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Finance For A Higher Education

by Chang Song | February 2nd, 2011 | Teen Perspective

After many high school seniors in the United States get their respective college acceptance letters, it is a bittersweet moment for many parents. Many parents are proud of their kids but are also thinking about how they are going to pay for their kid’s college tuition. Often times, many parents look for the help of financial aid to fund for their child’s education.

Financial aid has played a big role in helping families pay for a college education for years. In fact, students all over the country received more than 168 billion dollars during the 2009-2010 academic year to help them pay for their respective educations. Most of the financial aid is federal aid, which is every taxpayer’s tax dollars contributed to help students to fund for their education. Almost 110 billion dollars were used as federal aid in 2009-2010 academic year to help students finance their education. That’s sure a lot of money. I mean, boy, that’s not just some pocket change, that is Bill Gates money.

To me, financial aid is probably the best thing since sliced bread. I know that it is an exaggeration, but financial aid really helps parents and students not only in paying for student’s education, but also from losing their minds. First of all, financial aid is easy to apply for, and nearly everyone who applies is eligible to some of the money. Parents and students need to fill out a Free Application For Federal Student Aid (FAFSA) to become eligible, which can be found on the official FAFSA website. It is easy to fill the form out online. Also, the website gives out professional help to parents and students by providing tips to even the easiest questions on the form. The application should be submitted immediately after the 1st of January each year a student goes to college, or at the latest before summer vacation starts. The application allows the government, the state, and the institution to determine how much money that student’s family can contribute and how much they, in turn, can give the student.

Financial aid can be given out as scholarship, grants, loans, and educated tax benefits. I think grants are the best because they are “free money” since they won’t have to be paid back. So tell your kid to fill out the application as quick as possible because you can’t play around when funding for your future.

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