Drummond Financial Solutions

(330) 877-2923

Lifestyle Read Time: 3 min

Financial Aid for Students 101

Preparing for college while still in high school can be difficult for even the most academically-minded student. These days, you need to excel in the classroom, make sure you're involved in extracurricular activities, and enroll in challenging classes to impress a college admissions board. On top of that, the financial cost of higher education may add to what is already a stressful time in an ambitious student's life. Luckily, with a little preparation, you may be able to make applying for financial aid painless and stress-free. Read on to learn more.

Standardized testing matters

Every October, second and third-year high school students can take the Preliminary SAT (PSAT), also known as the National Merit Scholarship Qualifying Test (NMSQT). Even if they won't need to take the SAT for college, taking the PSAT/NMSQT is required for many scholarships, such as the National Merit Scholarship.1

Looking forward to the spring of their junior year, college-bound students will want to take the SAT or ACT. An early test date may allow time for repeating the test their senior year, if necessary. No matter how many times your child takes the test, most colleges will only look at the best score.

A Fresh FAFSA

"The Free Application for Federal Student Aid (FAFSA) is the single most important form you need in order to secure financial aid from the federal government."

Each year, roughly 17.6 million students file their FAFSA and receive a combined total of more than $112 billion in grants, work study, and low-interest loans from the U.S. Department of Education. Recent changes to the FAFSA website have streamlined the application process, but some preparation before you sit down to submit your FAFSA can make it even easier. Make sure you gather all the information you can regarding your and your family's finances. Pausing now to make sure those documents are close at hand can save both time and frustration later on.2

scholarship application on a desk

Don't forget about "gift aid"

Grants and scholarships are often called “gift aid” because they are free money – financial aid that doesn't have to be repaid. College-bound students can learn about grants and scholarships in several ways, but the most-effective strategy starts with contacting the financial aid office at the college or university you plan to attend. Doing your own research can also be an effective strategy, but be careful: scholarship and grant scams are plentiful.3

1. CollegeData.com, 2023
2. StudentAid.gov, 2023
3. StudentAid.gov, 2023

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

Related Content

Putting a Price Tag On Your Health

Putting a Price Tag On Your Health

Being healthy not only makes you feel good, it may also help you financially.

Principles of Preserving Wealth

Principles of Preserving Wealth

How federal estate taxes work, plus estate management documents and tactics.

Social Media: #NewestBusinessLiabilityRisk

Social Media: #NewestBusinessLiabilityRisk

Social media may be a modern imperative for businesses looking to grow and build their brand, but it also introduces risk.

 

Have A Question About This Topic?







Thank you! Oops!

AI Tools Changing Retiree Entrepreneurship

The impact that Artificial Intelligence (AI) tools can have on retirees with a consulting or small business venture.

Three Key Questions to Answer Before Taking Social Security

When to start? Should I continue to work? How can I maximize my benefit?

Choosing a Retirement Plan that Fits Your Business

To choose a plan, it’s important to ask yourself four key questions.

View all articles

Potential Income from an IRA

Estimate your monthly and annual income from various IRA types.

Should I Pay Off Debt or Invest?

This calculator will help determine whether you should invest funds or pay down debt.

Saving for College

This calculator can help you estimate how much you should be saving for college.

View all calculators

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

5 Smart Investing Strategies

There are some smart strategies that may help you pursue your investment objectives

Protecting Those Who Matter Most

The importance of life insurance, how it works, and how much coverage you need.

View all presentations

Should I Invest in Gold?

Learning more about gold and its history may help you decide whether it has a place in your portfolio.

Global and International Funds

Investors seeking world investments can choose between global and international funds. What's the difference?

The Power of Compound Interest

Learn how to harness the power of compound interest for your investments.

View all videos