There Are Many Various Financial Aid Packages

All too frequently, parents and or students believe that they have no choice but to pay every cent of tuition and fees, room and board, books, and all other college-related expenses, without any financial assistance from any other source.

They have been told (erroneously), heard, or thought that they could not qualify for any aid because they make too much money. There are various aid opportunities that are not based on financial need and are available to students regardless of their income.

There are many different kinds of financial aid. Just like there are many different kinds of students that desire to attend college according to the best fit for them.

Financial Aid Other Than Need Based

If you are not eligible for any need based aid, there are other types available. There are thousands of scholarships from private organizations and through schools that are given based on factors such as what high school you graduated from.

Also, whether you are left handed, your major or program of study, your ethnic background, gender, and of course your scores on college entrance exams and high school or previous college GPA.

You can apply for scholarships through your school and also for private scholarships as well. Some scholarships require you to write an essay, some just want an application. You can search for these on-line, at the library, or through your financial aid adviser.

Finding College Deals

In addition to thousands of college funding consultants around the country who can guide you through the maze of financial aid options, there are also other ways to identify college bargains.

BestCollegeDeals contains more than 4,000 unique and unknown college bargains, including often overlooked tuition breaks for academic merit, sibling discounts, first generation college student, and minority student scholarships.

A Word On Loans

Another way to fund your education is through student loans. Students of any economic background can take out unsubsidized loans. And parents can take a loan out to pay for their child’s education in their own name, which is called a PLUS loan. These loans are available to everyone and are based on creditworthiness.

A Little Help Coming Your Way

Parents can get college tuition tax breaks if you are paying the bills for your kids. Parents can deduct up to $4,000 of tuition expenses if their adjusted gross income is $130,000 or less ($65,000) for singles). If your income is between $130,000 and $160,000, there is a $2,000 deduction.

Also, you can claim the lifetime learning credit for 20 percent of up to $10,000 in tuition paid for college or graduate school. Or, for the freshman and sophomore years, there’s the HOPE credit. (I’ve always found this to be an interesting name!)

The HOPE credit can offset 100 percent of the first $1,100 of tuition and fees and 50 percent of the next $1,100, for a total credit of $1,650 per year. The complexity of the financial aid application process is intimidating for most people, regardless of income.

The key for high-income families or students is identifying possible funding sources and solutions for higher education. Staying focused, persistent and educated about emerging opportunities can do this.

Who Is Eligible And What Are The Requirements To Apply?

To be eligible for U.S. financial aid and the federal student loan programs for international studying you must be a U. S. citizen, a U.S. permanent Resident (with appropriate CIS documentation), an eligible non-citizen (with appropriate documentation) and a citizen of certain Pacific Islands (the free associated states).

There are now over 200,000 citizens studying abroad each year, and this number continues to increase each year. You must be enrolled at least part time, in a degree-granting program, at an eligible institution abroad. Or you must be participating in a study abroad program sponsored or recognized by your eligible home institution in the U.S.

All foreign schools do not offer federal financial aid. The school must be accredited by an agency recognized by the U.S. Secretary of Education and be eligible to participate in federal student aid programs. Federal financial aid is available only to students attending eligible institutions.

You can call the Federal Student Aid Information Center (FSAIC) toll free to find out if a school is eligible and the number is: 800-4-FED-AID (433-3243). Also, check with your school to see if it participates. Also, if you try to apply online but your school isn’t on the list, contact Sallie Mae at their website and tell them the name and country of the school and ask for further assistance.

What Loans Are Available?

For the U.S. citizen or non-citizen permanent resident students enrolled in a degree-granting course of study at eligible institutions outside of the U.S. the following federal loans are available: Stafford loans, (subsidized and unsubsidized), Parent PLUS loans, Graduate PLUS loans, Global Health Education Loans Program.

U.S. federal aid at international institutions is available only in the form of Stafford and PLUS loans.

The following private loans are available: Signature Student Loans, MBA LOANS, Tuition Answer Loans, LAWLOANS, and Global Health Education Loan Program (GHELP).

Schools must be approved by the Department of Education to offer the private loans listed above. You cannot apply on any other private loan for yourself.

How Do I Begin?

Complete and submit the FAFSA. Next, obtain your Student Aid Report (SAR). We would recommend you wait at least 24-48 hours after filing your FAFSA online, then call the Federal Student Aid Information Center at (800) 4-FED-AID (433-3243) and ask to have the eight-page hard copy for the full SAR mailed to you.

When your FAFSA information is complete, your Expected Family Contribution (EFC) will be printed in the upper-right corner. Your EFC is based on the information you provide on the FAFSA; your school uses it to award your financial aid.

When they mail you the detailed SAR, it would be a good idea to keep a copy for yourself and then send the original to the school’s financial aid office for review. Then begin the loan application process.

The school in accordance with federal regulations sets disbursement dates of the loan. The first disbursement date on a federal loan cannot be any earlier than 30 days before the first day of the loan period. Checks will be made co-payable to the school and to you.
The checks will be sent to the school, unless they are requested otherwise.

Some institutions are required to delay delivery of federal funds to first-year undergraduates who are first-time borrowers.