f you want to apply for federal or state aid, you will need to supply all the information required by the Free Application for Federal Student Aid form. You can complete the form online or download it. Most public colleges and universities use this information to determine whether aid is applicable or not and many private schools also factor it into their offers. Alternatively, schools and organizations that offer scholarships also use a second form – the College Scholarship Service Profile. These forms need to be filled up for every year that you apply for aid so plan in advance and keep all your financial information such as tax forms, pay stubs and bank account statements readily accessible.
Once the college or school of your choice receives your FAFSA, it considers your EFC (Expected Family Contribution) with reference to the cost of your college degree program. The EFC is determined by a number of factors like family income, assets, the number of children in the family attending college and the number of years until your parent’s retirement. If you feel that your family has special financial circumstances that is not reflected in these scores but are still affecting your ability to pay for college, it is worth sending a letter and speaking to the college’s financial aid office after you submit all the necessary paperwork.
Grants:
Grants are categorized on the basis of needs and merits and can be federal, state or institutional. Grants are normally tax-free and don’t have to be repaid. The Pell Grant (a maximum of $3,300 annually) and the federal Supplemental Educational Opportunity Grants (from $100 to $4,000 annually) are the largest federal grants available. These are non-negotiable and based on needs. Pell Grants are specifically awarded to students from low-income families.