Financing College

With four year college tuition costs at private and out of state universities often exceeding six figures, and in state tuition costs rapidly approaching similar levels, it is more important than ever to maximize all your available financial aid resources.

Financial aid is often used as a generic term that includes several different types of aid including but not limited to both secured and unsecured loans, scholarships, grants, discounts, and other options. A common mistake many people make is to assume that financial aid is a single aid option that helps pay toward college costs. Similarly, many people hear stories of athletes getting full scholarship awards and assume that the fortunate student received one scholarship that took care of his/her entire tuition.

While it is true that some sports do provide full scholarships for some gifted athletes, most awards are given as part of an overall financial aid package that might combine some scholarship money for either (or both) academics and athletics; loans to either or both the student or student’s family; grants; or several other options.

Since there are so many options and since those options are often contingent on family incomes and savings, financial aid can be a complicated and sometimes misunderstood topic.

The basic steps to determine a family's financial aid eligibility are the same for all students. So to determine your student's eligibility status, your family's Expected Family Contribution (EFC), and/or to submit a Free Application for Federal Student Aid (FAFSA), visit the U.S. Department of Education's web site at www.fafsa.ed.gov. Since financial aid offices use information from the FAFSA to determine if you are eligible to receive federal student aid from grants, loans and work-study programs, all students interested in applying will need to complete this application, so be sure to fill out the FAFSA even if you think you won't qualify. For more information about financial aid, also visit www.finaid.org or click on the links below to other resource web sites. Beware however, of companies who charge a fee for financial aid or scholarship searches, and be especially aware of any company that guarantees scholarships. Links to the pages below are provided only as a tool to familiarize our subscribers with financial aid/scholarship resources available on the internet. College GAMEplan accepts no responsibility for the content, policies or services of any of the listed companies, and with the exception of www.fafsa.ed.gov, College GAMEplan does not endorse or recommend any of their services.

Financial Aid/Scholarship web sites:

www.collegefundingco.com

www.college-scholarships.com

www.dollars4college.com

www.fafsa.ed.gov

www.fastweb.com

www.finaid.com

www.ftc.gov/bcp/conline/edcams/scholarship

www.gocollegebound.org

www.headmissionsoffice.com

www.scholarships-usa.com

www.studentaid.ed.gov

www.yahoo.com/education/financial_aid/