<p>I have no savings and I won’t have financial support from parents… if i don’t get scholarshipsin high school… how does the financial aid process in college work? i’m very confused about this topic… does everyone receive financial aid?</p>
<p>Unless you meet the legal requirements for being financially independent, colleges will expect to know your parents’ income and assets and will come up with an amount they expect them to contribute – the EFC (expected family contribution).</p>
<p>How much you can expect to get in scholarships depends a lot on your academic credentials, the colleges that admit you, and your and your parents’ assets.</p>
<p>If you’re a good student, go for a school that has eliminated loans. There you will receive grants and work-study and the like. Merit scholarships are also good, though they’re usually very hard to get unless you’re attending a third or fourth-tier institution. It may not seem fair that your parents’ assets dictate how much aid you will receive when they will not help you, but that’s just the way it works. If your parents are high income, like over $100k per year, you may not receive any aid at all. If you have to do it all on loans, don’t attend that college. You don’t want to be $180k in debt when you get out of school. Every college’s financial aid is different.</p>
<p>No loan schools still expect the parent’s EFC!! That just means no student loan. Someone has to pay for, often by borrowing, the parent contribution.</p>
<p>Taking out large loans for undergrad is just crazy! Go to a school you can afford that has under $5K loans/yr.</p>
<p>Even if the school offers no loans, you can still get a private loan to cover the EFC. Just be sure that it’s legitimate and be wary of high interest rates and hidden fees.</p>
<p>Make sure you apply to a community college (check out their honors program - apply early) in addition to other colleges. </p>
<p>Ways To Give Your Parents & Yourself a Tuition Break</p>
<p>Get a copy of ‘How to Pay for College Without Going Broke’ either the 2007 edition which is out now or the 2008 edition, which will be out in October, it is published by <a href=“http://www.princetonreview.com%5B/url%5D”>www.princetonreview.com</a>. Also, look for schools where you may qualify for merit aid such is those profiled by Loren Pope at <a href=“http://www.ctcl.com%5B/url%5D”>www.ctcl.com</a> [Note: Antioch College will be closing in 2008] and get to book, ‘Peterson’s Smart Choices: Honors Programs & College’ 4th Edition, at <a href=“http://www.peterson.com%5B/url%5D”>www.peterson.com</a>, this book covers both 2 and 4 year colleges.</p>
<p>An excellent primer on financial aid can be found at <a href=“http://www.finaid.org%5B/url%5D”>www.finaid.org</a> and you may calculate your EFC expected family contribution at <a href=“http://www.finaid.org/calculators/finaidestimate.phtml[/url]”>http://www.finaid.org/calculators/finaidestimate.phtml</a></p>
<p>Ruggs Recommendations will tell you a lot, I especially like which school have the largest endowments and which schools give generous financial aid: <a href=“http://www.ruggsrecommendations.com/index.html[/url]”>http://www.ruggsrecommendations.com/index.html</a>
Rugg’s Recommendations on Colleges, 24th Edition </p>
<p>Also check out the websites of the top 100 in each category, National Universities and Liberal Arts Colleges (LACs) to find out what merit scholarships they offer and apply accordingly, for example Washington University in St. Louis and Kenyon College. Research is everything and you will find so gems.</p>
<p>Find out basic info about how financial aid is determined by going to CC’s home page and clicking on the finacial aid section, which has lots of helpful info.</p>
<p>Also use the resources that are pinned near the top of this board.</p>
<p>Check out the financial aid web pages of colleges that interest you.</p>
<p>After you do those things, you’ll have a basic understanding of how things work, and it would be a good time to return here to get follow-up questions answered including questions about how best to fund your college education.</p>
<p>And, short answer to your question: There are many colleges that give need-based aid, which typically includes work study (jobs during the school year), loans, and grants (scholarships – you don’t have to pay those back). Some colleges promise to meet 100% of the demonstrated financial need of all accepted students (Realize that “demonstrated financial need” is based on tax info you submit, and the college, not you determines what your need is).</p>
<p>Some other colleges don’t have much scholarship funds, and may meet on average as little as 40% of students’ demonstrated financial need. Some other colleges may prefer to use scholarship funds to lure strong students by giving students merit scholarships, which are based on things like grades, not financial need.</p>
<p>Often one’s best opportunity to afford college is by living at home and commuting to a public 2-year or 4-year college.</p>
<p>When it comes to public universities, your in-state ones are likely to be most affordable because they have lower tuition for state residents and usually give the bulk of their need-based aid to state residents.</p>