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Financial Help for College Costs
Grants, Scholarships and Loans
By Megan L. Fowler
From the time they hold their babies in their arms, many parents begin saving for their children's college education. But oftentimes what they save may not be enough, and despite the financial hardship, no parent wants to tell their child no when it comes to their education.
With loans, grants and scholarships now readily available to most students, it is easier than ever to make her future a reality. But like any other financial task, it's best to get the ball rolling sooner rather than later. Here are some easy tips to ensure your child will not be left out in the cold when it comes time for college, even though that day may still be years and years away.
Where to Look"The Internet is one of the greatest sources to begin the search for student aid options," says Michael O'Brien, CEO and founder of FinancialAid.com. "There are numerous Web sites out there that allow college-bound students to explore various scholarships for which they may qualify." Sites like O'Brien's offers free college and scholarship search tools. Additionally, you may search various lenders to see who offers the best rates and benefits.
"Another important resource is college financial aid offices," he says. "Here you are able to pick up brochures and information as well as speak to financial aid professionals."
"Parents should urge their junior year kids to apply for lots of small scholarships," says Tracy Stewart, a CPA and financial planner in College Station, Texas. "When you get enough of them, they add up to real money. Many kids don't want to be bothered with small scholarships, thereby increasing the odds of awards to those who do apply for them."
To apply for federal aid, potential borrowers must first fill out a form called the FAFSA, O'Brien says. "This need-based application determines how much financial aid a student is able to obtain," he says. "FAFSA deadlines for most states are March 1, but in order to receive maximum aid, it is recommended that they be completed as close to January 1 as possible." You may pick up the FAFSA at the library, your college financial aid office or access the forms online at www.fafsa.ed.gov.
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