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My 21-year-old son is currently in the service Marines. When he gets out next year I know he will be able to use the veteran's bill- paying about $400 month for 36 months. That will not be enough to pay tuition and room and board. I am ready to retire and trying to see whether I will have to keep working in order to help him get through school. Are there many financial programs for him to get -he does not have a good high school record and never took his SAT's.
Your son will be considered an independent student when he gets out. His eligibility won't be determined by your income--he won't even have to report it on his
FAFSA. If he's accepted at a school and makes satisfactory academic progress, he should be eligible for federal student aid.
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When is the absolute last day that I can apply for financial aid this school year?
There is no official one last day. In general, you should apply early--but you have to apply before your last day of classes--and well enough before that day so that the paperwork for your loan can be processed in time. See your financial aid administrator for what the absolute last day is at your particular school.
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Why bother saving money for college if my family will be penalized with less financial aid?
When schools conduct a need assessment, they figure the family’s contribution based on only a small portion of the parents’ savings, concentrating more on current income. . Part of the formula used to determine financial aid awards from the federal government is your income and assets. Regardless of savings, most families qualify for financial aid if they still have the need for it. Also, many scholarships are awarded without regard to financial need. Look to combine financial aid with your own savings, you and your children will be better off in the long run.
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Is it true that a student won't qualify for aid if their parents have retirement funds?
Money in a retirement fund (e.g., IRA, 401k, 403b) is not included in the federal need analysis formula. Most schools also disregard it.
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How do I get aid to go to graduate school part-time?
Your first steps should include checking out all scholarships, grants, and employment opportunities first and completing the
FAFSA. You can obtain a paper copy at your local library or high school or you can complete the application online at www.fafsa.gov. Next you need to pick out a school, contact the financial aid office and find out what your eligible for in financial aid. Part-time attendance doesn't exclude you from eligibility for federal student aid. However, at the graduate level, you will most likely be considered for loans and maybe work-study, but no grants.
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What percentage of PLUS borrowers have multiple PLUS loans?
The USA Group analysis disclosed that slightly more than half of the PLUS borrowers had taken out two or more PLUS loans within three years of their first PLUS loan.
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What percentage of students receive grants?
Forty-one percent of college students receive grants each year, and the average grant amount is $2,700.
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What percentage of community college students receive aid?
At community colleges, over one-third of students receive aid, and the average amount received is over $2,000.
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What percentage of students receive aid at four-year public institutions?
At four-year public institutions, more than half of students receive aid, and the average amount received is over $5,000.
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At private colleges, what percentage of students receive aid?
At private colleges, 70 percent of students receive aid, and the average amount received is almost $9,000.
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Who Eligible for Federal Student Financial Aid?
Some of the requirements to receive aid from federal programs are that you must:
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Be a citizen or eligible non-citizen of the United States with a valid Social Security Number
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Have a high school diploma or a General Education Development (GED) certificate or pass an approved “ability to benefit” test;
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Enroll in an eligible program as a regular student seeking a degree or certificate; and
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Register (or have registered) for Selective Service, if you are a male between the ages of 18 and 25
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To receive federal student financial aid you must meet the following criteria:
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Depending on the type of loan for which you're applying, you must demonstrate financial need or creditworthiness
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You-or your parent in the case of a PLUS loan-must be a U.S. citizen or an eligible non-citizen (have a permanent resident visa and be able to provide an alien registration identification number).
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have a high school diploma or a General Education Development (GED)* Certificate, pass a test approved by the U.S. Department of Education, meet other standards your state establishes that are approved by the U.S. Department of education, or complete a high school education in a home school setting that is treated as a home school or private school under state law. See your financial aid administrator for more information.
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Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program. (You may not receive aid for correspondence or telecommunications courses unless they are part of an associate, bachelor’s, or graduate degree program.)
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Be a US citizen or eligible non-citizen
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Have a valid Social Security Number. If you don’t have a SSN, you can find out more about applying for one at www.ssa.gov
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Make satisfactory academic progress
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Sign a statement on the Free Application for Federal Student Aid (FAFSA) certifying that you will use federal student aid only for educational purposes
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Sign a statement on the FAFSA certifying that you are not in default on a federal student loan and that you do not owe money back on a federal student grant
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Register with Selective Services if required
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If you are a male 18 through 25 years of age and you have not yet registered with Selective Service, you can give Selective Service permission to register you by checking a box on the
FAFSA. You can also register through the Internet at www.sss.gov
A recent law suspends aid eligibility for students convicted under federal or state law of sale or possession of drugs. If you have a conviction or convictions for these offenses, call 1-800-4FED-AID (1 -800-433-3 243) to find out how, or if, this law applies to you. You can regain eligibility early by successfully completing an approved drug rehabilitation program.
Even if you are ineligible for federal aid, you should complete the FAFSA because schools use this information in awarding nonfederal aid.
When you apply for aid from the SFA Programs, the U. S. Department of Education verifies some of your information with the following federal agencies: Social Security Administration for verification of Social Security Numbers and U.S. citizenship status), Selective Service System (for verification of Selective Service registration* status, if applicable), Immigration and Naturalization Service (for verification of eligible non-citizenship status, if applicable), Department of Justice (for verification that an applicant has not been denied Federal student aid by the courts as the result of a drug-related conviction), Department of Veterans Affairs (for verification of veterans status, if applicable, for dependency status purposes.
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