As the summer began to become a memory, many families began to return to school. For some people, this is just a question of buying school supplies, but for high school third and fourth grade parents, this will bring a whole new world of worry about the university. Most importantly, they are worried about being able to pay all the fees. If you are a parent of a high school student who is eager to go to college, here are seven quick facts about financial aid that you need to know.

Type of financial assistance

Financial aid is usually divided into grants, scholarships, loans, and work-study programs. Help can be obtained from federal and state governments, universities where students apply, private companies, and charitable organizations. For the most part, you want to maximize the amount of money you don't need to repay and minimize the amount of money you borrow.

FAFSA deadline

FAFSA opened on October 1, which is the earlier deadline for the first appearance in 2016. The Ministry of Education created the term “early fafsa” for this change. You need to be ready to complete FAFSA earlier than ever.

Familiar with early FAFSA 

The Federal Financial Services Authority will use revenue from the two years prior to the filing year (referred to as the Early Federal Financial Services Authority), rather than just one year prior to the application year. If these returns have been submitted, you should be able to access the IRS Date Search Tool (DRT) instead of estimating the information.

Student loan interest rate decline

The new federal student loans issued after July 1, 2016 will be approximately half a percentage point lower than the loans issued the previous year. Undergraduate direct subsidized loans and non-funded loans have an interest rate of 3.76%. The interest rate of direct subsidized loans for graduate and professional students is 5.31%. The direct loan interest rate for parents, graduate students or professional students is 6.31%. More important than ever this year is to compare student loan rates before lending money to college.

Federal Pell Grant

These scholarships are usually awarded only to undergraduate students, but in some cases students who take the post-graduate teacher certification program may receive a federal Pell Scholarship. For the 2016-17 school year (July 1, 2016 to June 30, 2017), the maximum reward is $5,815, but the amount you may receive depends on economic needs, attendance costs, and the status of full-time or part-time students. And whether you plan to go to school in a full academic year or less. The Ministry of Education also recently announced that approximately 12,000 imprisoned students will be eligible for the Federal Pell Grant under the Second Opportunity Pilot Program.

Students with special economic needs

The Federal Supplementary Education Opportunity Grant (fseog) is a grant for undergraduates with special economic needs. Depending on economic needs and other factors, students receive $100 to $4,000 a year, but funding is limited and all schools do not participate in the program. If you have special financial needs, please ask your school's Financial Assistance Office to make sure they provide FSEOG and make sure to submit your FAFSA as soon as possible.

Future teacher's grant

If you are planning to become a teacher in high-demand areas in low-income areas, a teacher grant can help you pay for college tuition. You will be required to attend certain types of courses in order to receive grants and teach in low-income areas for a certain period of time. Make sure you fully understand your obligations, as students who do not meet these requirements may see their bursary become a loan.