
associated
with
a
loan
.
Home
Equity
Loans
:
Some
opt
for
a
home
equity
loan
or
second
mortgage
because
these
are
readily
available
,
as
long
as
you
have
equity
in
your
home
and
good
credit
.
While
the
interest
accrued
and
paid
is
typically
deductible
on
your
federal
tax
return
,
it's
best
to
consult
with
a
tax
advisor
before
choosing
this
option
.
Other
Savings
Options
:
401
(
k
)
plans
,
IRAs
,
investment
or
other
savings
accounts
offer
a
debt-free
way
to
fund
college
.
But
before
you
liquidate
an
asset
,
consider
that
you'll
be
foregoing
the
earnings
you
otherwise
would
recognize
,
as
well
as
any
fees
or
penalties
that
would
apply
.
Private
Borrowing
:
Private
borrowing
is
on
the
rise
,
offered
through
credit
unions
and
banks
to
bridge
any
financing
gap
for
college
expenses
between
what
you
receive
from
financial
aid
and
what
you
need
to
cover
the
cost
of
education
.
Compare
student
loan
interest
rates
,
repayment
schedules
,
and
other
loan
terms
and
fees
to
ensure
you
get
the
loan
that's
right
for
you
.
For
lots
more
info
on
financial
aid
and
application
guidance
,
see
www.finaid.org
.
Check
out
these
pages
for
various
sources
:
Free Scholarship Lotteries
Federal and State Government Aid
College-Controlled Aid
Student Profile-Based Aid
Aid for Graduate and Professional School
Aid for Specific Activities
Students
who
are
interested
in
pursuing
careers
in
the
military
and
veterans
and
their
dependents
are
eligible
for
Military Aid
.
Student Loans
are
loans
made
directly
to
students
,
have
low
interest
rates
and
do
not
require
credit
checks
or
collateral
.
Home Equity Loans
provide
homeowners
with
a
vehicle
to
tap
into
the
equity
of
their
home
to
help
pay
for
college
.
Undergraduate
scholarships
and
graduate
fellowships
are
forms
of
aid
that
help
students
pay
for
their
education
.
Unlike
loans
,
they
do
not
have
to
be
repaid
.
Go
to
the
National
Association
of
Student
Financial
Aid
Administrators
(
www.nasfaa.org
)
for
a
summary
of
state
savings
plans
,
a
guide
to
federal
tax
benefits
for
tuition
and
fees
,
and
much
more
.
To
apply
for
scholarships
,
check
with
your
financial
aid
office
or
online
at
www.fastweb.com
and
www.scholarships.com
.
Related Content
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Planning for your child's college education
What is a 529 plan, are there different types, and how can it help me save for my child's college education?
Student Loans
Why think seriously about college and other forms of continuing education early?
Do you provide student loans for college?
Related Links
Financial Aid FAQs
Financial Aid Applications
Useful Calculators
Life Events: Paying for College
All information provided through this site is intended to be accurate. However, there may be inaccuracies at times, which we will make every attempt to correct when found. Information provided is intended to assist you in making decisions and does not eliminate the need to discuss your particular circumstances with a qualified professional.
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Last name of favorite teacher
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Daughter's middle name
Pet's name
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First girlfriend's/boyfriend's name
What city were you born in?
On what street did you grow up?
What is your mother's maiden name?
What was your high school mascot?
Password Security Answer
Favorite Color
Terms of Use
I agree to the terms of use.
LA Financial Credit Union and Havasu Community Credit Union value your privacy and will protect your information. We will not sell or share your information with anyone outside of LA Financial Credit Union and Havasu Community Credit Union. In addition, when setting up your profile, you will be given the option to opt-in to receiving any promotional information from us via email. We thank you for taking the time to register with us.
Your inquiry is being encrypted to protect your privacy.