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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Find a College For You
It's important to find a college you like and one you can afford. Sometimes students end up in colleges they like, but they can not afford it after a semester or two. Very often the end result is
dropping from college all together.
Finding the right college will not make you find more Financial Aid, but it will be easier to find less aid than you would in an expensive school.
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Use Your Grandparents
Everyone talks about parents, but very rarely do we hear Grandparents. They can take out a Loans and help you store some of the assets.
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Use Your Parents
FAFSA expects students to contribute 35% of their income to college education, while they expect parents to contribute 6%. That means you'll get more Financial Aid if you keep your assets, investments and, others with your parents. The best option is to use Grandparents as the contribution goes down from 6% to 0%.
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Apply For Student Loans On the Same Day
We are not sure if this tip is valid, but if you have to apply for more than one student loan (different banks) do it on the same day. This will prevent the second bank to see your first loan on the credit history and it will be easier to get qualified.
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Your Job Is Not a Problem
Many times we hear people say do not go to work, you will not get Financial Aid. That kind of approach will leave you in poverty. Working has benefits. In many cases the job will make more for you
than any kind of Financial Aid and you will not have to repay anything later. Only Free Financial Aid is better.
When you have a job and the job is preventing you from getting more financial aid it mostly means you have a good job and you should continue working. First, you'll have to calculate how much you
earn from your job vs. how much less Financial Aid you get because you're working. Once you have that number you'll be in position to see if it's worth quitting.
Unless you spend a lot of time working and the extra money is not that much that it worth to stop working, get fully Financial Aid and have more time for yourself.
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File Your Income Tax
If you are filing as single with an income of less than $55k a year or a couple with an annual income of less than $110k, you qualify for a Hope credit and a Lifetime Learning credit.
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Always Ask For More
Very often financial aid offices can be flexible when it comes to personal family needs. Contact the financial office at your school and ask them to review your award and see if anything can be done to increase it. Give them valid reasons for your request. Make sure to give them the exact amount you're looking for and explain the figures.
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Stick to a Budget
Create a budget and track where you spent the most money. After few months of tracking you will realize where the money goes. Try cutting down your spending and see how much more you can save. This will lower the amount of aid you'll need to be rewarded and therefore increase your financial aid chances.
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Don't Lie
There is no need to lie. You can receive Financial Aid in the legal way. Federal Government can take back your aid and even send you to prison for lying on the FAFSA Application.
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If You're The Parent, Make Sure Your Kids Contribute
As a parent you can take Student Loans and help your kids get through college. So far so good, just make sure they work if possible and pay a portion of the bill. That way your loan will be smaller and your kids will appreciate the help.
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Sign the FAFSA Application.
Make sure to sign the form. If you don't sign the form, you will receive an SAR, but you will not receive any aid.
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Create a Copy For Your FAFSA
Before you mail out a form, make sure to create a copy. You can print online before you submit the application. It will be helpful later on if you are required to know what you submitted.
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Timestamp Your FAFSA Application
When you submit your FAFSA Application, make sure to print out the confirmation page and keep it for your records. This page contains a confirmation number with the exact date and time the form was received. The date and time is Central Standard Time.
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Check You Eligibility For Financial Aid
Most undergraduate students receive Financial Aid. There is no reason you should not receive some form of aid. Do a research about your eligibility. If you are eligible for Financial Aid, great. If not, find out how you can become eligible.
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Never Give Up
If you read all the way to the last Financial Aid Tip and we were not able to help you. Don't give up. You can still write to our
Experts and Ask a Question. We also have a Newsletter Sign Up you can sign up for. That's how we inform out visitors about Financial Aid News, Tips and more.
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