Financial Aid for Undergraduate Students

College bound students are looking more than ever to financial aid to help them pay for college. Each student’s situation is unique and their need for financial aid is different but the end result is the same, they want a College education. The best way to start finding financial security for school is to apply for everything you can even if you don’t think that you will get it, apply anyway. All students looking for financial aid are required to fill out the Free Application for Federal Student Aid or FAFSA. This form simply figures out the eligibility for Federal Student Aid for each student. Without filling out this form you won’t get able to find the resources for the aid that you need.

You will need the following to fill out the FAFSA:

· You will need your Social Security Card and your Driver’s License · You will need W2’s if you are working and your Federal Tax Returns. If you are not working and your parents will on your loan, you will need their information. · If you are receiving any other income such as SSI, Welfare or TANF you will need this information. · You will need to show current bank statements and any investments you or your family may have.

In some cases Undergrad Students may have to fill out what is called a CSS Profile Application. If you are attending a private college you may need this form more than public colleges. There is a deadline for this application; you have to have it filled out by the middle of October from the year before you are going to college. If you are not sure if you need the CSS profile, contact the registration department of the College you will be going to and ask them if it is necessary.

Not all students will be eligible for financial aid. All Colleges use the information you supply on the FAFSA to determine your eligibility for financial aid. The amount of the student aid is also determined by your EFC, which is Expected Family Contribution. This is how much if any of your college education your parents can afford to pay.

Then the school will estimate the Cost of Attendance, this determines how much money is needed, and the Expected Family Contribution is subtracted from the Cost of Attendance. Then the school can get a better idea of how much you need. Sometimes you may need to supplement with a student grant but your College will never give you a loan more than what you need. There are some financial aid resources that are dedicated to just Undergrad Students. So make sure the loans you are applying for are geared towards Undergrad programs.

It is always a good idea to start looking for funding early; there are thousands and thousands of students applying for these loans at the same time as you. Some loans are given out on a need to have basis, but if everyone is a need to have then if you file late you may not get the funding you need.