Readers Question - Am I Eligible For Financial Aid For College?

4 min read
27 February 2023

Am I eligible for financial aid for college? This is a question many high school graduates are probably thinking about, not to mention those who missed out on their post-grad college opportunity and are now considering it. The simple reason for this fact is that a college education can be terribly expensive, costing thousands of dollars each year. Not everyone has enough money to spend four years or more in college. Statistics have gone so far that only a third of high school graduates can earn a bachelor's degree on their own without financial aid.

However, getting financial aid is a very difficult process. It is also a competition where scholarships are awarded on a first-come, first-served basis. Fortunately, it's easy to find out if someone is eligible for financial aid. It's just a matter of filling out a few forms, doing the math, and applying some strategies to make sure you're eligible for the scholarship you need.

Your income and eligibility for financial assistance

Many incoming college students don't bother to investigate whether they qualify for financial aid because they don't think they will be able to. Either because they have their own money or because their parents have a good income every year. you think like this? What you may not know is that you can still get financial aid no matter how much you or your parents earn in a year. You just need to use some strategies to make it possible.

Before embarking on these strategies, you need to decide whether you will finance your college education on your own or whether your parents will help you. The required family contribution is a key factor in your eligibility for Financial aids. Federal law requires you to contribute 35% of your own money to a college education, while your parents only have to contribute 5%. If possible, it would be best to use parental help.

The first thing you need to do is spend your money so the federal government or any scholarship awarding organization doesn't have to look at your income to see if you qualify for financial aid. You don't have to spend money. You can invest it in things you'll need for your school, like a new apartment or dorm, or a new computer setup. You can transfer your money to an account in your parent's name if you don't feel the need to spend it.

If your parents are going to help you apply for financial aid, you'll need to divest some of their assets for at least two years before you start applying for any scholarships or need-based grants. Funds that the federal government and other donor agencies will ignore are those that directly belong to your parents' primary home and money for their retirement. This would also be an ideal time for them to liquidate assets such as stock options and real estate, as well as invest money in pensions or retirement funds. They can also use the money to pay off debt or buy a new home. Regardless of how they use the money, it's important that the organizations you apply for financial aid see that neither you nor your parents have much disposable income for your college education.

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jowel 0
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