Paying for College
“I want to go to college but paying for a college education seems impossible
for my family and me. What can I do to turn my dream into a reality?”
This is a challenge that millions of students face as they begin thinking about
their post-secondary options. Did you know that the dream of a college education
is not only a possibility, but also a goal that is within your reach, regardless
of your family’s income? More than 60% of today’s college students are receiving
financial aid, making their dream of going to college come true.
First of all, the most important thing you can do is work hard to make yourself
a very appealing applicant in the college admission process. That means that you
must challenge yourself academically, study hard, get involved in an activity or
two that will develop your skills and talents and reveal your passions, and focus
on turning your dreams into realistic goals. You should also explore avenues and
opportunities for getting financial aid to offset the cost of your post-secondary
education.
Financial Aid 101
Finding money for college can be very time consuming and frustrating, yet in the
end it will be rewarding. Though many students feel the financial aid process is
for their parents, students need to know the basics and know that college is an
investment in their futures.
Financial need is the difference between the cost of attendance (tuition, fees,
room/board, books, transportation and miscellaneous personal expenses) and the amount
of money a family (parent and student) can contribute to a student’s education.
There is one form for applying for aid through the federal government; it’s called
the Free Application for Federal Student Aid, better known as the FAFSA form. Families
are strongly encouraged to submit the form online, though paper copies are available
at your high school. The FAFSA form should be completed and submitted after January
1 of the senior year.
Deadlines vary for each college/university or state agency, but the general rule
is to complete the form by March 15th. The information on your FAFSA is forwarded
to the colleges and universities that you designate to receive the form. By completing
the FAFSA form, students may qualify for a variety of need-based monies: loans,
grants, and the college work study program.
Funds are awarded by the colleges and universities beginning in late February through
the spring of senior year. The FAFSA form must be completed each year you are in
college; funds are awarded annually.
Loans require repayment; however, a loan provides
families with access to money for college immediately. There are various loan programs
and they vary in terms, length and repayment time.
Grants are gift aid and require no repayment. There are some federal and
state grants based on need, but there may also be grant money available at the colleges/universities
to which you apply.
College work study allows students to work on campus (or at an approved agency)
and the federal government provides the college the money to be used as
payment to the student. Hourly pay and positions vary at each school.
Merit Scholarships and Other Gift Aid
Scholarships and other gift aid (grants) do not require repayment. There are many
sources of gift aid. Some are renewable each year you are in
college and some are one-time awards.
Colleges, universities, organizations and corporations set their own criteria regarding
which applicants will be considered for merit/gift aid. The
best way to find out if a college or university offers merit money is to search
their website and/or talk with someone in the admission or financial aid offices.
Be sure to find out if there are separate applications and deadlines for merit scholarships.
Most institutions award merit-based funds or scholarships to their strongest applicants
for admission and there may be a wide range of requirements for merit aid.These requirements may include grades, courses taken, standardized test scores,
rank in class, essay, leadership, community service, teacher/counselor recommendations,
etc. Merit scholarships are also available through many organizations and corporations
and are often referred to as outside sources. Finding gift aid through outside sources
takes time and research. Below are various websites and suggestions to begin your
research. Outside resources create their own applications and set their own criteria
and timelines for applicants.
Other Financial Aid Resources:
- Federal government
- State government & agencies
- Colleges & universities where you seek admission
- Parents’ employers
- Church or religious organizations that you may belong to
- Local civic organizations
- School bulletin boards
- Websites, newsletters, and other info provided by your guidance counselor
- Essay contests – many of these are available to students in grades 9-11
(Use the keywords: college scholarships to browse various scholarship search websites
for more info.)
To learn more about the financial aid process, find scholarships, and obtain the
forms necessary to apply for assistance, you can utilize the following resources:
Websites
Articles and Books
- My College Options Monthly Newsletters
- Paying for College Without Going Broke (2007) by Kalman Chany
- and Geoff Martz
- The Road to College: The High School Student’s Guide to Discovering
Your Passion, Getting Involved, and Getting Admitted by Joyce E. Suber