| College students come in all shapes, colors, sizes | | | | to any income that you have earned. Make sure |
| and ages. Whether you are a high school student, | | | | to report accurate information. Do not attempt to |
| a current undergraduate student or a parent | | | | mislead the federal government. After all, your |
| dreaming to continue your education, you should | | | | financial information can be obtained. Not being |
| not let the lack of money prevent you from | | | | honest on the form could lead to legal action |
| getting a college degree. Several financial options | | | | against you. |
| exist. Ideally, getting scholarships and grants would | | | | Based on the financial information that you |
| be the best option because you do not have to | | | | provide, a FAFSA processor uses a formula to |
| pay the money back. However, student loans | | | | calculate your Expected Family Contribution. The |
| have allowed thousands of people to obtain | | | | formula used is a standard formula which was |
| college degrees. Regardless of where the money | | | | established by Congress. Once calculated, you will |
| comes from, remember investing in education will | | | | receive your Student Aid Report. In addition, your |
| enrich your life. | | | | information and your Expected Family Contribution |
| On of the most popular forms of financial aid is | | | | will be automatically sent to all of the colleges and |
| The Federal Pell Grant Program. If your family has | | | | universities that you listed on the FAFSA. |
| a low-income and you are pursuing an | | | | Employees in college financial aid offices use the |
| undergraduate degree you probably qualify for | | | | information to determine your eligibility for federal |
| this grant. In fact, some students who are | | | | financial aid. Once awarded, your Pell Grant and |
| enrolled in certain graduate programs qualify for | | | | student loans can be used to pay tuition, fees, |
| Pell grants as well. If you get a Pell Grant, you can | | | | and living expenses. |
| use it at one of 5,400 colleges, universities or | | | | If you are awarded any form of student financial |
| community colleges. | | | | aid from the federal government, your grants or |
| In order to get a Pell Grant and/or a student loan, | | | | student loans will be credited to your account at |
| you must complete a Free Application for Federal | | | | the college or university that you attend. Once all |
| Student Aid. This form is often referred to as | | | | school charges have been paid, you will get a |
| FAFSA. You can complete the form online. Be | | | | refund, if any of the money is left. This refund |
| prepared to report your family's income and | | | | can be used to pay other student expenses. If |
| assets. The number of family members and any | | | | you are owed a refund, expect to receive it in |
| family members attending college will also have to | | | | installments that coincide with the academic term |
| be reported. If you are not married and less than | | | | of that particular college or university. Traditional |
| 23 years old, in most cases you will have to | | | | academic schedules include semesters, trimesters |
| report your parent's financial information in addition | | | | and quarters. |