Your first step toward student aid or student loans should be completing the Free Application for Federal Student Aid. Many colleges use the form to evaluate the family’s financial situation and determine the financial aid they will offer the prospective student. Even if you don’t think you qualify for federal aid, it’s wise to use the form. Applications are accepted starting January 1.

Be aware that some financial aid from educational institutions, clubs or other organizations is based on financial need, while other awards are based on different criteria, such as academic merit and special talents in music, sports or whatever.

Before taking out any sort of loan, every student should apply for every scholarship and grant he or she may be eligible to receive from any and all sources. The best deal in student loans is almost always a federal loan, which offers a lower interest rate and more payment options.  But if there is still a funding gap—after exhausting all federal and state sources of aid—it may be necessary to consider a private loan.

For nearly 30 years, Mike Nickerson has owned and managed a small, full-service accounting practice in the Midcoast. He holds a bachelor's degree in accounting from University of Southern Main and a master's degree in financial planning from Bentley University.

He is a past board member and president of the Maine Society of Certified Public Accountants and currently serves on the Maine Board of Accountancy.

An aged rock musician, Nickerson now finds musical enjoyment playing upright and electric bass in a variety of bands spanning folk to jazz music genres. He and his wife have three grown children, and they enjoy their free time hiking, kayaking, golfing, bicycling and motorcycling.

http://www.nickersonpa.com/