How to Apply for Financial Aid

Looking for financial aid? Feeling weighed down by deadlines and requirements? The financial aid application process doesn't have to be confusing. Between the federal government, your educational institution, specialized scholarships, and private loans, you should be able to cover your educational costs.

The FAFSA: Your Free Financial Aid Application

Every year, millions of students like you fill out the Free Application for Federal Student Aid (FAFSA) to obtain federal, state, and institutional grant, work-study, and loans. When you complete the free application online, have the following information handy:

• Social Security Numbers for you and your parents
• Driver's license number, if you have one
• Tax return information for you and your parents
• Untaxed income information
• Asset information for you and your parents

Because so many financial aid programs use the FAFSA to determine aid eligibility, it's important to complete the form before the deadline every year. FAFSA deadlines are typically in early spring before the fall term starts; the optimal time to file the FAFSA is as soon as possible after January 1.

Take Advantage of Black Scholarships

A number of scholarships are available to help minority students fund their college education. Black scholarships are available through groups like the United Negro College Fund and the National Association for the Advancement of Colored People (NAACP). The NAACP's Historically Black Colleges and Universities (HBCU) Fund provides $2,000 for students attending specific historically black colleges.

Finding black scholarships and funding isn't difficult. Large scholarship programs funded through the NAACP and UNCF have Web pages, plus a number of online scholarship search sites provide information and links at no cost. Contacting local businesses or social organizations can yield local results and more detailed information.

Complete Your Financial Picture with Private Loans

If you've received your grants, scholarships, and federal loans and still need additional funding, consider private loans. Private loans typically have a higher interest rate and less flexible payment options than federal loans, but rates will likely be lower than a credit card. When shopping for private loans, be sure to ask a few important questions:

• How does the interest rate and payment plan work?
• If the rate is adjustable, is there an upper limit?
• Are there special incentives (paying the balance on time or online, for example)?

When it comes to finding your perfect financial aid package, research is your strongest tool. Completing all of the required paperwork and meeting different deadlines may seem overwhelming, but your reward could be a stress-free college experience.

Sources
FAFSA
NAACP