The end of the high school year is when students begin worry about what college they are going to and how they will pay for it. For most it is a worrisome time that is wrought with pressure and stress. The more a student knows about student financial aid and how it works, the less stressful the whole process will be. Knowing how to apply and deal with financial financial aid is a tool that in invaluable to the freshman in college.
Everyone should apply for student aid even if you do not plan to go to college. Having the records and the paperwork in place can be a time saving move if you decide to go to college later. The application is the start of the bureaucratic process that intertwines you with the federal government for possibly a third of your life. It is that important to apply.
When you apply for financial aid, you need to do so after January 1st of each year. This starts a new financial year and the agencies that distribute financial aid funds start with new amounts to give out. Another reason is that financial aid is based off last years finances that you have earned. Your reward is determined on how much money you make and what your expenses are.
You must submit an application every year for financial aid. Some financial aid offices will notify you, but most of the time it is left up for you to get the application in. This will allow you the leeway of having time if a family emergency comes up or if you have to suspend going to school for a few months. It just leaves you more prepared.
If you do have an emergency or problem, you can submit a special circumstances application and the repayment of your financial aid will be suspended for awhile. This gives you enough time to get you ducks in a row and be steadier when you are ready to come back to school. You have to apply for it because you will not be given notice that you need one.
If you do not qualify for financial aide there are other options to help you finance your schooling. You can apply for scholarships and grants and you can also apply for personal loans from your local bank or personal lending institutions. You have to be creative and look for obscure sources for funding, but it can be done.
