BBB Tip of the Week: Finding Financial Aid

moneyIf college is in your future – or in the future of someone in your family – you probably need some help paying for it.

Financial aid comes in many forms – scholarships, loans or work-study. But you have to apply for it, and most colleges require you to file the Free Application for Federal Student Aid, better known as FAFSA. In many cases, families must file the forms by Feb. 1 to be eligible for aid the following school year. Deadlines may vary by school.

BBB has developed a list of tips on researching financial aid as well as a primer on what to look for in student loans, which have become a significant source of consumer debt.

BBB advises families to do their own homework before they sign up with anyone promising to find financial aid for a fee. Check the company out with BBB before you sign a contract or pay any money. In many cases, families can do just as well on their own or by consulting a school’s financial aid office.

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