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How can I know whether I’m eligible for the student financial aid or not?

I’ve searched the topic of the student financial aid for a long time. I’ve learned a lot of things from my research. There are several types of college aid including scholarships, bursaries, grants, etc. Some of them are given to people with financial problems; others are based on your excellence. If a person can’t pay student fees, what should they do?

Rodney Fox

in Student Loans

1 answer

1 answer

Kevin Sutter on February 16, 2018

I understand your concern really well. Many websites write about the benefits of scholarships and grants, but they rarely list the requirements to get the money. For all I know, you can own a car and get a scholarship or you may have little to no money for the simple daily expenses and not get it. These misunderstandings and the lack of knowledge resulted in a student loan for me that I cannot get rid of even now.

So, I’d like to help you and prevent you from making the same mistakes that I’ve made. Let’s look at the most important criteria that allow you to qualify for the college aids.

  • Be a citizen of the U.S.
  • Have a high school diploma or have completed homeschooling
  • Have a valid social security number
  • Register (or already be registered) with the Selective Service System, if you are a male and not currently on active duty in the U.S. Armed Forces

These are the main requirements. Without them, you cannot receive any financial help. Of course, if you are a foreign student of the country’s university, you can hope to get some funds. Also, eligible noncitizens (people with a green card, for example) can apply for the students’ financial aid as well.

Now, let’s look at the income requirements—it all depends on your family. College aid formulas expect parents to contribute up to 47% of their after-tax income to college costs each year. As we see, the right choice of a college is one of the most important factors in the estimations. All establishments set various prices for their tuition. If you apply for an affordable college, your family’s income may turn out to be too high. Does that mean that you are rich and can live like royalty? Of course not, you are just not poor enough. This simple analysis formula subtracts the student’s expected family contribution from a college’s total cost. If the EFC is lower than the student fee you’ll have to pay, you are eligible for the financial college aid.

So, how do you actually calculate your EFC? There are two formulas used by the federal and institutional officials. The first one is used by public and most private colleges. If the parents have one child in college and have an earned income of $140,000, their EFC will be about $30,000 per year for that child.

Another formula is less popular and is used by certain private establishments to appoint scholarships and grants. It includes additional variables and is calculated differently.

Brian Warner2 years ago

I’d like to add a few points to the question of the legibility of a student for college aid. If you own a refund on a student grant, you are not eligible. You have to be enrolled as a regular student into a college. Some forms of financial aids require you to be at least a part-time student.

Maintaining a good academic progress is also important. The marks should be at least C on average.

Read this article to find more information:  The list is really full of important details that may determine your legibility.

All in all, I would say do not be afraid to apply for student aid. If you feel that the tuition fees are too much for you, you’ll probably meet the income requirements. In any case, it would do you no harm to at least try and see what happens next.

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