Unfortunately, not many parents will think about their child's college education until their child starts high school. By this time, most of them are panicking and wondering whether how they are going to pay for it. Then, they may wonder whether their child qualify for the the government federal aid for college.
There is still hope for you if you happen to fall in this category of parents. Any saving is better than nothing and you are still better off to start now. Meantime, it is also a good idea to check with the school counselor to see what financial aid is available for your child.
Regardless whether you have established a 529 pre-paid tuition plan or college savings program or you just start thinking about how to pay for the college tuition, it is always good to check the Free Application for Federal Student Aid (FAFSA) first.
To receive federal financial aid, the student must fill out the FAFSA every school year in order to qualify for it. This application must also be filled out to receive most state and college aid. You may go to the FAFSA website (http://www.fafsa.ed.gov/) to download a copy of the FAFSA on the Web, which answers any question you might have. If you do find a question that is not answered, you may contact the school you are interested in attending.
Eligibility requirements for the FAFSA, you must be:
A U.S. citizen or eligible non-citizen.
(Check out the Social Security Administration to check for non-citizen
eligibility.)
Registered with the Selective Service. (Go to the Selective Service
website to register, or go to your local post office.)
Attending a school that participates in the program
Working toward a certificate or a degree
In need of financial assistance
In compliance with state or local requirements. (Check with the
financial aid administrator at the college you would like to attend to
find out what those requirements are.)
Start thinking about your child college expenses now before they are required. Learn more about the Free Application for Federal Student Aid but dont forget about other forms of financial aid or scholarships if your child qualifies for them.