Advice On Education Funding Faux Pas
posted on 08/24/2009
When you are applying for aid for your college or technical school education you should not assume that you will get all the aid you need. Many people think just because they are going to school that they will obtain oodles of money and can pay it back later.
When applying for a college loan apply far ahead of time in case you get turned down. If you are looking at colleges that are $60,000 a year, chances are there will not be enough in grants and loans to go to this school.
Your parents income will determine the amount of your FAFSA. This is a graded system. A FAFSA is your amount of free student aid. Everyone has to make out the application and you or your parents can do it online. This is done the January of the year that you are going to school in the fall.
You are given a number which is the amount (I think it is a secret system, so if you have a 0 your family contribution will be zero.) That is good and the higher your number the less aid you will get. I have seen 585 and that was from someone who made about $20,000 a year.
With that being said, your aid will not be much. You will have to apply for a loan. These are harder to get than ever with the economic situation right now. You and your parents will have to have a high credit score and plenty of collateral.
If you are in a bad place ( or your family) it might be wise to start out at a Community College. The costs are low and if you are looking for a bachelor degree it may be smart to take 2 years community college and then transfer to a better school. No one looks at where you start school. But they do look where you finish school.
Be aware of these pitfalls. It will be hard to secure financing for the better schools. Start early and you should be able to get where you want to go even if it is not this year!
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