If you are getting ready to attend college I'm sure you are wondering how on earth you are going to pay for it. Even graduating high school students are more and more often finding that they need to contribute in some manner to their college educations. Whether you will be taking out student loans, applying for scholarships or grants, or praying for some sort of work study program to come along there are a few things you need to know about financial aid at the college level.
First of all, financial aid can be a tricky beast. For this reason it is best to apply early and keep records of everything you send to the financial aid office. The information age has made things easier on one level and yet has eliminated the personal factor on other levels. However, if you own a personal computer you will find that Internet is an excellent source for financial aid and scholarship information. While the government offers a wide array of financial aid resources, there are many opportunities for you to get an education that do not revolve around government funding. You simply need to spend the time finding them.
Your local community is an excellent resource and a good place to start when it comes to financial opportunities for those preparing to attend college. Civic organizations and local businesses like to give out scholarships to promising students. Many of these have very specific requirements and you should pay close attention that you meet the qualifications before applying. There is no sense in wasting your time and that of the scholarship committee by applying for scholarships for which you do not qualify. Scholarships are preferable to student loans, as they do not need to be repaid. This is one of the most important things you need to understand when seeking financial aid for college. Loans are killers to your income for the first several years after graduation. The fewer loans you can manage to take out for your education the better. They are however there for those who couldn't possibly afford an education without them.
If you don't find the scholarships you are hoping to at the local level, you should check with the county in which you live, your state, and the school you plan to attend. There are excellent resources for each of these when it comes to financial aid. Within the college you will be attending you should consult your department head (for your chosen major) in order to see if there are any scholarships available. You will be surprised at the number of scholarships for which you may qualify. Apply for all that you meet the requirements in order to apply. Competition for these scholarships is often fierce but you never know when your letter of application might spark the interest of one of the panel members or you simply might be the most impressive candidate.
When applying for scholarships remember to read all the instructions carefully, make sure you have all the necessary documentation, and that you have checked and rechecked everything for accuracy and clarity. It takes time to make corrections and they can often be the difference in your being awarded a scholarship and the honor going to another student. Scholarships are by far the best route to go when it comes to applying for financial aid but you should be careful that you aren't placing all your eggs in one basket. Try for multiple scholarships, work-study programs, grants, and if necessary loans in order to achieve your educational goals.
Help Pay For College
The cost of education is on the rise. States are spending less on higher education, forcing colleges and universities to pass the extra costs onto students. Tuition and fees have nearly doubled at some institutions, and there is no relief in sight. That's the bad news. The good news is that there are several ways to help allay the rising cost of college. Here they are, in no particular order.
Accelerate Your Degree
Essentially, accelerating your degree means cramming a semester's worth of material into a six-or eight week session. Many schools are now offering these accelerated sessions, and while classes can be intense, the benefits are that they allow you to take classes more quickly and thereby move up your graduation date. By accelerating your degree, you spend less time in college and can start your career sooner, which saves you time and money.
In addition to these accelerated sessions, you should also consider summer school or evening classes, which are often cheaper than regular classes and which also speed up the learning process.
Become a Transfer Student
One of the best kept secrets in higher education is that of transferring. The idea here is to earn as many credits as possible at a low-cost community college before transferring to a pricy, elite school prior to graduation. This way you can still get a diploma from a prestigious university but at a fraction of the price.
Furthermore, because community colleges are less competitive, you will be a better candidate for scholarships and other financial aid. What's more, by attending your local community college, you can also reduce room-and-board costs by bunking at your parents house.
Go Where You're Wanted
Conventional wisdom says you should go to school you want. But if you are trying to cut costs, maybe you should consider going to the schools that wants you. In other words, find the college or university that is dying to have you as a student, fire off an application, and then watch the discounts roll in. Star students get discounts on tuition as well as housing and other fees. The trick is to find the school that thinks you're a star. Start by checking out the smaller, regional colleges in your area. Chances are you may be exactly the kind of student they're looking for.
Apply For a Pell Grant
Every year, the U.S. Government provides millions of dollars worth of grants to help students finance their college education. A grant is an ideal way to help pay for college for two reasons: first, grants do not have to be paid back, and second, grants are awarded based on need. What this means is that depending on your financial need you can receive a federal grant or Pell Grant worth anywhere from $400 to $4000 dollars. Typically, Uncle Sam sends the money directly to your school of choice to apply directly to tuition. However, if your tuition is already paid for through scholarships or other financial aid, the money is dispersed directly to you to cover other expenses such as housing, books, and transportation.
To apply for a Pell Grant all you need to do is fill-out a Free Application For Federal Student Aid or FAFSA, which you can do online at fafsa.ed.gov . The application will take about an hour, but you will need your Social Security Number, driver's license, income tax return, bank statements, and investment records.
Never Give Up On Scholarships
Many students think you need a 4.0 GPA to land big scholarships. But that's not always the case. Even with strictly academic scholarships, you have a fighting chance so long as your grades make the cutoff, which may be as low as 2.75. What have you got to lose? Furthermore, there are plenty of non-academic scholarships you can apply for, including scholarships for athletics, military service, community service, and leadership.
Also, in addition to college or departmental scholarships, there are thousands of private organizations and religious organizations who also offer scholarships. And don't forget about local or community-based awards. Although these scholarships are typically more modest, they are easier to win. What is best is that you can apply for (and receive) multiple scholarships, which means if you don't land a big, ultra-competitive, academic scholarship you can still get the same amount of money through a combination of smaller, less-competitive scholarships.
When it comes to paying for college, the important thing to remember is that education is an investment. And like the old adage says, you've got to spend money to make money. That being said, there are ways to curb the amount you'll have to spend to get a quality education. You just have to be creative.
Both Justin Sloan & Mahesh Mhatre are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
