As a parent, when your child decides to attend college the first emotion is likely joy. It’s a moment you’ve dreamed of: your baby making a decision to better their lives. All the hard work and homework sessions have paid off.
Then your child shares their college choices and the joy turns to fear. How am I going to pay for this? Luckily, you don’t have to drain the savings you’ve worked hard for to send your child to college. There is financial help available – a lot of it.
Complete the FAFSA
The Free Application for Federal Student AID (FAFSA) is your best friend. It’s one of the best sources to secure federal grants and different forms of state aid. The key to FAFSA is filling it out as early as possible, though you have to wait until you receive W2 forms because that is how the amount of money is decided. Different states have different deadlines, Indiana’s is March 21, 2012, for the 2012-13 school year.
Apply for grants and scholarships
Grants and scholarships are great because they don’t have to be paid back. Contact local community organizations and find out if they have grants or scholarships available. Also, check out the following sources online: FastWeb, FinAid, the College Board and the Financial Aid Resource Center. In addition, most high school guidance offices have resources available too.
Tax credits may help
According to money.com, if you’re single with an income of less than $55,000 a year or a couple with an annual income of less than $110,000, you could qualify for a Hope credit and a Lifetime Learning credit to help defray college costs.
Ask for a payment plan
If you’re unable to foot the entire bill up front, consider talking with your child’s bursar office before classes begin and ask if you can make scheduled payments throughout the semester.
Pay attention to deadlines
The sooner your child files his or her college applications, the better your chances of receiving aid. To assist with financial aid for college forms, file your taxes as early in the year as possible. Keep in mind that if you are applying to schools that require the PROFILE financial aid application, it may have an earlier deadline than the FAFSA.
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