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Wading Through the Financial Aid Options for College Students
The world of financial aid is often one of the most dreaded parts of getting ready to go off to college. Unless you
have been offered a full tuition scholarship well ahead of graduation, chances are you will have to do the work of
getting financial aid to fund your college years. Financial aid can definitely be one of the more confusing aspects
of going to college. Here are some tips to help you wade through the financial aid options for college
students.
Your First Stop – Fill out the FAFSA Form
What is the FAFAS form? As most college students know, the FAFSA should be your first stop on the road to securing
financing for your college years. The FAFSA form is the Free Application for Federal Student Aid. It is a federal
form that you should fill out roughly a year before you plan to attend college or university. The FAFSA form will
ask you for personal information and information about your family’s income. By filling out the FAFSA in a timely
manner, you automatically become eligible for federal student aid, which may include Pell Grants (aka, free money),
subsidized student loans, unsubsidized student loans, and financial aid in the form of work-study funds. Pick up
the FAFSA form at your local library or college financial aid office. You can even fill out the FAFSA form
online.
Seeking Out Private Funding Sources
Another very popular option is to seek out financial aid in the form of private funding sources. Private funding
may mean seeking out scholarship assistance from private companies, which can range from the local supermarket
chain to a major bank corporation. Most of these private funding sources require that apply with them directly for
a scholarship contest of some kind, which may include an essay competition or simply an application with reference
letters. Make sure to follow directions carefully, as each company has different rules and regulations.
Work Your Way to a College Degree – Taking Advantage of Employer Tuition Assistance
Many employers offer tuition assistance as part of your benefits package. Every employer is different, so ask your
human resources representative if you think that they may be able to help you with tuition. If you are unemployed
and looking for a job, consider seeking out employers who offer tuition assistance as part of their benefits
package.
Seek Out Specialty Scholarships
Before you go the route of private lending, make sure to put your best effort forth when it comes to finding
suitable scholarship opportunities. Just because you didn’t make straight A’s in high school does not mean that you
are not scholarship material. There are many specialty scholarships out there that target specific majors and
industry. Consult the thickest scholarship finding guide you can find for opportunities that suit your
situation.
Your Last Stop – The Private Loan Industry
Finding money for your college years is always difficult if you or your parents do not happen to be independently
wealthy. However, there are many options available for those who can’t get their hands on a full tuition
scholarship, federal, private, or otherwise. There is a growing private loan industry that is now making many loans
available for families and college students. However, if like many college students, you find yourself having to
take out a large loan to pay for your studies, you will need to do some serious interest rate shopping. Always opt
for a federal subsidized student loan if possible, as these usually lock in a low interest rate and offer the best
rates. However, if this is not possible, shop around with different lenders to find the one with the lowest
interest rate and with the most flexibility. Make sure to read all the fine print.
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