Education in the US can be shockingly expensive. It can cost up to $75,000. For a middle-class family, this can add up to a lot of pressure on their child’s college funding. However, having a degree is important to get a job, and hence, you need to attend college, no matter what. Thanks to the scholarships, grants, and various other ways through which you can get financial help to get admission into a good college. Let us know Does FAFSA Pay For Private College?
FAFSA does not pay for any college, whether private or public. FAFSA is the form that the students need to fill out to determine whether they are eligible to get financial aid. If they are eligible then how much help will they get? But both public and private colleges offer some financial help, and to figure out how much they can get, they will have to fill out the FAFSA.
Private colleges are known to offer more help when paying for colleges. They give more discounts on tuition fees as compared to public colleges. Some private colleges might need some additional forms to be filled out by the student, other than FAFSA, to get financial aid. One such supplement form is the College Scholarship Service Profile or the CSS profile. This form is more thorough than the FAFSA.
FAFSA
FAFSA is a form that students must fill out to figure out what amount of financial aid they can get. The students are required to fill out the exact information related to their financial status, based on which they will be granted aid.
Through all this information, including bank accounts, investments, etc., FAFSA will determine which type of aid the student is eligible for. There are need-based and not need-based financial aids available. The need-based aids are Pell Grants, Federal Supplemental Educational Opportunity Grants, Federal direct subsidized loans, and federal study work. The non-need-based aids are the direct unsubsidized loans, federal plus loans, and TEACH grants.
The students can fill out the FAFSA using this website:
Eligibility
FAFSA aims to check whether the student is eligible to get financial aid or not. The eligibility for that is determined if the student meets up with all of the following
- The student must be registered with the Selective Service System if needed.
- The student must have had Satisfactory Academic Progress or SAP.
- The student must be a citizen of the United States. In case the student is a citizen, they must be eligible to at least become one.
- The student must have a valid Social Security number.
- The student must have a high school degree.
- The student must have signed the certificate which states that they do not owe money to any other federal grant, and they will only use the grant money for education.
- The student must be clean of any drug charges.
Types of Financial Help
There are various ways through which students can get financial support to get through college. Several agencies can be of great help. On the other hand, there are many ways to get funds, which must be repaid to those agencies and sometimes with interest. Some of the mediums are listed below:
- Based on the student’s financial condition, they can get grants, which do not have to be repaid. They are offered by the federal or state government.
- Students can get a scholarship which can be based on their financial condition or merit. These are usually given by colleges, private institutions, or even by some charities. These do not need to be repaid.
- Students can also take education loans to pay for college, which should be strictly used for educational purposes. In the future, the students will have to repay the loan amount with interest.
- Federal Work-Study is another way to get funds to pay for college. Students who require extra money can earn that by doing part-time jobs on campus and under the jurisdiction of the university.
- For graduate and postgraduate students, there is an option to take up a fellowship or assistantship, which allows them to work along with their studies and helps them pay for college.
How to Apply for Financial Help?
Attending a college in the US might be way more expensive than you thought. But there is nothing to worry about because the US Department of Education can help you pay for college by offering financial help through various mediums. The first step is to fill out the FAFSA, which helps determine whether you are eligible for the aid or not. It is a detailed form where you must provide your details and the family’s financial condition.
Once the application process is completed, the students will be given a Student Aid Report, which will present how much aid the student is eligible for. If there are changes in the financial condition of the student from the time when they filled the application, they can appeal to the school for further help.
Conclusion
The price of attending college in the US can be high, but the education department has schemes to help students cover their tuition fees. They offer financial aid to students based on merit and need. Students attending private colleges can also avail this facility by filling out the FAFSA and checking how much aid they will receive.
FAFSA does not give loans or pay for college. It only determines whether the student is eligible for aid, and if so, how much aid will be offered to them. There are other sources as well, from which financial help can be gained. But it must be used only for educational purposes.
Frequently Asked Questions
Q.1) When should you fill out the FAFSA?
Ans. The students in need of federal aid should fill out their forms by June 30th. Although, many colleges have different deadlines, which should be kept in mind and not missed.
Q.2) What is the point of FAFSA?
Ans. Students are required to give in their details for FAFSA to determine whether they are eligible for federal aid or not. Most of the time, the aid provided is free, but other times it needs to be repaid.
Q.3) How is FAFSA different from CSS profile?
Ans. The CSS profile is required only by some private colleges, and it is a fee-based firm. It is required by the colleges to provide funds to students. Unlike CSS, students do not have to pay a fee to fill out the FAFSA, which is available for all students.
Q.4) Can FAFSA pay all the fees for a private college?
Ans. If the student’s family income is low, they can get federal aid, which will pay for all their fees. But to find that out, they have to fill out the FAFSA first, and then they will get an estimate of the amount of aid they will get.
