Getting financial aid for online college

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December 11th, 2009 - Posted by Carlisa

In my first blog about attending an online college, I mentioned that I did a lot of research on all my higher education options.  To be more specific, I mean a WHOLE LOT of research.  I compared them ALL and compiled lots and lots of notes about each school.  I also called area brick and mortar colleges that are physically close to me, and researched them online.  I wanted to give both online colleges and brick and mortar colleges equal consideration, depending on what they had to offer me in terms of cost, financial aid, accreditation, etc.

I found out during my initial calls that I was indeed eligible for financial aid.  All of the school reps I spoke to assured me that their Financial Aid Department had a multitude of financial aid opportunities.  Between all the available grants, scholarships, student loans and personal loans, I felt very encouraged.  Plus 90% of the schools also had a payment plan!

I learned that one of the first things to investigate in your quest for financial aid is the Free Application for Federal Student Aid (FAFSA).  FAFSA is the application used by nearly all colleges to determine your eligibility for federal, state, and college-sponsored financial aid, including grants, educational loans, and work-study programs. The FAFSA form is submitted to, and processed by a federal processor contracted by the U.S. Department of Education (ED), and the results are electronically transmitted to the financial aid offices of the schools that you list on your application.

The FAFSA form requires you to provide information about your family's income, which will be used to determine your Expected Family Contribution toward paying for the cost of your education. The difference between your EFC and the costs of attending school is calculated as your financial need.  You can search "FAFSA" and get several links to specific sites or just go directly to:

www.fafsa.com
www.fafsa.ed.gov/
studentaid.ed.gov/PORTALSWebApp/students/english/fafsa.jsp

As part of the FAFSA process, you will need to acquire a PIN.  The PIN is your US Department of Education identifier that you use to electronically sign the FAFSA. If you do not have a PIN, you may apply for one at http://pin.ed.gov

While researching financial aid opportunities, I was amazed and thrilled at all the info at my fingertips on the web. In Google (or your favorite search engine) just start typing keywords to search for.  Remember that you will get some differing results from different search engines.  Some suggested search terms are:

Unsubsidized Stafford, Subsidized Stafford, Perkins, PLUS, Grad PLUS, Pell Grants, ACG, SMART, SEOG Program, grants, scholarships, student loans, and other Title IV grant and loan programs.

Once you decide on a college, they should have a Financial Aid Department with a list of places that you can get financial aid.  If they don't have a FAD willing to help you find financial aid… then find another school!

Helpful financial aid websites:

www.onlinestudentfinancialaid.com
www.ifap.ed.gov
www.studentaid.ed.gov
www.salliemae.com/before_college
www.nasfaa.org/redisign/parentsstudents.html
www.knowhow2go.org
www.going2college.org/StateResources
www.nslds.ed.gov/
www.simpletuition.com/home
www.finaid.com
www.fastweb.com
www.collegeboard.com/student/pay/scholarships-and-aid/8936.html
www.collegescholarships.org/grants/