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Financial Aid
The two words on every college student’s lips
When students make the decision to enroll in college, they understand the costs can get pretty high. To help deal with these expenses, students turn to resources which can help them significantly when it comes time to pay for tuition, books, fees, materials, and the dozens of other costs associated with post-secondary education.
In general, financial aid comes in specific forms
Financial aid exists in many forms, usually in one of these categories:
- Grants – free money with no repayment necessary, based on need
- Scholarships – free money with no repayment necessary, based on merit
- Loans – not free money, but with modified terms, conditions, and interest rate
- Work Study – work program that pays the student
Need-based and Merit-based, what’s the difference?
Most financial aid programs are founded in one of two environments. Need-based scholarships, grants, loans, and other programs designed to support low-income or no-income students in difficult financial circumstances. Merit-based programs are available based on a student’s academic standing or other qualifying criteria, not financial situation.
Poor or Rich - everyone should investigate financial options
Students who come from disadvantaged circumstances tend to think college is way out of their league. Nothing could be farther from the truth. As long as a student has grades which can qualify for assistance, they can submit applications for scholarships, grants, loans, and all kinds of financial assistance to help them cover the costs of school. Wealthy students are also eligible for many scholarships and some grants, but students with a healthy checkbook won’t qualify on the “needs” based aid programs.
Everything starts with the institution itself
Many online schools offer discounts right at the beginning. Despite a published tuition amount, many institutions offer students discounts on tuition in the form of a school-sponsored scholarships or grants. Military students and their family members can receive discounts of 10-20% from some schools. Enrollment and admissions counselors can help a prospective student navigate the maze of financial aid options available at their institution.
Seek and ye shall find
Federal student aid programs (Pell Grants, Stafford Loans, Perkins Loans, etc.) all require a prospective recipient to fill out the Free Application for Federal Student Aid (FAFSA).This application can be done online or over the telephone. This form is also considered the common denominator for applying for many private grant, scholarship, and student loan programs. Students need their social security number, driver’s license, income tax returns, along with bank and investment statements to apply.
Who’s got what?
It’s best to start with the Federal government programs and then work into any state or institution-specific programs after that. The federal government offers three types of assistance – grants, loans, and work study. Information about each program is available here. A breakdown of Federal programs includes:
- Federal Pell Grants
- Federal Supplemental Educational
- Teacher Education Assistance for College & Higher Education Grants (TEACH)
- Federal Perkins Loans
- William D. Ford Direct
- William D. Ford Direct
- Direct PLUS Loan
- Federal Work-Study
Financial Aid in uncertain economic times
Students would be well advised to commence their search for financial aid as soon the decision to attend college has been made. Waiting until after graduation from High School is, in many cases, too late to begin the search. More importantly, students are encouraged to look far and wide for scholarship programs, grant opportunities, and other resources to assist in paying school costs. Unless and until the economic circumstances change in
Military, diplomatic, and other categories of students can get extra help
Most online institutions recognize the contributions of American service members, present and past. Financial Aid is often coordinated with special financial aid staff members who are versed in programs available to Active Duty, National Guard, Reserves, Veterans, Department of Defense, foreign diplomatic dependants, and other groups of students.
Spend a little time and save a lot of money
Most financial aid departments make application and processing of financial aid documentation as easy as possible on students. Students need to spend only a small amount of time providing the necessary information to these professionals. Once submitted, the student can turn their attention to other “non-traditional” resources to seek out help with the costs of tuition, books, fees, and everything else incorporated in a modern college education.
Those professionals and advisers can help you figure out your best options. Get in contact with one today.
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