The Free Application For Federal Student Aid - 1606 Words

Introduction During week two, we were tasked to conduct a financial analysis of the Johnson family and assess their ability to independently fund the college educations of their three children. That analysis determined the two hundred dollars currently contributed monthly to each child’s college fund since each child was born will not fully fund their educations, given their ages, current balances in each college fund and the annual inflation of college costs. Assuming their available cash flow will only support the current monthly college fund contributions, alternative methods and financial tools must be explored to mitigate the shortfall. The purpose of this paper will be to research other college funding alternatives which may†¦show more content†¦However, it is equally important for other potential forms of financial aid as â€Å"many states and colleges use your FAFSA data to determine your eligibility for state and school aid, and some private financial aid providers may use your FAFSA information to determine whether you qualify for their aid† (Federal Student Aid, 2017, p.1). Federal Student Aid is a very large program â€Å"providing more than $150 billion in federal grants, loans, and work-study funds each year to more than 13 million students paying for college or career school† (Federal Student Aid, 2017, p.1). Therefore, the student who is seeking financial aid to cover a portion of college costs needs to first and foremost complete a FAFSA application as it is the basis for Federal Student Aid but is also the data source for other forms of student financial aid. FAFSA applications consider the assets of the parents and the student in determining the Expected Family Contribution (EFC) and will normally expect a higher percentage of contribution from student assets vice a lower percentage from the parents (Mannaioni Greer 2016). For determining family or student assets to be assessed against potential financial aid, FAFSA places emphasis on family or student adjusted gross income as other assets such as â€Å"retirement accounts, cash value life insurance, home equity and small business assets† are excluded when calculating the EFC. Institutional Methodology, on the otherShow MoreRelatedFree Application For Federal Student Aid1967 Words   |  8 Pagesdiligence and sacrifice, and a lot of leg work, paying for college should not be a barrier to your education. Federal Aid The first step is filling out the Free Application for Federal Student Aid ( FAFSA ). The application has federal, state, and possible college specific deadlines. You can inquire about deadlines here. There are two types of loans available in addition to things like federal Pell grants. These loans are subsidized by the government, so you won t find the same difficulties as youRead MoreBenefits Of Paying College Cost1291 Words   |  6 Pagesmethods you can use when it comes to paying for your college cost. You can use financial aid, federal grants, private student loans, college work study, and you can also even try to make a good score on your ACT so that you can have many colleges to choose from that will give you a scholarship. All of these ways will either pay some or may even pay all of your college cost. Most family’s first choice is financial aid because it is a major source for college financing. For fasfa requirements include thatRead MoreGraduation Speech : College Tuition1634 Words   |  7 Pagesmore students are going to college than ever before. 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That said, before thisRead MoreEssay about Information about Financial Aid1063 Words   |  5 PagesFinancial Aid Financial aid is money in the form of loans, grants and employment that is available to a student to help pay the cost of attending. Financial aid comes from the federal government, which is the largest provider of aid, as well as state government, the school and a variety of other public and private sources. If you think your educational expenses are more than you and your family can afford, you should apply for financial aid using the Free Application for Federal Student Aid (FAFSA)Read MoreThe Importance Of Higher Education1516 Words   |  7 PagesDuring high school, many students begin to debate the significance of a higher education and question the importance of obtaining a college degree. However, attaining a college education offers opportunities for graduates that can not be received without it. 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Over 54,000 students are enrolled at UW each year and 6659 students devolting in university-sponsored public service today. With 16 colleges and schools providing 1,800 undergraduate courses each quarter confering more than 12,000 bachelor’s, master’s, doctoral and professional degrees annually, UW has renowned as a multi-camplus university and academic medical center. Students who are seeking to accomplish their educational dreams will definitlyRead MoreShould College Tuition Be Paid?1687 Words   |  7 Pagesyear, the only thing students seem to hear about is college. They have to attend tours, fill out application after application and decide what school will be best for them as a person and their career path. But what most people seem to stress over more than anything else is being able to actually pay for college. College tuition is high in price and increases every year, making it almost impossible for students to graduate without extreme debt. There are scholarships, financial aid, and loans to helpRead MoreEssay On The Cost Of Higher Education963 Words   |  4 Pagesthe financial aid process and the different ways to assist and maximize funding to students. The U. S. Department of Education’s website provided resources and information on the different types of financial aid that the federal government provided. This paper discussed the availability of loans to students, repayment plans, acce ssibility of the application process, support for applicants with questions or concerns, ease of information retrieval, and how institutional financial aid budget directors