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Financial Aid and Scholarships

Monday, May 28th, 2007

Because of the massive amount of money required to attend college for four years (or more if the student plans to attend graduate school), many parents will encourage their children to apply for scholarships while they apply for need based financial aid. In the United States, parents will be required to fill out the Free Application for Federal Student Aid (FAFSA form). This application will be similar to the tax forms filled out at the end of the year. The form will take into account the income of the student’s family, as well as the number of siblings the student has and their age (if they will be attending college soon). From the FAFSA form, colleges will be able to determine the “expected family contribution,” or in general terms, how much money the family will be required to pay themselves.