Financial aid can significantly reduce the burden of college costs. This guide will help parents understand the various types of aid available and how to apply for them.
1. Types of Aid: Familiarize yourself with grants, scholarships, loans, and work-study options. Each has different eligibility criteria and application processes.
2. FAFSA Essentials: The Free Application for Federal Student Aid (FAFSA) is crucial for accessing federal financial aid. Fill it out as soon as possible to maximize your potential aid package.
3. Scholarships: Research and apply for scholarships offered by colleges, private organizations, and community groups to help offset expenses.
4. Understand Terms: Learn the difference between subsidized and unsubsidized loans, as well as what interest rates and repayment options entail.
5. Budgeting: Create a budget that includes tuition, fees, housing, and other expenses to understand the total cost of attendance.