Congratulations! Now that you have done the research to find your dream school, completed applications, and been accepted let’s talk about how to pay for it.
The fall before you plan to go to college, you will need to complete the Free Application for Federal Student Aid known as the FAFSA. The FAFSA will determine your eligibility to qualify for federal loans and also lets colleges and universities estimate your need for additional financial aid. The FAFSA application opens on October 1 of each year.
How to Get Started:
First, take a few minutes to learn more about how financial aid works. You will need to create a Federal Student Aid (FSA) ID and set up a password. If you are a dependent (from a tax perspective), then your parent(s) will also need to create a FSA ID and password of their own. Hold on to that important ID because you may need to log in more than once to finish your application process. You will also need to renew the FAFSA each year you plan to attend school.
The Federal Student Aid website offers tips for how to complete the form and what documents such as your social security number, driver license number, amount of college savings, and tax information you’ll need to know. LINK: https://studentaid.gov/apply-for-aid/fafsa/filling-out
While you will have to pay back the federal loans* (after you’re no longer a registered student), let’s talk about other ways to pay for college including scholarships, grants, and part-time work that would reduce (or eliminate) your need to borrow money.
Most colleges and universities will offer you a financial aid package or “award” for review. The amount of financial assistance offered or awarded will vary. “Need-Based” scholarships and grants, and loans, are based upon your financial situation and related to how much income you and/or your family earn. “Merit-Based” scholarships are typically tied to your grades, test scores, etc. Plus, many schools offer scholarships related to your athletic ability, or other talents such as music or art.
Ways to Save for School:
· Save as much as possible from your paychecks while working during school and/or on school breaks
· Research and apply for local scholarships
· Research and apply for state and national scholarships
· Take some core courses at a community college with lower tuition costs than your dream school. Note: Do your research first by contacting your dream school to make sure those credits will transfer.
· Consider taking a “gap year” to work full-time and save for college.
A great place to begin your search for scholarships is to ask your school counselor for a list of local scholarships that you might be eligible to receive. Some may seem small, but if you are awarded multiple $500 scholarships they’ll add up quickly resulting in big savings! Many employers provide scholarships or tuition-reimbursement so check into your job benefits and consider working somewhere that offers educational assistance. Check where your parents work too as some businesses and organizations provide scholarship opportunities geared toward the children of employees. Local credit unions often provide scholarships too.
There are thousands of scholarships available on a national level. It is never too early to start applying for these. You do have to watch the criteria for each scholarship. Some scholarships allow you to apply as early as your first year of college. Think of searching and applying for scholarships like a part-time job especially when you’re a junior and senior in high school. The more scholarships that you apply for, the more chances you’d get selected for some. You won’t get them all, but the odds are so much better when you apply for many.
Here’s wishing you luck on finding and paying for that dream school.
Resources & Links:
How Financial Aid Works: https://studentaid.gov/h/understand-aid/how-aid-works
Free Application for Federal Student Aid (FASFA) https://studentaid.gov/fafsa-app/ROLES
Scholarship websites:
https://scholarshipamerica.org
Debt-Free Degree by Anthony O’ Neal is another resource for finding good ideas to help afford your dream school without taking on a ton of debt.
*Federal Student Loan Forgiveness Programs may be available. For example, this program offers teachers who work in high-need schools: https://iowacollegeaid.gov/FederalTeacherLoanForgiveness
Blog Author: Tara, Family Peer Support Specialist, Orchard Place Integrated Health Program
