To determine if you’re financially eligible for a Pell Grant,
the U.S. Department of Education uses a standard formula,
established by Congress, to evaluate the information you report
on your FASFA when you apply. The formula produces an EFC number.
The EFC is the Expected Family Contribution.
The formula used to calculate your EFC is established by law and
is used […]

As we discussed in the previous post, there are three categories of
federal student aid - grants, loans, and work-study.
Grants provide financial aid that does not have to be repaid.
Your financial aid “package” is likely to include funds
from all three categories.
The grant program most people are familiar with is the Pell Grant.
Federal Pell Grants are available […]

There are three categories of federal student aid:

Grants
Loans
Work-study

Grants provide financial aid that does not have to be repaid.
Loans provide borrowed money that must be repaid with interest.

Work-study allows students to earn money while enrolled to
help pay for education expenses.
Your financial aid “package” – the aid your school awards you
– is likely to include funds […]

After you complete the information on the FAFSA, you will get
what is called an “Expected Family Contribution“.
This is the amount you are Expected to “PAY”.
That “Expected Family Contribution” is the same for every college
in the United States. That contribution covers tuition, room an board,
transportation, …everything.
The U.S. Department of Education uses the data on your
FAFSA to […]

The first step in the financial aid process is to
fill out a FAFSA. All students interested in financial
aid for college will need to complete this.
FAFSA stands for Free Application for Federal Student Aid.
The FAFSA is filled out electronically.
Paper is being eliminated.
If you don’t have access to a computer, you will have to
ask your school for […]

How you handle your student loan repayments are reflected in your
credit report. If you miss a payment deadline or forget to make a
payment, it will show up on your credit report as a Late Payment
What is your credit report?
A credit report is a history of money that you have borrowed from
lending institutions and a history […]

Once you sign up with a debt consolidation company…
There Will Be Rules:
- You might not be allowed to open any new credit accounts.
- You might not be able to prepay your bills.
Check with your credit counselor before you sign up
to ensure you understand what is happening with your money.
And find out when you will be […]

I mentioned in the previous post on Credit Counseling
that some companies can ruin your credit score
by not paying your bills for several months.
Some debt management companies try to get your creditors
to settle by withholding your payments to them,
in the hope that the creditor will then be willing to settle for less.
By using their services you […]

Many people often find that they can do their own
credit counseling, but this can be a difficult task for
people whom have already had trouble with making
on time payments or whom have creditors calling them.
Credit Counseling services can help you to form a budget
and offer financial advice for you to consolidate your debt
and pay off your […]

Choosing a credit counseling service can
be confusing, as some counseling service
companies can be more effective than others
in negotiating with your creditors.
Some companies can ruin your credit score
by not paying your bills for several months.
Many companies will be able to do a good job
without having any effect on your credit score.
Choosing a credit counseling service requires
research […]