Need Advice to Maximize Financial Aid for College

Hi! So I'm starting to realize that college is expensive and I'm trying to find the best ways to get as much financial aid as possible. What methods, strategies or tips did you guys use or wish you had known when applying for financial aid? Should I be considering local scholarships, grants, loans or more? Looking forward to your experiences or advice on this matter.

To maximize your financial aid, consider starting with completing the FAFSA (Free Application for Federal Student Aid) as early as you can. This not only applies you for federal aid but is also often required for state and institutional aid applications. Remember that it utilizes the 'prior-prior' year's tax information, namely your (and your parents', if you are a dependent) tax return from two years ago.

Next, explore scholarships offered by the universities to which you're applying. Check their websites for information on eligibility and deadlines. You might find merit-based or need-based scholarships directly from the schools. These can be automatic for all applicants or they might require separate applications.

Applying for external scholarships is also a must-do. Look for scholarships offered by local associations, businesses, or organizations, as these will likely have fewer applicants compared to national scholarships, therefore increasing your chances of being awarded.

Another strategy to boost financial aid is to apply to some financially generous schools. These are typically universities with large endowments that are committed to meeting the full demonstrated need of their students, such as Vanderbilt or Stanford, among others. However, you should still apply to a range of schools, keeping in mind the net price you are likely to pay at each, which can be estimated using each school's net price calculator.

A few things that are perhaps less considered: Keep your grades up. Academic performance can play a role in securing certain types of scholarships. Also, ensure that you do not miss any deadlines, as late applications may not be considered for aid.

Regarding loans, these should be your last resort for covering college costs. Try to exhaust all free money (scholarships and grants) options first. However, if you need to take out loans, prioritize federally subsidized ones as they have lower interest rates and more forgiving repayment terms.

Remember, financial aid is not just about the first year. Maintain focus on your academic performance and seek out scholarships even after you start college, as there are opportunities available for upper-year students too. Good luck!