Financial Aid for Students 101

Preparing for college while still in high school can be difficult for even the most academically minded student. These days, you need to excel in the classroom, make sure you’re involved in extracurricular activities, and enroll in challenging classes to impress a college admissions board. On top of that, the financial cost of higher education may add to what is already a stressful time in an ambitious student’s life. Luckily, with a little preparation, you may be able to make applying for financial aid painless and stress free. Read on to learn more.

Standardized testing matters

Looking forward to the spring of their junior year, college-bound students will want to take the SAT or ACT. An early test date may allow time for repeating the test their senior year, if necessary. No matter how many times your child takes the test, most colleges will only look at the best score.

A Fresh FAFSA

The Free Application for Federal Student Aid (FAFSA) is the single-most important form you need in order to secure financial aid from the federal government.

Each year, roughly 13 million students file their FAFSA and receive a combined total of more than $120 billion in grants, work study, and low-interest loans from the U.S. Department of Education.² Recent changes to the FAFSA.gov website have streamlined the application process, but some preparation before you sit down to submit your FAFSA can make it even easier. Make sure you gather all the information you can regarding your and your family’s finances. Pausing now to make sure those documents are close at hand can save both time and frustration later on.

Don’t forget about “gift aid”

1. Federalreserve, 2018
2. Thecollegeboardblog.com, 2019
3. Studentaid.ed.gov, 2019

The content is developed from sources believed to be providing accurate information.The information in the material in not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professional for specific information regarding your individual situation. The opinions expressed and material provided are for general information, should not be considered a solicitation for the purchase or sale of any security.

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