​Need Help Paying for College? Matching Headings

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The Free Application for Federal Aid is used to determine your family’s eligibility for government student loans and grants. Many colleges also use it to determine eligibility for their own institutional financial aid programmes. It doesn’t take long to complete - about 20 minutes - but it could be your teen’s ticket to free money from the government or college, low-interest loans or a work-study job.

Your family should fill out a FAFSA every year you have a teen in college, no matter how much aid you think you will (or won’t receive. The bottom line is, you’ll have a hard time getting any tuition help if you don’t apply.

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A grant is free money that doesn’t have to be paid back, like a scholarship. Loans must be paid back in full with interest. The lender will spell out the terms of the loan agreement, including when your student will start paying it back, how often payments will be due and how much each payment will be. Student loans are common and effective ways to pay for college. Encourage your teen to borrow conservatively, and make sure your student is clear about how much and how often payments will be.

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Check the Websites of your teen’s prospective colleges for school-specific financial aid forms. Questions? Call the financial aid office and ask to speak to a representative. When your teen receives an award letter, make sure you adhere to the deadlines. To reserve a spot in the college’s freshman class, a tuition deposit will likely be required by May 1.

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Most schools offer scholarships to current students, and many students don’t realize they’re available. Your child should find the college financial aid office online and research scholarships there. The awards may reward leadership or community service or be major-specific. One of your teen’s talents or passions could end up paying off.

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Colleges respect teens who successfully manage part-time jobs while maintaining their academic and extracurricular commitments. Encourage your student to perfect time management skills and help pay for items like their textbooks, phone bill and dinners out by getting a part-time job in high school and college.