Financial Literacy for Everyone
Follow Us
FacebookTwitterYouTube
Summit 2014

SAVE THE DATE
For the 2015 Financial Literacy Summit on April 15 in Chicago.
Register now

FREE budget worksheet

Free Budget Worksheet
Use our budget worksheet to help you take control of your finances today.
Download PDF, Download XL

FIFA 2014

Financial Soccer
Is your financial knowledge ready for a workout?
Play now

Applying for Financial Aid

Applying for Financial Aid

Though the cost of a college education may seem out of reach, many can and do afford it with help from the government. Depending on your household income level, you may qualify for a package of grants and loans to help cover the expenses of a college degree.

In order to receive financial aid for college, you have to apply each year. You can apply online at www.FAFSA.ed.gov, and the free application works for virtually all two- and four-year colleges, universities and career schools in the country.

Not everyone who applies receives aid. Grants and loan packages are awarded according to income level and the cost of the school youíre applying to. But you can get a pretty good idea ahead of time how much you might be eligible for by using the federal governmentís eligibility calculator. [http://www.fafsa4caster.ed.gov]. This can also make it easier when it comes time to actually apply.

After You Apply
Soon after applying online, you will receive a Student Aid Report (SAR). It will have all the information you submitted when you applied. Look it over carefully. If there are any mistakes, youíll be able to reopen your application and amend it.

You will also receive an Expected Family Contribution (EFC). This will be in the upper right hand corner of your SAR. This is the amount the government believes your household should be able to pay for education. Your school will use this number to figure out how much aid you will receive. For instance, if your EFC is $5,000 and the school costs $10,000 per year, you would be eligible for $5,000 in aid.

Other Sources of Federal Student Aid
In addition to standard federal grants and loans, you might qualify for other forms of assistance. Some examples of students who could be eligible for more federal aid:

  • Veterans and their dependents
  • Some students in medical training
  • Students interested in doing public service in exchange for aid

Other Sources of Aid
The federal government isnít the only place to find help. States and even counties and cities often open grant and scholarship programs. Civic groups, such as local chambers of commerce, do as well. Check with the financial aid office at the school the student plans to attend. Also check the studentís high school counselorís office for aid sources.

Email to a friend

Your Name:
Your Email:
Recipient's Email:
Message:
Enter code:


The information that you provide through this e-mail feature will not be stored by Visa for any other purposes. Please refer to Visa's privacy policy for details.