Paying for College: Financial Aid 101

Getting into college is the first hurdle. Now, how will you (and your parents) pay for it, especially as costs as some top tier exclusive private schools now approach $40,000-$50,000 a year for tuition, room and board? The topic of financial aid - what it is, how to apply for it, how much is out there, how it works - could serve as the topic for an entire semester-long college course, but here's quick guide to get you started and familiar with what can be a confusing process

Created by Author

Sundar Kadayam

Subject: Higher Education

Tags:College Financial Aid, College Loan, College Scholarship

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THE primary form you'll have to fill out: Meet FAFSA
Start Looking NOW for Scholarships (It's Never Too Early...)

The OTHER form you may have to fill out: CSS PROFILE
Online Videos about Financial Aid

Basic Financial Aid Information
Other Services: Consumer Beware

How Much Does College Cost?

THE primary form you'll have to fill out: Meet FAFSA

Every application for money requires a form, and the FAFSA - a widely accepted federal form for determining financial aid - is the grand-daddy of them all. This form is used by most colleges to determine eligibility for federal aid such as Pell grants, work-study programs and student loans. And remember, you have to re-apply every year!

FAFSA.edu: Free Application for Federal Student Aid

http://www.fafsa.ed.gov/

This is the web site that gets you started. Print it out and fill it out the old-fashioned way, or fill it out online.

FAFSA.edu: Deadline Dates for Filing FAFSA forms

http://www.fafsa.ed.gov/before003a.htm

If you plan to start college in the fall, you've got until the end of calendar-year July to file all FAFSA forms. But experts recommend starting in January and aiming for late February for filing it, just to be safe. So start saving tax records NOW.

FAFSA.edu: Deadline Dates for Filing FAFSA forms

http://www.fafsa.ed.gov/before003a.htm

FAFSA.edu: Documents you'll need to fill out the FAFSA

http://www.fafsa.ed.gov/before003.htm

Start collecting them now.

FAFSA.edu: General Student Aid Information

http://www.fafsa.ed.gov/before014.htm

Wikipedia: FAFSA

http://en.wikipedia.org/wiki/FAFSA

The OTHER form you may have to fill out: CSS PROFILE

The College Board also hosts another form often used by some private colleges and universities to develop a different profile than the FAFSA for determining financial aid.

College Board: CSS Profile

http://www.collegeboard.com/student/pay/scholarships-and-aid/8374.html

Basic Financial Aid Information

Some generic sources of info and tips about financial aid (loans, grants, scholarships, etc) and how to get them.

Student Aid on the Web: The Dept. of Education's guide

http://www.studentaid.ed.gov/PORTALSWebApp/students/english/fafsa.jsp

Student Aid on the Web: The Dept. of Education's guide

http://www.studentaid.ed.gov/PORTALSWebApp/students/english/fafsa.jsp

FinAid.org: Financial Aid On the Web

http://www.finaid.org/fafsa/

College Board: How to Complete the FAFSA

http://www.collegeboard.com/parents/pay/scholarships-aid/21405.html

FinAid.org: CSS Financial Aid PROFILE Codes

http://www.finaid.org/fafsa/cssprofile.phtml

Info about the CSS Profile, another financial aid form used by some private colleges and universities to determine financial aid.

How Stuff Works: College Financial Aid

http://money.howstuffworks.com/college-financial-aid.htm

Peterson's: Pay for School: An Overview

http://www.petersons.com/finaid/file.asp?id=780&path=ug.pfs.financial

Financial Aid for College.com: Tips and Advice

http://www.financialaidforcollege.com/

U.S. News & World Report: Paying for College

http://www.usnews.com/sections/business/paying-for-college/

U.S. News: The 4 Rules of paying for College in a Recession

http://www.usnews.com/blogs/college-cash-101/2008/12/15/the-4-rules-of-paying-for-college-in-a-recession.html

U.S. News: The 4 Rules of paying for College in a Recession

http://www.usnews.com/blogs/college-cash-101/2008/12/15/the-4-rules-of-paying-for-college-in-a-recession.html

How Much Does College Cost?

Hold tight to your wallet and bank account!

College Board: 2007-2007 College Costs

http://www.collegeboard.com/student/pay/add-it-up/4494.html

College Board: Financial Aid EasyPlanner

http://apps.collegeboard.com/fincalc/ep/wizard-home.jsp

Use this online tool to start figuring out what you can expect to pay for college.

College Board: College Financing Calculators

http://www.collegeboard.com/student/pay/add-it-up/401.html

College Board: How Much Will your Family Be Expected to Pay

http://apps.collegeboard.com/fincalc/efc_welcome.jsp

DegreeTutor.com: Average College Cost Per Minute

http://www.degreetutor.com/library/research-tools/average-college-cost-per-minute

Break it down by the minute!

Start Looking NOW for Scholarships (It's Never Too Early...)

Before you know it, you'll be getting acceptance letters and planning for the fall. So start looking now for potential scholarships.

College Board: Scholarship Search

http://apps.collegeboard.com/cbsearch_ss/welcome.jsp

Peterson's: Scholarship Central

http://www.petersons.com/finaid/file.asp?id=806&sponsor=1&path=ug.pfs.scholarships

FastWeb: Scholarships, Financial Aid and Colleges

http://www.fastweb.com/

Online Videos about Financial Aid

Check out some videos about the costs of college and how to find financial aid, scholarships and as much $$ as you can.

YouTube.com: Careers and Colleges

http://www.youtube.com/watch?v=I-XmQYVU7AM

YouTube.com: Careers and Colleges

Click to Close Video Player

http://www.youtube.com/watch?v =I-XmQYVU7AM

YouTube: e-Prep Video on 12 Things You Need to Know about Planning for College

http://www.youtube.com/watch?v=c-9xNIwaUC0

An interview with a former Princeton University financial aid advisor on how to start planning early.

YouTube: e-Prep Video on 12 Things You Need to Know about Planning for College

Click to Close Video Player

http://www.youtube.com/watch?v =c-9xNIwaUC0

An interview with a former Princeton University financial aid advisor on how to start planning early.

CNN.com YouTube Debate: Financial Aid for College

http://www.youtube.com/watch?v=JqeFQVO99lM

CNN.com YouTube Debate: Financial Aid for College

Click to Close Video Player

http://www.youtube.com/watch?v =JqeFQVO99lM

YouTube: Financial Aid 2007 (look up!)

http://www.youtube.com/watch?v=DUMCmQ4MHFU

YouTube: Financial Aid 2007 (look up!)

Click to Close Video Player

http://www.youtube.com/watch?v =DUMCmQ4MHFU

Napoleon Dynamite - Tech Financial Aid

http://www.youtube.com/watch?v=i4sswhLZUAg

If the seriousness of this issue is getting you down, check out this spoof of "Napoleon Dynamite" for a few moments of levity.

Napoleon Dynamite - Tech Financial Aid

Click to Close Video Player

http://www.youtube.com/watch?v =i4sswhLZUAg

If the seriousness of this issue is getting you down, check out this spoof of "Napoleon Dynamite" for a few moments of levity.

Other Services: Consumer Beware

Plenty of financial aid experts will offer to speed your application, find huge amounts of money and land the perfect scholarship. If it sounds too good to be true, it probably is, so check out any external resources wisely. And be aware of heightened scrutiny around student loans because of unscrupulous practices uncovered within the past year in the student loan industry.