How do i learn more about financial aid?

Question

i cant take classes but is there any links to websites that explains most stuff to you?like how to save, which creedit cards and stuff?what companies are looking for and so on.

thx=D

Answer 1

I'm not quite sure what you're asking, but let me see if I can help point you in the right direction.

The number one source of financial aid for American college students is the federal government. They offer a series of programs, including grants, work-study and loans. Some of the programs are only available to students with exceptional financial need, but every college student is eligible for one very helpful lending program called the Stafford loan.

All of the federal financial aid programs are applied for with just one application - it's known as the Free Application for Federal Student Aid, though most people simply call it the FAFSA.

Every college student should complete the FAFSA, either online, or on paper. The online option is much better, because online FAFSA applications are processed much faster. The point of the FAFSA is to gather information about your financial circumstances, and the financial circumstances of your parents - all of that information is used by the US Department of Education to figure out how much you and your parents can reasonably be expected to contribute to the cost of your college education.

When the Department processes your FAFSA information, they come up with a score called your EFC, or expected family contribution. That EFC score is the basis for determining all of your eligibility for federal financial aid. The EFC will be sent to your college, where the financial aid office will use it to match you with aid programs that you are qualified for.

It is very important to realize that federal aid is not intended to pay for you to go to school. If the government could afford to pay for every American to go to college, maybe they would, but there is nowhere near enough money to cover the cost of a college education for every person who wants to go. Keep in mind that the government's financial aid program is an assistance program. Chances are very, very high that the aid that you receive from the government will not be sufficient to cover all of your college costs.

To fill the "gap", many students need to turn to other sources of money. Some utilize money that they or their families have put aside for college, others borrow from private (non-government) lenders, and others seek out scholarships. There seems to be a generalized misconception that scholarship money is readily available and that every good student can earn a "free ride" scholarship that will pay all of their educational expenses. There is scholarship money available, but you'll have to work hard to find it. Do not rely on a "plan" to find lots of scholarship money.

It is absolutely imperative that you begin your financial aid quest by getting everything that you can from the federal government. Their aid is the "cheapest" and the easiest to qualify for, and the easiest to pay back. Some of the government's money may be "free", depending on your financial circumstances. Only AFTER you have discovered your eligibility for government assistance should you pursue any private loans.

Private loans are more expensive, and very few students are able to qualify for a private educational loan without a cosigner. Private loans require that the applicant have substantial income and at least an acceptable credit history - two things that most college students don't have. You'll see a lot of people posing questions on here asking how they can find a loan they can qualify for without a cosigner. The simple answer is "good luck".

Don't worry about credit cards just yet. You're going to find that your educational bills will seriously tax your finances. By the time you pay for tuition, college fees, books, room and board, transportation, and all of the incidentals of college, you're going to run through a huge pile of cash. You absolutely must consider the cost of education at various schools before you make your college selection. There is a tremendous difference in costs from school to school, and you need to shop for a college realistically, just like you shop for a car.

If you're a car buyer with a crappy job and a few hundred dollars to your name,  you shouldn't dream of buying a new car from Porsche. If you're a college student wanna-be with no income and parents who have a limited ability to contribute to the cost, you shouldn't be looking at a pricey private school. Choose a school you can afford - college debts take 15-30 years to pay off. Chances are that you'll still be paying your college loans when your kids are ready for college.

Check out the booklet I've attached below from the US Department of Education. It's called "Funding your Education Beyond High School: The Guide to Federal Financial Aid". It's easy to read, and will answer a lot of your questions.

Good luck!

Answer 2

You can try searching google for the topic of saving , investing , credit scores etc.