College Planning

5 Tips for Getting Federal Money for College

When seeking out ways to get money for college, some people forget to ask Uncle Sam to help. Getting money for college maybe your first test before ever stepping on campus.

Looking for Money For College?

As the cost of a college education in the United States continues to rise, most students find they must stretch to make ends meet. Fortunately, there are a number of ways to get federal money for college and let Uncle Sam pay the bill or some of it.

1. Put your parent's names on savings accounts.

When you apply for federal loans, the government expects you to contribute financially to your education. If you're a dependent student, you're expected to apply up to 20 percent of your assets toward college, compared to a parent's contribution that's up to 5.64. You'll get more money for college by putting your savings account under your parent's names rather than your own.

2.Be a regular at your financial aid office.

A powerful resource for everything related to financial aid is your financial aid office. Here, people are trained in finding the money you need by understanding the many benefits that you may be entitled to. Online research is fine, but nothing compares with the expertise of the financial aid office to work with you on an individual basis.

3.Maintain your required course load.

You can maximize your aid eligibility by simply maintaining good grades and a sufficient number of courses. For example, federal programs such as the Pell Grant are tied to your status, so if you drop a class, you may end up losing some of that money in addition to a drop in your GPA.

3. Get tested.

Parents whose combined gross income is at or near the $50,000 level, may be able to get more money for college by completing a simplified needs test to calculate (and verify) their expected family contribution (EFC). This simplified formula ignores assets, thereby increasing eligibility for financial aid. To find out more about how to apply for the test, contact your tax professional or financial aid office.

4. Apply for a work-study program.

Student earnings from work-study programs are exempt and won't count against you when it comes to your financial aid. This will enable you to earn additional money throughout the school year without risking your eligibility.

For more information on saving money or planning for college, visit the Protective Learning Center.

Was this article helpful?
0
0

All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

Money For College

Are you a student looking for ways to get more money for college? This article looks at five ways you can try to get more federal money for college tuition and expenses. For more information, visit the Protective Life Learning Center

WEB.1833.12.15