Extra Financial Aid Money and Loans Some schools give students more freedom -- and more responsibility -- to manage their costs with financial aid. The students are supposed to use the money from financial aid to cover expenses such as tuition, books, transportation, and room and board. But if the student chooses to spend the money elsewhere, he or she will encounter problems later on once there are bills to pay. Many schools limit the amount of financial aid any single student can receive. This prevents a student from receiving more aid than what is necessary to pay for a college education. But students who win grants and scholarships from multiple sources may find themselves in possession of more money than they need for basic costs. It's a big mistake to dedicate this money to short-term desires. Using financial aid money to cover costs unrelated to school can lead to trouble down the line. This is particularly true for student loans. Recipients of student loans must repay the … [Read more...] about How can financial aid be spent?
Wake tech financial aid
Private Aid A wealth of private scholarships exist for women who are single parents, minorities, of nontraditional age, or who are pursuing an under-represented field. Photo courtesy of Maryland.gov A single mom with a low income is pretty much guaranteed some financial assistance through the Pell Grant. With private grants, she can get even more help with the costs of schooling. It takes a bit more effort to find these sources, but there are a number of organizations and Web sites dedicated to helping applicants search through the bog of financial aid (beware the scammers, though). Private foundations target all sorts of students. They're typically need-based as well as achievement-oriented, meaning students must exhibit and/or maintain a certain GPA or other measure of work quality. Many are aimed at women, and several scholarships offer help to single moms specifically. In other cases, a single mom may meet another criterion that makes her eligible for a private grant. … [Read more...] about How Financial Aid for Single Mothers Works
Getting (and Keeping) Financial Aid Despite your other accomplishments, you'll likely still need a high GPA to secure competitive scholarships. ©iStockphoto.com/topshotUK Generally speaking, few merit-based scholarships consider students with anything below an A average. The most prestigious national scholarships typically go to those with a perfect 4.0 grade point average (GPA) coming out of high school. GPA isn't the only consideration, of course. SAT/ACT scores and excellence in a particular area (such as basketball or music) also factor into the equation. But the GPA requirement is often non-negotiable, if only because scholarships and grants are so competitive. Let's say 10,000 students are applying for five scholarships, and the qualifications call for a 3.8 GPA. Reviewers probably won't even bother opening the full application for students with a 3.7 if there are plenty of applicants who meet or exceed the GPA criteria [source: FinAid]. Need-based aid relies … [Read more...] about How does GPA affect financial aid?
Qualifying for Financial Aid Whether or not you're applying to business school, students looking for federal financial aid need to fill out the FAFSA. Ryan McVay/Getty Images The first stop for anybody looking for financial aid in the United States is the federal government's FAFSA Web site. Completing the FAFSA is a requirement for receiving any federal aid, along with most state and college aid as well. The entire application can be completed online. You can apply for a personal identification number at the FAFSA Web site that allows you to electronically sign in when you're putting together your application. If you're applying for financial aid to go to graduate school, as in the case of an MBA program, you're automatically considered independent and don't have to submit financial information about your parents, regardless of your age or marital status [source: Federal Student Aid]. You must be a citizen of the United States or an eligible non-citizen, meaning you must … [Read more...] about How Business School Financial Aid Works
Be prepared to support your appeal with documentation. © 2009 Jupiterimages Corporation Going to college is expensive. Many students depend upon financial aid to provide the money they need to cover expenses like tuition and textbooks. But what should a student do if a college gives less aid than the student needs or turns down his or her request? Most college financial aid offices have an appeals process. By following this process, it may be possible for the student to secure financial aid that had previously been denied. For students who had financial aid but then lost it, this process gives them a chance to ask the college to reinstate it. There are many reasons a college might deny or revoke financial aid. If financial aid administrators determine the student's financial status doesn't warrant aid, they may choose to deny that student in favor of others. A student's performance can also affect his or her chance to receive aid. Students who perform poorly may fall below … [Read more...] about How Financial Aid Appeal Letters Work