College Financial Aid Tricks

Paying for college can be a huge burden on one's family and may require taking out enormous loans to pay for tuition and living expenses. However, there are a variety of tricks that can be used to acquire more money and to wisely use the leverage of low-interest loans for future investments.
  1. Early Applications

    • Turn in your applications as early as possible. One of the main forms used by a majority of colleges is the FAFSA (Free Application for Federal Student Aid), which must be submitted annually and is based on the parent's income levels for undergraduates who are not independent of their family. Gathering tax forms and information early near the beginning of the year will help to file the FAFSA early, which can affect the availability of funds given out by each school.

    Career-Specific Scholarships

    • If a student is considering a particular path through college or career from the onset, there may be special scholarships for that career path. You may want to look specifically for colleges that offer scholarships for that career path to boost chances of having a full or partial scholarship throughout the college experience.

    Private Scholarships

    • Search databases such as CollegeNet, Fastweb or Scholarship America, which offer competitive scholarships from private sources and can be applied toward any school. Most of these scholarships are for undergraduates and require an application and an essay. It is always a good idea to have a trusted teacher or an adult with strong writing skills to proofread essays.

    Using Financial Aid Money

    • Certain scholarships and loans may be acquired to help pay for school in addition to living expenses. If one's family is financially healthy and is able to offset some of the risks associated with purchasing a house or condo, it may be financially advisable to use part of the financial aid money as a downpayment or to pay for housing in full for a student. This will not only set up the student for success in having a stable living place but also use the benefits of low-interest college loans to pay for the house. This scenario may be limited to students applying for loans as an independent or looking for private education loans.

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