How to Find Financial Aid for College
Do you want to go to college, but don’t think it’s financially feasible? Whether you’re a recent high school graduate setting career goals, a professional considering an occupation change, or a homemaker looking to re-enter the workforce, you may have more financial options than you thought.
Need-based and Non Need-based Aid
Student financial aid can be divided into two major categories. Need-based aid may be available if your family’s financial resources cannot pay for your post-secondary education. Non need-based aid does not require you to show that you have a financial need; however, this type of aid is awarded based on superior talents, special skills, or academic excellence. Three types of aid fall under each of these categories: grants or scholarships; loans; and work programs.
Grants and Scholarships
Grants and scholarships are awarded as gifts and do not have to be repaid. Grants usually come from state or federal funds and are need-based, while scholarships may come from government or private sources and are primarily non need-based. To find out if you are eligible for a grant or scholarship, you should:
- Complete a Free Application for Federal Student Aid (FAFSA).
- Contact the financial aid office of the college you plan to attend.
- Contact local clubs, associations, or organizations and ask if they give scholarships.
- Contact your state’s grant agency.
- Check with your employer to see if any scholarship opportunities are available.
- Search the internet for scholarship resources. Helpful sites include the U.S. Department of Education, the U.S. Department of Veterans Affairs, and the National Merit Scholarship Corporation.
Loans
A loan may be the way to go if you do not qualify for grants and/or scholarships. You will have to repay loans; however, the interest rates vary based on the type of loan you receive, and the payments and interest on the loan may be deferred until you finish your education. To obtain more information on what types of loans are available to you:
- Complete a Free Application for Federal Student Aid (FAFSA) to determine your eligibility.
- Contact the financial aid office of the college you plan to attend.
- Research online loan resources.
- Contact a private bank.
Work Programs
If you plan to work while earning your degree, you should:
- Ask about tuition reimbursement through your current employer.
- Contact the financial aid office at the college you plan to attend for information on Reserve Officer Training Corp (ROTC) and Federal Work-Study (FWS).
- Contact the student employment office at the college you plan to attend to learn more about local and on-campus employment opportunities.
There are many avenues available to potential students who need financial assistance. Put yourself well on the way to your dream by contacting your college’s financial aid office today.
