Is there a magic formula for maximizing the amount of financial aid you qualify for?

Parents worry about being able to afford their children’s higher education. When parents both work and earn a good income, they often feel they are always stuck in the “unhappy in-between” – too well-off to qualify for assistance, but not well-off enough to afford a good higher education for their children. Parents often ask, can’t colleges do more so that those in-between Americans can afford to send their children to college? Is there any chance that despite your parents’ income you can qualify for student aid?

The good news is that colleges can and do help, and you can get financial aid. There are many student aid programs that you may qualify for, and they’re not secret or exclusive. The following serves as a guide to dispel the mystery surrounding these programs.

If you or your parents are not able to write out a check to cover the full cost of attendance (that means all tuition, fees, room, board, insurance, etc), then you should apply for financial aid. Apply for all of the scholarships for which you are eligible.

Many grants and scholarships do not require that you meet low income guidelines, but instead focus on your academic performance and community service regardless of your family’s income. If you are or will have trouble coming up with the funding for college, then you need to take advantage of these scholarship and grant opportunities. Apply to every program that offers college assistance, filling out every form and application to the best of your ability and with total honesty. The worst that will happen is that will say “no”. However, enough of them saying “yes” could be the difference between attending school and staying at home.

Your important first step is to complete the FAFSA – the Free Application for Federal Student Aid. To make college more affordable for more students, the federal government created a program administered by Federal Student Aid, an office of the federal Department of Education. The FAFSA application helps the federal agency calculate how much aid in the form of grants, loans or work study programs you may qualify for. Federal student aid can be used to cover any of the costs of attending college, including equipment you may need like computers.

Next, you need to apply for institutional funds from private colleges and universities. Normally, you will need to complete the CSS Profile (College Scholarship Service Financial Aid) forms as required by each college’s program. Don’t miss out on what you might gain from filling out this application. All you have to lose is the application fee, and you could gain a lot of financial support.

Even if you think you won’t qualify for much, you should fill out every application you can. You might be surprised at how much you do qualify for. The cost of higher education has risen so much that many people who wouldn’t have qualified before are now eligible for financial assistance. That includes two-income families. The economy has caused more families to struggle to pay for their children’s education. Therefore schools, in particular some of the best colleges and universities, are giving out more financial assistance than ever. Colleges and universities are trying to hold down their costs so that they don’t price people out of the higher education market with tuition and fee increases.

Many factors affect aid eligibility calculations. * Number of children in college * Number of dependents * Extenuating circumstances * Equity in the parents’ home * Other assets * Savings and investments

Look for colleges and universities that do not overly burden you with student loans: they are more likely to approve grant aid for a higher percentage of your expenses. Private universities and colleges will often cover more of your costs than cash-strapped, state-run schools. If you are industrious and leave no financial aid stone unturned, you will find there is a lot of help available for the student willing to deal with the paperwork.

Some of the more exclusive, prestigious colleges and universities have a “no loan” policy. Princeton University was one of the first to implement this policy, and since then several other high-profile institutions have followed suit. The competition to be admitted to these schools is fierce, but the value of such an education will benefit you for the rest of your life. Therefore, if you have excellent grades and SAT scores and you follow the advice of a college admissions consultant, you shouldn’t hesitate to apply.

If you’re still in high school and are reading this, then you are already preparing for your college admissions experience. The effort you put into your high school academic performance, your activities within the community and your personal development will help you get into the college or university of your choice. By making yourself an outstanding candidate, you ensure that colleges and universities will go out of their way to help you afford their cost. They know that the quality of their students determines the quality of their university. If you apply yourself now and excel, you might be rewarded with a full scholarship from an excellent school.