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How to Transfer Financial Aid Money to Pay for College Tuition

There are several ways to pay for college tuiton and expenses. A student and her parents can set up a personal payment plan through the college or they can apply for private loans, usually through large banks and personal lenders. A student can also apply for academic and financial-based scholarships, which are not required to be paid back and are usually merit-based. A student should fill out a FAFSA form before applying for private loans, because the federal government also issues student loans that may have lower interest rates than private loans.

Instructions

- 1
  Visit the FAFSA website, www.fafsa.ed.gov.
- 2
  Search for your school's financial aid code in the database.
- 3
  Login to your federal financial aid account at the government student loans website and enter your school code into the university or college name section and save the information. The federal government will automatically dispurse the funds to the college or university when each new semester begins. The school has already provided the semester dates to the federal government.
- 4
  For private loans, visit the website of the lender and enter your school code data and semester information into your account. The lender will automatically transfer the funds at the beginning of each semester.

College Savings for Children

Western State Consortium of Colleges