Parents ask me each year, how they can find resources to help them pay for the rising cost of college tuition. Here are some ways you can prepare and educate yourself in the process.
1. File the FAFSA. This is the acronym for the Free Application for Federal Student Aid. Even if you think you won’t qualify for need-based financial aid because your family makes too much money, you must fill it out anyway. Many schools require first-year students to fill out the FAFSA and you might even be surprised to learn that your family does indeed qualify for some form of aid—especially if you have more than one child in college at the same time. The U.S. Department of Education uses the FAFSA to determine eligibility for federal student aid, including loans, grants, and work-study. The FAFSA may also determine eligibility for state and school aid as well. Fill it out online as soon as you can after Jan. 1. It is time-consuming and you may not have all of your tax information yet, but you can submit an estimate of your income and finalize it later once your tax returns are complete.
2. Fill out the CSS Profile. Some private schools may also require you to fill out the CSS, which is more detailed than the FAFSA. Check
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