Get ahead of your graduating class. Have your parents complete the 2014-15 Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov to understand the application process. Just remember, you will need to complete another FAFSA again each January for the upcoming terms starting after July 1 each year.
The FAFSA will provide you an expected family contribution (EFC). The EFC value is an indicator of what the student and parent may need to contribute towards college for that year.
It is better to get an understanding of the cost expected early on to prepare. For example, if the student works, they may want to set aside money to contribute towards the college expense for the year.
If there is no money set aside, no need to worry. A student or parent can borrow Federal Direct Loans.
Just remember, a direct loan is money you have to pay back. So, if you can save money for college. Do it! It will save you hundreds if not thousands of dollars in the long run.
Help us get the word out to families who have children preparing to go to college. Please share this blog with friends and family to provide them information on navigating college financing.
If you have any questions, send them to us. We will provide answers in future postings.
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