February though May is the busiest time for college financial aid offices. First, they have to do the packaging, determining what and how much aid goes to admitted students, and then they have to navigate the aid appeals or second reviews. Yes, there is a chance for students and their parents to “negotiate” a better financial aid package than what has been awarded.
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Stafford Loans are federal loans given to college students for undergraduate studies. If they are subsidized, the federal government pays the interest payments until the student leaves school. If the loan is unsubsidized, the interest accumulates and is tacked onto the loan payment after the student leaves school.
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The Obama Administration is trying to enact legislation that will enable more people to go to college and level the playing field so that those who do attend are not overly financially burdened.
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Financial aid today at public universities is drying up because of public schools’ rising costs in a bad economy. Financial aid is also drying up at private schools as more of their students have higher financial needs.
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May 1 is the usual deadline for sending in your official acceptance to a college. You should have your aid packages in hand and be ready to choose a school soon. But, what is the best choice for the next four years?
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Thanks, Jonelle Marte, for your article on the February 13/14, 2010, in The Wall Street Journal Sunday.
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Debt is very common today for college students, maybe just too common. 66% of students are now borrowing for college at an average college debt of $24,000. That compares to 58% of students borrowing in 1999, but at an average $13,000 rate of debt.
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Budget cuts and large numbers of applicants are a formula that makes it very tough to get college acceptance.
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If you are applying for financial aid for the academic year 2010-11, you know the most important form you will fill out is the Federal Application for Federal Student Aid or the FAFSA form (Find this form at www.fafasa.com). You have to fill out this form both to be eligible for loans and grants from the colleges you are applying to as well as for federal aid.
Most students concentrate on the process of applying for college. It is a lengthy and involved process, but there is one more thing you college-bound students should be thinking about—scholarships. Searching for scholarships that you are eligible for and that are available to you should actually start months before you apply to college, and applying for scholarships should begin at least by the fall of your senior year. The good news is it’s never too late to apply for scholarships.
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