D' Finance Bench

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How to Get Free Money to Send Your Child to College

With college costs rising each year, most parents look for ways to get help paying the bill. Financial aid is the only way that many college students can even set foot on campus. For some colleges, it is not unusual for the great majority of students to be on some type of financial aid.

Here are some ways to find money to help finance your child’s college education.

Federal aid is one of the ways that you can pay for your child’s college education. There are numerous federal programs that you and your child can apply for. Government financial aid for college normally comes in the form of a grant, loan, or work study program.

A grant is the type of funding that does not have to be repaid you or your child there are different types of grants. Most grants require some type of income limit.

Student loans are a very popular option for college tuition payments. The types of student loans that you qualify for are based on financial need. The students can receive loans based on their income or the income of their parents, depending upon who can claim them on their taxes. If they are not claimed by you, then they will receive loans based on their income. If they are on your taxes as a deduction, then your income will be used in order to determine their qualifications.

Another option is a work study program. The work study program will allow tuition to be deferred if the student works in a certain area or field while he is attending school.

All students that are applying for government financial aid must fill out a free application known as the FAFSA. This stands for Free Application for Federal Student Aid. This form is evaluated once it has been completed and submitted.

Another option is to investigate state sources for scholarships, grants, and loans. Many states have lottery funded financial assistance for college students.

Colleges also have their own scholarships and grants. Discuss the options with the Financial Aid office on campus.

By planning ahead in using the resources available, you can ensure that your child will receive a quality college education.

September 23, 2012 Posted by | Free Money | , , , , , , , | 1 Comment