The only thing predictable about today’s economy is that it will have an impact on just about every aspect of life. To avoid creating unmanageable financial obligations, students planning to attending college or career school should sort out their budgets ahead of time and take advantage of every available funding resource.
Many families will be affected by the economy and financial situations may change from one week to the next. As such it is highly advisable to the students to secure a loan or scholarship to fund their education. Never over burden your parents as they might have other bills to pay about.
Be aware of the deadlines for your financial loan application paperwork and meet them. Also, the deadline at your college may be different from your best friend’s college down the road, so make sure you know the deadline for your college.
It important to calculate costs for books, supplies and transportation, in addition to tuition, fees and hostel when considering paying for college
Merit-based aid is aid given to students based on their academic performance. Need-based aid is awarded to students based specifically on their family’s documented financial circumstances.
Award letters vary so make sure you are aware of whether your aid is a grant or a loan. Also, check to find out if your aid is renewable every year so that you can make the necessary arrangements regarding deadlines or finding a different means of aid.
If your family’s financial situation changes for any reason, contact the financial-aid office at your college to discuss aid options. Many college financial-aid offices will do their best to assist families as unexpected situations arise and this year colleges and families alike are expecting such situations.
Since your financial situation may change in the coming months or more, be thorough and careful in your efforts to receive financial aid so that you can continue on your path toward an education and the possibility of a brighter future.