When parents and students think of the cost of college, the first reaction
can sometimes be "we can’t afford that!" Look
again. There are grants, scholarships, loans, and other financial aid
programs that will help you pay for college—whether it is a certification,
2-year or 4 year college degrees and beyond.
Financial aid is available to help you meet post-high school education costs.
The money for financial aid comes from federal and state government banks, the
schools themselves, and private donors. You must apply for financial aid to get
it (you apply for aid separately from admission to the school). The type and
amount of aid you get is based on your financial need, academic record,
and/or on the kinds of aid available at the school you attend. Most students
who receive aid get a combination of grants, loans, and work-study funds.
FAFSA-Free Application for Federal Student Aid
The most important step when beginning the financial aid process is filling out a FAFSA form. You may have already heard about the FAFSA, since it is the big daddy of all financial aid forms. It's a must, it's required, and it's essential that you file a FAFSA - either by hand or on-line at www.fafsa.ed.gov - in order to be eligible for any type of federal aid, loans, or work study. It should be submitted as soon as possible after January 1st of your senior year (and a renewal FAFSA every year of college thereafter).
Types of Financial Aid
GRANTS: State and Federal Grants and Scholarships
(example: Pell Grant) provide financial aid that does not have to be repaid.
Some grants and scholarships require the student to maintain a certain grade
point average (GPA) or take certain courses. Most grants are awarded on the
basis of financial need. Find more information at: www.collegeforalltexans.com/
EDUCATION LOANS: Typically repaid after you leave school at much lower interest
rates than regular bank loans (example: Stafford Loans & Loans PLUS). Get
the lowdown on loans at www.estudentloan.com and
www.knowledgefirst.com .
WORK-STUDY: This is money you earn while attending college. Jobs are usually
on campus and sometimes related to career goals or fields of study (example:
Working in a computer lab).
PRIVATE AID PROGRAMS: Aid offered by private organizations or individuals
SCHOLARSHIP PROGRAMS: Popular belief is that college scholarships are
only for students with straight A's, from low-income families, or with athletic
ability. Though scholarships are indeed offered for those types of students,
billions of dollars in private-sector scholarships for a wide variety of other
students go unused every year. The U.S. Commission for Scholastic Assistance
has tapped more than 700 private scholarship sources for two- and four-year colleges,
career and vocational schools, graduate institutions, and professional schools.
For more information, send a self-addressed, stamped, business-size envelope
to: The U.S. Commission for Scholastic Assistance, P.O. Box 668, O’Fallon,
IL 62269 (unfortunately, this information is not currently offered online). For
scholarship listings and advice, check out www.studentrewards.com, www.fastaid.com,
and
www.freschinfo.com.
SPECIAL AID: Aid for special groups of students (example: National Federation
for the Blind scholarships) Some awards are set aside for members of minority
groups, women, or individuals with disabilities. Special scholarships are available
for students with particular interests, talents, or career plans.
BEWARE OF SCAM OFFERS: Avoid falling victim to scams targeted at new students
by learning to spot tell-tale signs like "you're guaranteed to win X amount
of college money for the low, low price of X" or "you won't find
these scholarships listings anywhere else." Visit www.finaid.com/scholarships/scams.phtml for
more info on "free" money financial aid scams.
Online Resources
FederalStudentAid.ed.gov: http://www.FederalStudentAid.ed.gov
At this Web site you can -
College.gov: http://www.college.gov
This website is designed to motivate high school students with inspirational
stories and information about planning, preparing, and paying for college.
Free help completing the FAFSA
FederalStudentAid.ed.gov: http://www.FederalStudentAid.ed.gov/completefafsa
This website explains how to complete the FAFSA and the purpose of
FAFSA questions.
For Texas Information: http://collegeforalltexans.com
To Learn More About Educational Loans: www.finaid.org
