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Many students worry that tuition and the other costs of continuing their education will be out of reach. But don't let the price tag stop you. It's only part of the picture. Keep in mind the major benefits of investing in your education.
Most students receive some kind of financial aid to help pay for the cost of their education. A few students even get a "free ride," where all their costs are paid for.
With your determination and assistance from financial aid, you can make the education you dream about a reality.
Who Gives Aid: Find the Figures
The U.S. Department of Education should be your first source to access financial aid. They award about $96 billion a year in grants, work-study assistance and low-interest loans.
Aid also comes from scholarships from state governments, schools, employers, individuals, private companies, nonprofits, religious groups and professional organizations.
So, there's money out there. You can find it.
Applying for Federal Aid: Meet the FAFSA
At some point, you need to fill out the Free Application for Federal Student Aid (FAFSA). You can get information from your school counselor. Colleges also have a financial aid office you can contact for information.
For even more help, read the U.S. Department of Education's "Steps to Federal Student Aid" fact sheet, or use "Completing the FAFSA," a detailed online tutorial on the Federal Student Aid Web site studentaid.ed.gov. You can also call the Federal Student Aid Information Center at 1-800-4-FED-AID, or click the "Live Help" link on the Contact Us page of the FAFSA Web site, fafsa.ed.gov.
What You Pay: Understand the EFC
The aid you qualify for depends on your Expected Family Contribution, or EFC. The EFC is a number that schools use to determine how much federal aid you would receive if you attended that school.
When you apply for federal student aid, you will be asked to provide information about your or your family's finances, such as income, assets and family size. After you submit the application, you will receive an EFC based on this information.
Your contribution may come from a combination of savings, current income and loans.
What Aid Covers: Add It Up
There are five basic costs associated with going to college. Financial aid may be used for:- Tuition and fees
- Room and board
- Books and supplies
- Personal expenses
- Travel.
Learn What's Available
One of the best ways to learn about all the available federal loans, grants and work-study opportunities is in Funding Education Beyond High School: The Guide to Federal Student Aid available free by calling 1-800-394-7084 or order it online at www.FSApubs.org. You can view this publication online at the Federal Student Aid Web site.
Scholarships: Earn to Learn
Scholarships are gifts. They don't need to be repaid. There are thousands of them, offered by schools, employers, individuals, private companies, nonprofits, religious groups, and professional and social organizations.
Some scholarships are merit based. You earn them by meeting or exceeding certain standards set by the scholarship giver. They might be awarded based on academic achievement, or a combination of academics and a special talent, trait or interest. Other scholarships are based on financial need.
Grants: Need and Receive
Grants are also gifts, but they're usually based on financial need.
Most often, grant aid comes from federal and state governments and individual colleges. Available federal grants include:
Pell Grant. These are federal grants awarded to undergraduate students.
ACG. The Academic Competitiveness Grant is for college freshmen and sophomores who are eligible for Pell Grants and who took "rigorous" classes in high school.
FSEOG. The Federal Supplemental Educational Opportunity Grant is awarded to undergraduate students with exceptional financial need.
National SMART Grant. The National Science and Mathematics Access to Retain Talent Grant is awarded to college juniors and seniors who are eligible for Pell Grants and are majoring in mathematics, technology, engineering, a foreign language critical to national security or physical, life or computer sciences. Students must also have grade point averages of at least 3.0 in their majors to be eligible.
TEACH Grant. The Teacher Education Assistance for College and Higher Education Grant is for students who plan to teach in schools that serve low-income students.
Fast Fact: There's more grant money available now than 10 years ago.
Loans: Borrow for the Future
Loans are a contract to borrow money and repay it over time, with interest. In the case of most federal student loans, you do not need to begin repaying them until several months after you leave college or are no longer enrolled at least half-time.
Every year, more than $70 billion in federal student aid is given out in the form of low-interest loans.
Some banks and financial institutions offer private loans. These loans often have variable interest rates, require a credit check and may not provide the benefits of federal student loans.
If taking out loans makes you feel a little nervous, you are in good company. Many students feel the same way. But looking at loans as an investment in your future can help to get past the fear.
To learn more about federal student loans, read Federal Aid First, an online brochure from the U.S. Department of Education (http://fsa.ed.gov/federalaidfirst/index.html).
Work-Study: Get a Job
The Federal Work-Study (FWS) program provides part-time jobs for students with financial need to help them pay for their education.
The program is administered by participating schools. It's designed to put you to work in the community, or in a job related to your studies, whenever possible.
Other Sources of Aid: Find More Funding
Funding Education Beyond High School: The Guide to Federal Student Aid from the U.S. Department of Education features a section called Other Financial Aid Sources. It includes many other ideas to pay for your education, like the AmeriCorps community service organization and the U.S. armed forces.
Tools and Tips: Find and Save Money
A little homework can earn you a lot of cash for college. A little common sense can help you use your money wisely. Here are a few tips to get started:- Use the financial aid and scholarship wizards on the Federal Student Aid Web site. You can search for scholarships based on talents, interests, background and more.
- Check the colleges you're considering for merit- or non-need-based scholarships to academically talented students.
- Check with your state education agency to find out if you're eligible for state assistance based on merit.
- See if you are eligible for an athletic scholarship, if you are athletically inclined.
- Stick close to home. Most state colleges and universities offer lower tuition to in-state residents.
- Go to a lower-cost community college for one or two years, then transfer to a four-year school.
- Live at home. You could save thousands of dollars.
Get more ideas on finding and saving money on the Federal Student Aid Web site.
Source: http://www.college.gov
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