Cash for College: What You Need to Know
Is your student planning to attend college next year? If so, you will want to read this.
The FAFSA is an application that the federal government uses to assess what loans and grants you qualify for. It is the only way to receive federal funding and to ensure that your student gets the best loan options. This application needs to be completed each school year by both current and prospective college students.
The state priority deadline for financial aid in California is March 2nd, 2023. Any US citizen can apply for the Free Application for Federal Student Aid (FAFSA). Financial aid is also available through the California Dream Act Application and the Chafee Grant for Foster Youth.
We encourage you to join an online Cash for College Webinar hosted by the CA Student Aid Commission. The free workshops will connect you to financial aid experts who will answer your questions, and help you apply.
The next available dates for the workshops are January 12 and 25, February 8 and 22. Register for free at Bit.ly/REGISTERC4C
Federal Loans and Grants
The FAFSA is an excellent choice. Your student may qualify for grants, which is money that doesn’t need to be repaid; and the loans generally have lower interest rates than private loans.
The California Dream Act Application is for students who do not have a Social Security Number but can still qualify for financial aid. The Chafee Grant for Foster Youth is a $5000 a year finance grant for current or former foster youth; the grant is in addition to any other state or federal aid the student may receive.
This is an outstanding opportunity; every student should apply to try to obtain some type of financial aid. According to the Southern New Hampshire University website, aid is available for anyone with a household income below $250,000 a year. Most students qualify for some type of financial aid.
Furthermore, the website also states that every year, the U.S. Department of Education gives over $120 billion in federal grants, loans and work-study funds to more than 13 million college students. Your student can be one of them!
Students can fill out the FAFSA for the next academic period starting October 1st, and the sooner you apply the better your chances of receiving generous aid.
