College Planning

Financial Aid Help for College

There is more than $238 billion in financial aid available for students. FAFSA is a financial aid application that allows you to apply for eligibility to receive funding for your education.

If You Need Help Paying for College, Federal Financial Aid Can Help

If you need help paying for college, did you know that more that there is $238 billion in financial aid available? Filing your federal financial aid application (FAFSA), is the first step in applying for more than 90 percent of this money.

The FAFSA is essentially your gateway to federal student aid. Upon completion of the form, your financial information (and your parents' information if you are a dependent) will determine how much federal student aid you may qualify for - including free money such as college grants. This information also determines your eligibility for low-cost federal education loans. So if you don't get enough in scholarships and grants, federal loans could be your next step.

Eligibility

Nearly every student is eligible for some form of financial aid, including low-interest Federal Stafford and/or parent PLUS loans provided that you, among other criteria:

  • are a U.S. citizen, a U.S. national, or an eligible non-citizen;

  • have a valid Social Security Number;

  • have a high school diploma or GED;

  • are registered with the U.S. Selective Service (if you are a male ages 18 to 25);

  • complete a FAFSA promising to use any federal aid for educational purposes;

  • do not owe refunds on any federal student grants;

  • are not in default on any student loans; and

  • have not been found guilty of the sale or possession of illegal drugs during a period when you received federal student aid.

How it works

Before you are granted financial aid, an analysis would be performed to determine how much your family is capable of contributing towards your educational expenses. It requires an examination of your total assets and income, the size of the family, as well as other factors. In short, this determines your need and how much you may need to borrow.

For more information on how to pay for college, visit the Protective Learning Center.

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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.

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