Financial Aid 101
You need money for college, plain and simple. You’ve listened to your high school counselor or your friends talk about financial aid, but you just don’t know where to begin. All of the talk about merit scholarships, need-based grants, subsidized loans, unsubsidized loans, FAFSA, and work-study have you feeling completely overwhelmed.
Fortunately, you’re not in the minority. The key to making a good decision about how you will finance your education is to do your research and to apply—you can’t get money that you haven’t asked for. You might find aid from a source you never knew was available. So take a deep breath, get a pen and paper ready for note-taking, and let’s start chipping away at the iceberg.
Step One—FAFSA
Here’s a great starting point—filling out the Free Application for Federal Student Aid (FAFSA). If you were to walk into the financial aid office any college or university, you would be directed to complete this form as a first step. By filling out this form, you are applying for federal student aid. The results will help you determine what other aid you should seek. Additionally, most states and schools use the information obtained from the FAFSA to award their financial aid.
Step Two—Scholarships & Grants
Free money! Is there any question why you shouldn’t pursue this avenue next? These types of aid do not have to be paid back, so it just makes sense to find and apply for as many of these as you can. Your school’s financial aid office or high school counselor is a good place to begin your search for scholarships and grants, but you can also check with local associations, businesses, and religious organizations as well as research online scholarship databases.
Step Three—Loans
While free money would be nice, the fact is that not all of us can get it. If you are unable to finance your education with scholarships and grants, or if you still need money for books or living expenses, such as room and board, a student loan may be your next best option. You will have to repay this money, but you can generally defer the payments until you have graduated.
Now you know the basics and have a simplified approach to obtaining financial aid—don’t stop here! Most applications for aid are time-sensitive, so don’t wait any longer. Start by filling out your FAFSA or by contacting the financial aid office at your school.
