Dr. Ivan Khan and his wife, Tasneem Imam Khan own and operate Khan’s Tutorial – a tutoring organization for test prep and academic enrichment. Khan’s Tutorial is dedicated to helping students succeed in their current academic achievements, and in their future educational endeavors. In the following article, Dr. Ivan Khan, with contributions from Tanseem Khan discuss financial aid in America – how students can apply for, receive, and utilize the billions of available dollars for higher education.
Tuition prices rise every year, rendering higher education more and more inaccessible to many. Financial aid programs are in place to assist, but the process of securing the right aid can prove time-consuming and difficult explains Dr. Ivan Khan.
Financial aid comes in many forms. These include grants, scholarships, and federal or private loans. Students in the US apply for financial aid via the Free Application for Federal Student Aid, also called FAFSA.
With so many types of financial aid available to students in the US, knowing where to start and what works best can be a source of stress and confusion. Dr. Ivan Khan, and Tasneem Imam Khan rundown the ins and outs of securing financial aid for college.
Applying for Aid
Dr. Ivan Khan says that when considering sources of financial aid to attend college, the first place that potential alumnus should consult is the Free Application for Federal Student Aid, or FAFSA.
Applications open up on October 1st each year. Funding received from FAFSA will apply to the following academic year. For those attending college in the fall, applications for funding must be submitted by June 30th.
Upon completion FAFSA forms are sent to the student’s prospective institutions. Those schools assess each application and decide who to award financial aid to. They set the amount of each grant or scholarship, and what conditions must be met to maintain them explains Tasneem Imam Khan.
How To Fill Out the FAFSA
As analyzed in a study by NerdWallet, 46% percent of high school graduates do not complete their FAFSA applications. The result? Roughly $2.7 billion in grants and scholarships go unawarded reports Dr. Ivan Khan.
The first step to completing the FAFSA process and receiving the maximum amount of financial aid is creating a Federal Student Aid ID – or FSA ID. It’s a simple login that will allow students to access a full portal of aid options and information.
What documents are needed to complete FAFSA? There are quite a few, and what is needed will differ based on the applicant’s status as a dependent.
Both dependent and independent US student applicants will need their:
- Social security number
- Driver’s license number (if applicable)
- Alien registration number if the applicant is not a US citizen
- Federal tax information, including
- IRS Form 1040
- Tax returns
- W2 information
- Tax information for students living in US territories
- Records of untaxed income such as child support and interest
- Bank statements that show checking and savings balances
Tasneem Imam Khan explains that dependent students will need all of this for themselves and for their parents. If the applicant’s parents own a business or farm, they will need to include records of their associated assets.
Types of Financial Aid
Dr. Ivan Khan explains that the main types of financial aid include scholarships, grants, and loans. Many applicants look to maximize the amount of grants and scholarships they’re allotted. They’re preferred over loans, as they do not need to be repaid.
There is also the possibility of receiving financial aid from private lenders and donors. These outlets have their own procedures for obtaining funding.
Scholarships
Scholarships are usually awarded based on academic or athletic merit. Dr. Ivan Khan of Khan’s Tutorial says that applicants must provide proof of their athletic or academic prowess and achievement to receive these funds.
Other scholarships are based on providing opportunities to specific groups. There are scholarships for women, graduate students, students with disabilities, students who belong to minority groups, and many others.
Some scholarships cover a student’s entire tuition – often referred to as ‘full-ride’ scholarships. Others are one-time awards. Certain schools offer scholarship opportunities in an attempt to attract talent to their institution.
Grants
As with scholarships, grants do not require repayment explains Dr. Ivan Khan. These are federally funded by the US Department of Education. Common grants that can be obtained via FAFSA include:
- Federal Pell Grants
- Federal Supplemental Educational Opportunity Grants
- Teacher Education Assistance for College and Higher Education (or, TEACH) Grants
- Iraq and Afghanistan Service Grants
FAFSA will list many other grant opportunities. The program fills applicants in on which ones they may be eligible for upon completion of their forms.
Securing Aid
While filling out the FAFSA form entirely is the foundation for landing grants and scholarships, there are a few tips and pointers to make the most out of potential funding opportunities.
Commit To a School
Educators do not want to give school-specific scholarships to students who they’re not positive are going to attend. Committing a single school will help lock in funding for that institution.
Follow Up on Applications
Of course, Tasneem Imam Khan explains that applying to a scholarship before the closing date is common sense. However, students should practice following up with the school’s financial aid offices in the weeks before and after school starts. In doing so, students can find out which scholarships that they may be eligible for have been unclaimed.
Apply For More Scholarships
Khan’s Tutorial states that casting a wide net catches the most fish. A similar principle can apply to snagging additional financial aid.
If grants and scholarships given through FAFSA have already expired, private organizations are prone to giving out awards year-round. That opens up the opportunity for last-minute assistance.
Some scholarships allow their funding to be combined with financial aid from other sources. Full-ride scholarships are extremely rare – only 0.2% of students are granted funding over $25,000, according to the National Postsecondary Student Aid Study of 2015-2016. Because of that, having more than one smaller award will make up the difference.
File An Appeal
While there’s still an opportunity to be rejected, filing an appeal is a chance to turn a decision for funding around. Dr. Ivan Khan says that a change in situation or circumstance can impact eligibility, thus creating more room for financial aid.
It’s advised that students, rather than parents, be the ones to contact school financial aid offices. Communicating in no uncertain terms what amount and type of aid is needed is key.
Conclusion
Financial aid can soften much of the burden of attending an accredited university in the United States. Hopeful awardees should look into the scholarships and grants offered by their chosen schools to assess what is available to them.
