RoxanneIf so, keep reading, as we’ll show you just how easy it can be to finance your education without paying out of pocket.
It’s easy to get motivated about going to school to get your degree and improve your financial future. But as you start to research the costs, you may wonder how you’ll ever pay for it all.
The good news is that you may not have to pay a thing, as there are many forms of financial aid that can help. What does it take to get that much-needed aid so you can study without constantly worrying about money? We’ll jump into that now.
1. Know that money is out there.
How much money is there for school? So much that it’s estimated that students leave $2 billion in unclaimed federal grants on the table.
2. Know that you can qualify.
$2 billion is a ton of free money to leave unclaimed, so why does it happen? While there are several reasons why so much unclaimed federal grant money exists, this probably tops the list: Many students think they won’t qualify.
Pell Grants are one example of federal student aid based on financial need. However, they aren’t the only form of aid, which is why you shouldn’t assume that your income will leave you out in the cold.
3. Make your FAFSA a priority.
The Free Application for Federal Student Aid (FAFSA) can be your gateway to all the money you’ll need for college. Not only does it determine financial need for funding like Pell Grants, but it can also help you get cash for college from merit-based scholarships and other opportunities from federal, state, and institutional resources.
In short, filling out your FAFSA can kill several birds with one stone, which is why it should be at the top of your college to-do list.
4. Prep for the FAFSA.
The longer it takes to submit your FAFSA, the more chances you’ll miss out on aid that’s first-come, first-served, such as Pell Grants. The FAFSA is free and relatively simple to complete, so don’t procrastinate when tackling this task. And if you feel overwhelmed, ask your school’s financial aid office for help with not just the FAFSA, but other ways to find college cash as well.
As for what it takes to complete the FAFSA, you’ll need to have the following ready:
- Driver’s license number
- Social Security number
- Tax info to show your income
- Alien registration card if you’re an eligible non-citizen
First, you’ll need to create a Federal Student Aid ID (FSA ID). That will give you the ability to electronically sign your FAFSA and make it official. Once you have that ID, you can then proceed to complete the FAFSA.
5. Renew your FAFSA annually.
To ensure you get the most financial aid possible, you’ll need to complete a new FAFSA each year. While it may take a bit of work, it’s well worth it, especially if your income drops, as that can result in more financial aid for the new year.
