First
Thing,
Make Sure You Complete
Your Off-to-College Tasks
If you are going to college, make sure you complete and submit the required documents.
Deadlines include essay and application submissions, college visits,
housing selection, and gathering those things for the move.
Our quick calendar of events can help
(links to our Off-to-College planning center): go to our Off-to-College Planning Guide and Calendar
$135 Billion dollars were disbursed last year in financial aid for students. The largest percentage was federal loans.
(we will review each of these aid options under Aid Step 5)
Federal Loans
51%
$68.6
Institutional Grants
18%
$24.4
Federal Pell Grants
9%
$12.7
Private & Employer Grants
7%
$9.3
State Grants
5%
$6.8
Education Tax Benefits
4%
$6.0
Other Federal Programs
4%
$5.3
Federal Campus Based
2%
$3.1
Total
100%
$135 billion
These are just some of the sources of financial aid. Other aid for college includes:
scholarships
campus aid
private student aid and loans
EFC
What is EFC
EFC is the Expected Family Contribution for higher education. In other words, financial aid is awarded based on a formula that calculates the
total cost of attending school and the expected family contribution
to that cost.
Almost all financial aid begins with your filing the Free Application
for Federal Student Aid (FAFSA).
This form is required for all Federal Student Loans and many college
aid programs, including some scholarships. You can file the FAFSA form starting in January for
the upcoming Fall academic year.
Scholarship awards can go fast, so start early — usually in
the Fall prior to the start of your college year.
Check your field of study, ethnic background,
social and religious affiliations, parent's employment, family
club memberships, and local businesses and clubs:
Most financial aid awards do not cover the full cost of education.
Many students are turning to private education loans and other alternative
financing to finance their education.
These loans are not subject to Federal Government review and processing. You can get your money in as little as 5 business days from
receipt of your completed application.
Parents or students with equity value in their home can use home equity loan to pay for college. Funds can be borrowed as they are
needed — not all at once under
most other loan programs.
Parents or students with steady working income can use the BLOC to manage their money and fund education expenses. The program benefits those with positive discretionary income that helps to keep funding costs low.
When its time to submit your application for Federal and Private
Education financing, our lending partners can process your application
quickly for Stafford, PLUS, and Private Education Loans.
Money will be tight during school. You want to control spending and avoid unnecessary debt. View our recommendation on how to manage student funds while attending college.
Starting school brings on many new responsibilities like building
a strong credit report and managing your credit payments. This will
benefit you in the future for:
Though it might be too late for the upcoming student, it is not
too late for the other children in your family — or even yourself
if your plans have yourself returning to school.
There are some interest savings strategies that can benefit you.
Don't forget that when you graduate from school, you can consolidate
your federal loans into one single billing at repayment terms that
fit your budget.
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