How do I Increase my Aid Eligibility?

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  • Suppose, your economic condition is weak, then you must avoid spending money on your retirement plans.
  • High income tax or a higher income will reduce your eligibility for financial-aid.
  • You must apply for financial aid – even though, you feel that you are not eligible for it. Most students get the financial aid as their poor economic condition often compels the financial admission authorities to consider their financial aid application.
  • You should never go by the price tag of a particular school. Families that have a poor economic condition are considered for financial aid, by many private universities. However, you must always have a Plan-B, because the aid might not be sufficient for you to apply to the private universities. If you have a Plan-B–you can consider applying for a public university in your own state.
  • If, you are a good scholar or extremely good at your studies, then you can consider taking admission in a community college, maintain good grades, and then transfer to the college you desire. This will save you some money for the initial years. However, you need to check if- the college accepts transfer students.
  • You must always consider increasing your AP scores by frequently appearing for AP exams. AP credits are considered by most colleges, and can considerably reduce the amount to be paid.
  • As mentioned in the previous chapters – a higher SAT or ACT score can increase the chances of getting a better financial aid package. So, you must consider taking up preparatory courses and aim for a better score.
  • Private loans charge high rate of interest, so one must consider taking federal loans which are affordable and offer better flexibility.
  • Planning for educational tax benefits is a better method for saving money.
  • Avoid, using credit cards for the purpose of paying the educational costs. Credit cards are expensive and charge a much higher rate.
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