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Five ways students can obtain the most financial assistance

It’s not easy to calculate college cost. Although tuition fees seem exorbitant, many students will receive financial assistance from the federal government in the form bursaries, grants, or loans. Cost of college education can vary depending on factors like income, family size and academic and extracurricular achievements.

In this case to lower the cost education, you must make the most out of all financial aid available. However, this can be quite daunting.

CNBC talk to Charlie javice (founder and CEO of Franc) about simplifying the financial aid application process.

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Step 1 – Complete the FAFSA

The US Department of Education annually provides over $ 120 billion in federal loans, grants, and work-study funds for more than 13,000,000 students. This makes it one of the most important providers of student financial assistance in the country. Students must submit the free application for federal student aid, FAFSA, in order to get their share.

FAFSA applicants can receive up to $30,000 aid. Nearly every student is eligible for some financial aid. The application process costs nothing.

Javice stated, “Help is available for anyone with a household income less than $ 225,000 per year.” “So it’s important to remember, as FAFSA season nears, that no one is too rich to file FAFSA.”

FAFSA requires students to submit a copy or their family’s tax returns. Students also need a bank statement that shows how much money your family has and how much it can pay. Students will have to send their FAFSA information eventually to the schools that they choose to attend.

You have the opportunity to maximize your college aid programs even after you submit your FAFSA.

CNBC’s Danny ruderman says there is an appeals process. “Fulfill the FAFSA and submit any addenda. Families can appeal to the Education Department. He says you can do the FAFSA from December until your child’s departure. You might be able to apply for college in the fall.

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Step 2: Apply to state aid

FAFSA is a tool that allows students to obtain federal student aid. However, students can also receive significant financial assistance from the states, which often comes in the form scholarships and grants that do not have to be repaid.

If you’ve lived for over five years in the same area, you might receive more aid than you thought. Even students not eligible for federal financial support may still receive aid through their state. .

Each state offers student aid in a different way. For information about applying for state financial assistance, please contact your state’s granting agency.

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Step 3 – Send your information to schools

Schools will use this information to determine how much aid you need and how much you family can afford.

Javice states that anywhere from 30 to 50% of students will be required to provide additional information. This could involve participating in the FAFSA verification and/or performing the Profile of the College Scholarship Service.

FAFSA verification requires students to provide documentation such as income taxes returns, W-2 returns, 1099 forms, etc. in order for the FAFSA to be verified.

The College Board manages the CSS Profile. This allows students to get financial aid up to $ 9B. A CSS profile provides a more comprehensive picture of a family’s financial situation than the FAFSA form. Students can use the CSS Profile to help them show schools why they are going to need institutional support.

For a CSS profile to be completed, families will need their most recent tax returns, W-2 Forms, and other records of current income, untaxed income, and benefits. You will need to submit your most recent tax returns, W-2 forms and other current year income records.

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Step 4: Review your aid kits

The college acceptance season brings large envelopes full of congratulatory letters, financial aid summaries and other goodies. Each school will offer a different type of scholarship, grant, loan, or work-study program.

CNBC reported that Kat Cohen (CEO and Founder of University Guidance Society IvyWise) carefully reviewed and evaluated each financial aid program. “Remember to note how much aid was received in the form scholarships and grants that you won’t have back, and not loans that you will have to repay.

Students should look at three important numbers when evaluating financial aid programs. Students must first look at the expected family contributions. This is how much families will have pay out of pocket. The amount can vary between schools. Next, students must calculate how much gift assistance – money that doesn’t have to be repaid by schools – each school offers. A third consideration is to determine how much student loans each school requires. Ideal circumstances will see students want a low expected household contribution, a high amount of gift aid and a low amount of student loans in their summary.

Make sure you carefully examine the different types of loans offered through financial aid programs. Federal subsidized loans have the lowest interest rates, and provide the most flexible repayment options.

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Step 5 – Appeal

Javice explains, “Once the aid award letter has been deciphered, it’s time to call for your assistance.” “Everyone should appeal his or her aid plan.” She states that the schools reserve approximately 20 percent of their funds to call up people who call them.

Cohen claims students are in a position where they can ask for more financial help. Schools want all accepted students attending in order to increase what’s called “performance”.

“Generally, once a school admits student, it is very impatient for them to attend. If they don’t help, don’t be afraid speak up. She explained. “If your financial aid package is being revised and you decide to appeal for additional funds to be granted, it’s best to contact the financial office of the school that you are interested in negotiating with. It is best to meet face-to-face with the school’s financial assistance office in order to discuss your particular offer and your financial situation.

To supplement the information that they already have, students may need to describe their course more fully during the appeal for financial aid. Students should indicate if their family has changed, including death, eviction, or divorce. Additionally, they should mention if they have been adversely affected by natural events like hurricanes, drought, or flood. flood.

Students can also request more assistance by taking advantage their other services. Students should note the difference in price if you receive an offer from a rival university. This may allow the school match or even exceed your largest financial assistance program.

Students should make sure that they emphasize their excitement and desire to attend the school in their appeal.

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