Many people make a number of assumptions when it comes to college planning. Three particular mistakes should be avoided if one wants to get the maximum financial help available.
The first mistake many people make is not to fill out the Free Application for Student Aid (FAFSA) because they don’t think they will qualify. They may believe they make too much money and will not qualify for student loans. Some schools will not consider you for non-need based aid if you have not filled out the FAFSA. If you are interested in Unsubsidized Stafford and Plus loans also require the FAFSA as well. Don’t make this common mistake. Fill out the FAFSA and check with your school to make sure if any other forms may be needed.
The second mistake is often that when one gets the award letter from the school, you don’t take the time to understand exactly what you are getting. You can receive two types of financial aid. Gift-aid or grants are monies that you do not have to pay back or scholarships based on your academic record. The other is self-help aid or direct student loans and work-study programs. Be sure you understand the award as part of the money may put you into debt without you realizing the situation.
The third area is assuming that a private school may cost you more than attending a public school. Expensive private schools may allow a student to qualify for more financial funds than a public school. Even though you may qualify for more money at the lower cost school, the private schools often have their own funds available to help offset the difference in cost. You may consider engaging collegiate funding services to help you make the decision.
There are many ways to pay for college if you are willing to look or ask for help. College funding is not impossible to find. College funding services are a great tool to help you avoid the most common mistakes that students and their families often make concerning college financing.
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