If you come from the ‘average’ family – your parents probably a little left over each month when the bills are paid – and that goes for the unexpected car repair bill or your sibling’s orthodontist. The home you live in may be worth less than your parents’ mortgage – and a retirement plan is just a dream…even though they are ‘professionals’ and make a pretty decent salary – they have just told you they are not sure how they are going to be able to pay for your college education.

And now you are asking the big question: Can I qualify for financial aid so I can go to school? The answer will probably surprise you, because there is an excellent chance that you can! In fact, many people that could receive financial aid never even bother to apply because they simply assume they don’t qualify!

Basically, there are 3 types of financial aid available: 

1) FAFSA: 
FAFSA stands for Free Application For Student Aid. This program determines the “expected family contribution” based on the financial information provided by you and your parents. A special formula makes this determination. For example, if the program determines that your expected family contribution is $10,000 and your school costs $20,000, then you should get $10,000 of financial aid, which could include grants, loans, scholarships and work study.

But here’s the big thing to remember – FAFSA is based on your family’s ability to contribute not the cost of the school. SO….if the tuition costs more, the amount of aid that you qualify for increases, even though your family’s contribution stays the same – so don’t limit your school search based on what FAFSA determines your family can pay!

Many schools will actually guarantee to find funding for admitted students – but other schools may have limited funding available – so get your applications in as soon as you have chosen a school or schools to make sure you get all the funding you need.

2) Merit Aid:
Merit aid can be based on a variety of different things such as grades, athletic or artistic ability. This type of financial aid is considered a scholarship, not a grant or loan, and is awarded without regard to financial need.

For example, in large Division I schools, outstanding athletes (usually in football or basketball) can receive a full scholarship that covers not only tuition but meals and housing as well.

3) Minority scholarships:
Yes, even today, there are many funding programs for minorities. Most schools offer these programs to help insure a balanced racial demographic in their school.

The bottom line is that even if your family is considered ‘upper middle class’ you may still qualify for one or more types of financial aid – so be sure to apply even if you don’t think you qualify – you  might be pleasantly surprised!

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Filed under: Scholarships For College

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