3 tricks to beat the crowds on getting college financial aid

Personal Finance

Experts say there’s good reason to apply for financial aid as early as possible.

“I always ask clients, when does everybody go out to dinner? Friday night, because they just got paid,” said certified financial planner T. Eric Reich, president of Reich Asset Management in Marmora, N.J. “Don’t think that colleges won’t be more generous on the front end, too.”

State and college deadlines to apply for aid vary, but many distribute funds on a first-come, first-served basis. A 2015 Edvisors.com study found that students who file the FAFSA in the first three months have received more than double the grant money.

Even if you think you won’t qualify for need-based aid, it’s still worth filing the FAFSA, Castellano said. You’ll need it to apply for federal student loans, and to be eligible for many colleges’ merit-based aid.

It’s also possible you’re wrong about your aid eligibility. Students who don’t file the FAFSA forgo an average $9,741.05 in aid for that academic year, according to a study published in Research in Higher Education earlier this year.

“You might get a nice surprise,” Castellano said.

Source link

Products You May Like

Articles You May Like

Biden’s plan raises top capital-gains tax rate to among highest in world
Bitcoin pullback is shaking out investors who have ‘paper hands,’ says strategist
A correction could be coming. How to protect your retirement portfolio
This tax brings in billions worldwide. Why there’s no VAT in the U.S.
Where are unvaccinated people not allowed to travel?

Leave a Reply

Your email address will not be published. Required fields are marked *