If you’re a low-income student looking for financial aid, you know it’s not easy to get. The good news is that there are plenty of programs out there that can help. Say’s Mark Mariani, in this guide, we’ll go over the basics of how to qualify for need-based financial aid and show you how to find out if you qualify.
File the FAFSA
The FAFSA, or Free Application for Federal Student Aid, is a form that you must complete in order to qualify for need-based financial aid. The deadline to file the FAFSA is March 1st of each year (or April 1st if you’re applying late). The good news is that it’s free! You can fill out your FAFSA online at fafsa.ed.gov and use our guide here to help you along the way: https://www.finaidtips.com/questions/how-do-i-fill-out-my-fafsa/#form2
Start saving for college as early as possible.
One of the best ways to qualify for need-based financial aid is by saving for college as early as possible. The amount you need to save depends on the type of school you want to attend and whether or not your family qualifies for any tax credits or deductions. For example, if you’re planning on going to an expensive private university like Harvard University or Stanford University, then it may take at least $100K in total savings (including investments) in order for them to consider awarding any kind of merit-based scholarship during their application process.
If this sounds like something that would be helpful for someone in your situation who wants an excellent education but doesn’t have much money saved up yet? Then there’s good news: You can still get help from federal programs like Pell Grants and Stafford Loans!
All colleges have different policies about how much money students can earn before affecting their eligibility for need-based financial aid programs
Different colleges have different policies about how much money students can earn before affecting their eligibility for need-based financial aid programs. Some colleges have a minimum income, others have a maximum income and still others set a ceiling on the amount of money you can earn before losing eligibility.
Some schools allow students to work part time during the school year as long as it does not interfere with their academic performance or cause them to neglect their studies.
Financial aid is out there; you just have to know where to look for it.
The first step to finding need-based financial aid is to determine if your family is eligible. If you’re a dependent student and your parents are unable to pay for college, then yes! You may qualify for need-based aid. But what about independent students? What if I’m over 24 years old? Can I still get help with my college expenses?
The answer is yes! Even if your parents aren’t offering any assistance with paying for school, there are plenty of other sources available–and they don’t have an age limit on how old you can be before applying for them.
The best thing you can do is to start looking for financial aid as early as possible. Most students don’t know about all the options available until it’s too late, which means they miss out on thousands of dollars in scholarships and grants every year. By filling out your FAFSA form today, you’ll have access to all kinds of money that could help pay for college tomorrow!