It is best to start filling out financial aid forms early February. Some schools require the financial aid notification by May 1st. Students can start researching financial aid as a sophomore, it’s never too early to start preparing. However, in the junior year it’s time to really get serious about investigating financial aid options. Waiting until senior year may not give the student enough time to get their ducks in a row for some financial aid options but it shouldn’t be too late in most cases. Rule of thumb is to think about financing a college education as early as possible; having more time is better than not having enough. Click here for more information about the process of applying for financial aid.
Subsidized loans do not accrue interest, meaning the amount of the loan will not increase with a finance charge. Unsubsidized loans start accumulating interest from the day the loan was accepted and dispersed to pay the college tuition.
a. Institutional (colleges and universities)
b. Private (corporations; community, religious, cultural and fraternal organizations; etc.)
c. State government
d. Federal government
Below are links to additional helpful information:
When filling out the financial aid paperwork, make sure that if the student is staying in the dorms and will be dependent of the meal plan, that all of those expenses are notated on the application along with all school supplies such as writing utensils and if need be laptop and other technical purchases. If you are unsure about anything in the application, make sure you ask for assistance. The difference could be coverage for school supplies or nothing.
Financial aid only covers a specific amount, and that amount depends on one’s financial needs. Student loans are there to cover the rest, but it is always best to look into scholarships and grants to help offset the cost of interest with student loans. Student loans can cover housing, transportation, and technological finances. Even though it is nice to have a school loan and not pay into it until graduation, sometimes it is cheaper to purchase a car with a low interest than the average 9% with a student loan.
If a student has a school loan under their name, are parents able to make loan payments directly to their child’s account to help them pay it off, should they choose, or do all payments have to be submitted directly by the student?
Anyone can sign in to pay for student loans. But some sites require specific information.
https://studentloans.gov requires you to know the following information:
All other student loan agencies such as Wells Fargo Student Loans, SallieMae and other loan institutions have auto pay through a savings or checking account, and anyone can sign in and make payments on the loan if they have the required information such as:
Scholarship deadlines vary, it is best to research scholarship opportunities the summer prior to the senior year of high school. Some scholarships have deadlines as early as October. Since most scholarships require an essay, it is best to get a head start and dedicate time each week to focus on scholarship submission process.
Is there a limit on how many scholarships a student can apply for?
No, there is no limit to an amount of scholarships that someone can apply for. Students are encouraged to apply for as many as possible since there are so many people needing scholarship money.
Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Advisors Services through Cambridge Investment Research Advisors, a Registered Investment Advisor.
Tech Girl Financial is not affiliated with Cambridge. Check the background of this investment professional on FINRA's BrokerCheck.
This communication is strictly intended for individuals residing in the states of AZ, CA, CO, FL, ID, IL, IN, KY, MI, MT, NH, NJ, NV, OR, SC, VA, WI. No offers may be made or accepted from any resident outside the specific states referenced.
© 2018 Tech Girl Financial, All Rights Reserved