On this page we are listing all financial aid tips we believe make sense. Everyone's situation is different. Make sure to apply only the tips that fit your scenario.
If you have a great tip please email us at support@amero.org or use the Add New Tip page in order to add something new.
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Use a Shotgun
We hope we got your attention. Yes, in Financial Aid the best approach is to use shotgun approach. Apply for as many types of financial aid as possible. Answering "YES" to interest in different types of financial aid like Federal Work-Study Programs and Student Loans does not force you to accept anything. It does not even mean you'll be offered any of those, but answering "NO" to these questions will not get you more aid.
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What Is The Most Important Financial Aid Tip?
There is no one magic answer, but be sure to Apply for everything you can, including federal, state, and school or college aid, as well as private help. Stay eligible. Hit the deadlines. Take "No" for the answer. There is always help out there.
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Complete The FAFSA Application No Matter What
Submit your FAFSA Application even if you think you don't qualify. This application opens the doors to all kinds of federal aid. Make sure to give it a shot no matter how much you make.
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Go On a Apply For Grants Spree
Since Grants do not have to be repaid they should be your primary target. Once you decide what kind of college/major fits you Apply to all possible Grants in that category.
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Store Your Assets With Parents, Grandparents, Or Others
Things like: assets, savings, cash, and other similar items in the student's name prevent you from obtaining FAFSA money, or you simple get less. The way FAFSA values assets between you and your parents is this: student contributions are assessed at 20%, parents contributions are assessed at about 6%, grandparents and others are accessed at 0%. This means more weight is put on students then parents. The trick is to store your assets with someone other than you. You'll have to do a good research on this issues and use your own knowledge on how to go about this.
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Apply on New Year's Day (January 1)
Need based Financial Aid is distributed on first come first serve basis. That means you have to file on January 1. The minute you welcome new years (depending on your time zone) submit your FAFSA Application. That is the strategy and we reassure you you're not going to be alone doing this.
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Apply For Financial Aid In The Correct Order
There is one minor problem with submitting your FAFSA that most people do not know or do not even realize. Everyone recommends to Apply for multiple Scholarships and Grants, but no one tells you
if you apply for those types of Financial Aid first and then you submit your FAFSA Application you're going to take a hit on your FAFSA award.
The proper way is to research your Scholarships, Fellowships, Traineeships, Grants, and Other Financial Aid first. File your FAFSA on January 1st and Apply for the rest on January 2nd. That way you do not have
to report any awards on your FAFSA Application legally.
If you have to decide, which is more valuable to you, you need to estimate how much you're getting from both and compare. You would have to estimate what has to be repaid and what does not.
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Lower Your Adjusted Gross Income - Money You Make
Look up all expenses and contributions you had for your IRA, retirement plans, tuition, fees, moving expenses, and etc. All of those lower your adjusted gross income. The lower the income the more Financial Aid you get. Do not try to lower your income by force in the last minute by creating contributions or paying anything off you would not have to pay if it wasn't for you FAFSA Application.
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Get An Early Estimate Of Your Expected Family Contribution (EFC)
Estimate your Expected Family Contribution before your child goes to college. The best time is around your child's junior year. You will have an idea of what you might pay. Once you have that you can find colleges within your price range and you can prepare your Financial Aid Strategy.
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The FAFSA Process Excludes
The following assets are excluded from the FAFSA process: mortgage on your principal residence, IRAs, retirement plans, prepaid tuitions, life insurance value. All this means you can hide money there and that money is not going to affect the outcome of FAFSA.
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Do Not Get Rid Of Cash
We have seen advisers recommending students to get rid of cash by buying stuff, paying off bills, paying forward. Do not listen to any of that. That is all wrong. If you have a cash problem, fix the problem. Do not get rid of any cash. Spending money in order to get money is at least not creative. The idea of college is to receive more money when you graduate and not get back the money you put in.
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Pay Attention To Deadlines
Deadlines are important for free Financial Aid as many others will be competing with you. They are here reading this tip just like you. Make sure you have your dates written down. Create your own strategy plan for how you're going to beat others. For deadlines visit our Financial Aid Deadlines page.
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Take Out Student Loans As The Last Resort
When you try to get all types of Financial Aid and you do not receive anything or if the amount of money is not enough try borrowing money by taking out loans.
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Look For Scholarships
This is the type of Financial Aid that students know very little about. Scholarships are the best because they never have to be repaid. They offer a lot and they are prestige. There are lots of Scholarships and we are convinced you can find something that fits your criteria.
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Where To Go First For Financial Aid?
You have few choices here: you can come to this website, you could setup a meeting with your high school counselor or your university's financial aid office. The best will be to do all the choices
listed.
Please read our Financial Aid Center or visit our Still in High School Page
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