Everything Students and Parents Need to Know About Getting Financial Aid and Student Loans

Getty

Families across the nation spent $30,017 on college costs for the 2019-2020 academic year, according to Sallie Mae’s How America Pays For College 2020 study – and plenty have received financial help.

The first step for high school seniors who plan on attending college and need help paying for it is to fill out the Free Application for Federal Student Aid (FAFSA), available on Oct. 1. The form is used by the federal government, states and colleges to award a wide array of financial aid, including grants, scholarships, and loans.

For many families with not enough money saved for college, and a shortage of grants and scholarships to cover college costs, tough decisions will need to be made about about whether or not to take out student loans and for how much, as well as whether the high cost of college is worth paying off debt for decades.

″My

Read More