Financial Matters: Money for College
Money often plays a big factor in the pursuit of a college degree, but hopefully, it will not stop anyone from attending college! Yes, college can be expensive, but there is aid available to help you and your family pay for college. Major sources of financial aid for college include:
Grants – Grants are “gifts” from the government and from individual colleges that reduce college costs. Grants are awarded based on your family’s financial situation. Colleges are the largest source of grants for higher education. The Federal Government and some state governments also offer grants to help students from lower-income families pay for college costs. Grants do not have to be paid back or earned. Grants may be renewed every year you attend college, although if your family’s financial situation changes, the amount you receive may also change.
Merit Scholarships – Merit scholarships are offered by many colleges and private organizations. Scholarships are...
Six Tips to Sail Through Completing the FAFSA
Your eligibility for financial aid will be based on the calendar year starting in January of your junior year. Now is the time to learn what information you and your parents will need in order to file a FAFSA.
What is the FAFSA?
The Free Application For Federal Student Aid (FAFSA) is a form students and parents must complete and submit to the federal government to determine their eligibility for financial aid and scholarship opportunities.
Who files the FAFSA?
Since this is a federal application, it is for US citizens or students with a legal status in the United States. International students are not eligible for federal student aid.
What kind of aid does the federal government offer?
There are three types of aid offered by the US government: 1) Grants, 2) Student Loans, 3) Work-study. Colleges will also often use the FAFSA to award their own need-based financial...
Comparing Financial Aid Award Letters
You got into the top three schools on your list. Each has sent you a financial aid award. One offer looks better than the other two, but is it really? It’s important to compare financial aid offers. Here are 6 questions to ask:
- What is your Cost of Attendance (COA)? Does the college list all the costs for going to college: 1) Tuition & Fees; 2) Room & Board; 3) Books & Supplies; 4) Personal Expenses, 5) Transportation (getting to and from the campus). If the award does not include these items, search the website for the information or call the college.
- What is your Expect Family Contribution (EFC) number on your Student Aid Report? The amount your family is expected to pay toward college is on the student aid report generated when you filed the FAFSA (Free Application for Federal Student Aid). This number is needed for comparing financial aid awards. If your family contribution is close to or more...
