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Please guide :I have a son who will pass his High School (12th Grade) in coming time and after that he is planning to join College for heigher education . Now the question of Funds to finance that education comes . Please let me know what are the options availabe to get financial aid or free college / University heigher education ?
Hello, and welcome back to Just Answer.Depending on your financial situation and your location, there are various opportunities for your son to obtain either help from the Federal government by you applying for 'FAFSA" (Free Application for Federal Student Aid) and/or other free grants and scholarships. Please read more, here:http://www.fafsa.ed.gov/Another possibility is a Pell Grant: http://www2.ed.gov/programs/fpg/index.htmlhttps://studentaid.ed.gov/PORTALSWebApp/students/english/PellGrants.jsp?tab=fundingAs you can see, you must apply for FAFSA to get a Pell Grant.Every state should offer certain scholarship opportunities, which is dependent upon the student attending an in-state public College/University and also, the student's GPA at the time of application. For eample, in Florida, the Bright Futures Scholarship is offered and includes various tuition, books and dormitory financing:http://www.floridastudentfinancialaid.org/ssfad/bf/You can search for similar state scholarships in the state where you live.Student loans are also available and applying through the college's financial aid office is the best option.Make an appointment to speak with your son's current guidance counselor or college counselor at his High School and also call the financial aid offices of some of the colleges he's interested in attending, to get more information and know in advance what will be required for application to these programs.I wish your son much good luck in his future educational endeavors!
Thanks for reply ................
I am confused . As i understand that there are following options for funds to earn college education :
(1) Applying for Federal Aid through FAFSA submission .
(2) Pell Grant (dont understand if it is different from federal grant or just a FAFSA part )
(3) Education Loan (dont understand who approves it and how to repay and how much can be approved )
(4) State own Financial Aid Programmes (dont understand which state to apply i.e., the State in which i am resident of or the State in which i am seeking college admission )
Does parents financial position play any role in the approval or eligibility for educational financial aid ?
Hello again, and you're most welcome for the reply.
Thanks for your patience, as I was offline when you posted back.
In answer to your questions:
(1) Applying for Federal Aid through FAFSA submission ----Yes, this is the first one you should complete. Typically available to complete as of January 1st of the student's senior year of H.S. and there is a deadline which I believe varies by state. Submitting the form as close to Jan. 1st as possible, is best. You can fill it out online, if you wish; here is more information: http://www.fafsaonline.com/fafsa-form/
(2) Pell Grant (dont understand if it is different from federal grant or just a FAFSA part)
--This is different from, but dependent upon, review of FAFSA application. See more details here: http://www.ehow.com/how_11599_apply-federal-pell.html
--This is dependent upon how much is needed, financial situation of student and parents. Most student loans are given by banks, but through Federal programs. Each school's financial aid office has experts who can tell you which is the best one to apply for, based on your particular situation, what the interest rate will be, and how much repayment amount will be monthly, with payments usually starting after 3-6 months (for parents if you take a 'Parent Plus Loan') of student starting school/approval of loan, and monthly repayment typically starts 6 months after college graduation, for students.
---The state in which you are resident provides programs based on student's grades and parents' needs and is most advantageous if student goes to in-state public college. If your son plans on going to an out of state college, you can certainly apply for financial aid through the college itself; however, not being a resident you will most likely get less aid. State colleges where you're a resident are more willing to help, because they want students to stay in state to attend college.
---In most cases, yes, especially if student is living with you and being supported by you without any income of his own.
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I hope these clarifications helped you.
Best regards,
Cher
Experience: Teacher, Tutor--35+ yrs.; Masters Degree. Senior Internet Researcher
I have accepted your answer . Please clarify the below also :
(1) What does it mean in your above answer # XXXXX .......................... how much repayment amount will be monthly, with payments usually starting after 3-6 months (for parents if you take a 'Parent Plus Loan') of student starting school/approval of loan, and monthly repayment typically starts 6 months after college graduation, for students.
(2) Is the FAFSA Aid or State Aid or Loan or Pell Grant available for all universities and colleges either private or public or very reputed ones like Harvard , MIT , etc. ?
(3) While determining financial aid for a student , what assets of parents or what economic factors are taken into consideration ?
(4) Can a student claim financial aid by making note that his parents are not willing to finance his education irrespective of their good financial position ?
(5) Do educational loans finance 100% of cost of the degree course ? Do banks need any guarantee for educational loans ?
(6) May i get any idea of around how much funds are required per year to meet college fees and other education related expenses of a student ?
(7) Are there any educational loans whose repayment only starts after the completion of the degree programme ?
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This is my new question . Please clarify the below queries :
(1) Will any saving kept in the name of child or parents reduce the amount of Need-based financial aid or it can be used as part of EFC ?
(2) FAFSA and other state programmes are need-based financial aid , are there any like Merit-based financial aid programmes by Federal Govt. or other agencies ?
(3) Does only the current income earning of the parents count to determine EFC or need-based financial aid ?
(4) Is there any role of house owned by the parents in determining his need-based financial aid ?
(5) How many options are available for only merit-based financial aid irrespective of parents economic conditions ?
(6) Is there no option for interest-free educational loans ?
(7) As i understand that these loans or grants or aids are available for only US Citizens or Green Card Holders , what about those foreign students who come on student visa from India as my neice from India wants to study college in USA ?
Hello again,Can you please post your new question as a separate one in this category, because multiple questions are not permitted to be asked in one thread. Thank you for understanding.I'm preparing to sign offline for the night, so it would be best to post your new question without including my name, so any current expert online can help you. I wouldn't want to keep you waiting until I sign back online.Best regards,Cher