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Does My Child Qualify for Federal Aid for College?
Unfortunately, many parents don't think about how they are going to pay for their child's college education until after the child has started high school. Then they panic and wonder how they are going to pay for it. They may also wonder, "Does my child qualify for federal aid for college?"
If you fall in this category of parent rather than the one that planned ahead, there is hope. Beginning to save when your child is starting high school is better than waiting until their senior year. And any saving you do will be better than nothing, but you should also check with the school counselor to see what financial aid is available for your child.
Regardless of which category you fall into, whether you've already planned for your child's future educational goals when they were still in diapers (by establishing a 529 pre-paid tuition plan or college savings program) or you're just now thinking about how to pay for that college or university tuition, one place to check out is the Free Application for Federal Student Aid (FAFSA).
A student must fill out the FAFSA each year to qualify for federal financial aid. You may begin learning about this option as early as your junior year in high school by searching for the FAFSA4caster, which will discuss the process of applying, teach you about financial aid before it is needed, as well as what the eligibility requirements are.
To receive student financial aid, you need to fill out a Free Application for Federal Student Aid (FAFSA) every school year. This application must also be filled out to receive most state and college aid. You may go to the FAFSA website (http://www.fafsa.ed.gov) to download a copy of the FAFSA on the Web, which answers any question you might have. If you do find a question that is not answered, you may contact the school you are interested in attending.
Eligibility requirements for the FAFSA, you must be:
A U.S. citizen or eligible non-citizen. (Check out the Social Security
Administration to check for non-citizen eligibility.)
Registered with the Selective Service. (Go to the Selective Service website
to register, or go to your local post office.)
Attending a school that participates in the program
Working toward a certificate or a degree
In need of financial assistance
In compliance with state or local requirements. (Check with the financial
aid administrator at the college you would like to attend to find out
what those requirements are.)
Begin thinking about college expenses now, before they are needed. By preparing now for college, you won't have to wonder, "Does my child qualify for federal aid for college?" Learn more about the Free Application for Federal Student Aid but don't forget about other forms of financial aid or scholarships if your child qualifies for them.
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