Financial Aid Time Line
Many colleges use data from the CSS/Financial Aid Profile. In October begin applying on line for nonfederal financial aid at:
profileonline.collegeboard.com
In January start filling out the Free Application for Federal Student Aid (FAFSA). Be aware that many states require additional forms. Visit www.fafsa.ed.gov for more info. You may also want to register for a PIN at pin.ed.gov
In February start your search for scholarships. Check to see what is your state's financial aid deadline. Some are as early as March 1st.
In April discuss the financial aid package from each school with your family. Calculate how much is still needed. Decide if you need a private loan or more scholarships to make ends meet. Remember to include the cost of books which can add $500 to $1000 a semester.
Borrowing from Your 401(k) Think Twice: It Could Cost You: An article from the College Board:
Pros & Cons of Using your 401(k)
Don't expect that a scholarship is going to solve the entire money problem. On the other hand, if God really wants you to go to a particular school, He can provide the money, a loan, a job, or more probably a combination of the three.
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Paying for a College Education
You will be paying your college a huge amount of money, so you need to be very happy with your choice of school. Make sure the tuition is affordable before you set your heart on a school that is out of reach.
The college board's research indicates that "There is more than $130 billion in financial aid available. And, despite all of these college cost increases, a college education remains an affordable choice for most families." Also the college Board reports that: "... that about 56 percent of students attend four-year schools with annual tuition and fees below $9,000"
Whatever you do, don't quit school! Then you will have a large debt and nothing to show for it.
Princeton in 2001 decided to eliminate loans from its financial aid packages in order to attract more non affluent applicants. It replaced them with grant money for all students rich or poor. Princeton's class of 2005 became the first class to graduate free of college loans. Yale, Harvard, U of NC at Chapel Hill and of Virginia have stopped requiring low income students to borrow money. (Source Newsweek-Kaplan College Guide 2006 edition)
www.college-scholarships.comwww.scholarships.com
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