The purpose of financial aid for college is to help all students who qualify to pay the rising cost of higher education. The time required to process an application for financial assistance is extended. Experts recommend that students make their application for financial aid at the university of their choice, even before they know whether or not they have received approval from that institution. There are several reasons for this, especially the fact that many financial aid officers exhausted its allocation of grants based on the idea that attention will be first come, first arrive. Many universities also offer more grants and private scholarships to students in their first and second year and then add more student loans later in his college career.

All persons who wish to go to college but who are not eligible must complete the Free Application for Federal Student Aid or FAFSA (Free Application for federal student aid). You can request this application for financial assistance in the financial aid office of any university in the FAFSA website (http://www.fafsa.gov) or can be filled online. The FAFSA requires financial information from both the student and parents. Because you will be asked to fill out a FAFSA every year, you should learn how to fill correctly. Most college students are familiar with the FAFSA, so be sure to ask for help.

Once the application for financial aid has been processed, students receive a Student Aid Report or SAR (Student Aid Report). The SAR is a summary of your order. Make sure all information is correct. If there are errors, fix them and return it as soon as possible. Even the smallest mistakes can change your rights to financial aid. Your SAR will be sent to schools of your choice. These schools will use the information on your SAR to determine your financial need and submit a financial aid offer. Your SAR will tell you the amount of the Estimated Family Contribution or EFC (Estimated family contribution). The EFC is the amount of money estimated that parents pay. This also determines the information you provide on the FAFSA.

The financial support offered by the university of your choice can list various resources, including a combination of grants, subsidies, allowances Work Study, Student loans and parent loans. Students are not required to accept the whole package and may even accept part of the package (like a scholarship) or refuse the other hand (as a student loan).

There are two main categories of financial aid, aid that does not require payment (such as grants and subsidies) and the support it requires payment (loans). Most student loans require payment from six months after the student finishes school or graduates. The parent loans and some student loans, require repayment while the student is in college. The scholarships, grants, allowances Work Study and research grants do not require payment.

For a student is entitled to receive financial aid are required to:

* He is admitted or enrolled at least half-time student
* The courses are directed to obtain a degree or certification
* Be a U.S. citizen. UU. or not, that meets the requirements
* Maintain a satisfactory academic performance
* Register for the Selective Service (compulsory military service), if required
* Do not have a federal student loan payment due and delinquent
* Have financial need (except for loans Unsubsidized Stafford Loans)

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