It is a daunting task to analyze, interpret, and implement federal financial aid regulations these days. Hopefully the information I provide will help you understand and locate the financial aid you need to earn your online degree.
Bottom line: don't pay money for financial aid!
It's not very often, but I will receive a call from a student or parent asking if a mailing they received regarding guaranteed financial aid is legitimate. What I can say is that no financial aid is guaranteed. What I can tell you is that any company who charges you a fee to apply for financial aid should be considered suspicious. Here's why:
- Scholarship searches that charge a fee to guarantee financial aid don't tell you that they most likely include the FAFSA in their search. Students can qualify for a non-need-based student loan by completing the Free Application for Federal Student Aid (FAFSA). This could be the only result the companies finds. If a company charges an application fee for a possible scholarship, don't pay. These are usually companies who receive thousands of applications for a minimal fee per application, and then maybe award a few scholarships, if any.
- Avoid any loan company who charges an advanced application for a student loan, as these may not be reputable companies. There are hundreds of loan companies that offer alternative student loans with no application fee.
- Be wary of free financial aid seminars. These may actually be high pressure investment, insurance, or annuity pitches in disguise. Check with your local college or high school to see if there are reputable financial aid nights presented by financial aid professionals.
- Financial aid consultants can be a source of professional help, but not all are looking out for your best interest. Consultants who help students complete the FAFSA are required to sign the FAFSA as the preparer, which may raise red flags in the financial aid office, especially if the consultant is trying to hide money for you. I'm not saying to avoid financial aid consultants, but also read the FAFSA directions and utilize tax accountants for additional resources to ensure you are reporting information correctly on the FAFSA.
While there are reputable companies offering financial aid assistance, there are just as many that are frauds. If I receive a question from a student about a private company, I cannot vouch for that company. However, I do warn families to do background research, and I also explain other options for financial assistance. As both a student and the parent of two college students, I have received those pesky little postcards in the mail offering free financial aid seminars. Usually they're held too far away to attend, but one of these days I'll make one so I can tell for myself if it's too good to be true.
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About ter
I have been a financial aid advisor for nearly 25 years now! Time really does fly. Like other e-learners, I acquired my Bachelor of Arts degree and my Master of Science degree while working full time and raising a family. My coursework consisted of classroom instruction, online and independent study courses, and weekend classes.
I began in financial aid as a secretary, and have worked my way to senior level financial aid advisor at a public four year college in the Midwest. When I began in 1984, we did not have computers, so I have seen the evolution of technology and its impact on education and financial aid.
My husband and I have four children in our household. My daughter and stepson are both in college. My son and stepdaughter are high school freshman.
I look forward to being a part of eLearners.com and given the chance to educate students, especially “non-traditional” students, on the ins-and-outs of financial aid. It is a daunting task to analyze, interpret, and implement federal financial aid regulations these days. Hopefully the information I provide will help.