Step Four: Financial
Aid Info
Date Added: June 1st,
2002
By Chris Stallman
| E-mail
Okay,
so you've been accepted to that cool out-of-state college that
you've been wanting to go to since you were eight but your parents
are on your back about the costs? No problem, there's always
a way to pay for an education.
A lot of people are working under the assumption that
you have to have all the money for college ready by the time you
enroll. That's not true. In fact, you can pay for college AFTER
you attend. There are a few different ways that make this all possible
and here they are.
Grants
Grants
are a great way to pay for college because the government/college
gives you money that you never have to repay. When you fill out
the FAFSA forms in January or February, it creates a profile for
you as the student and determines how much financial aid you will
need in order to attend college. If you have a lot of financial
need, you'll likely be awarded a grant to help you with the
costs of college. This is applied towards your tuition and is tax-free.
Grants are great because they can really help out with
the costs of college but don't expect them to pay for everything.
Grants are usually pretty small ($1000-2000) so you'll still
need to find more ways to pay for the rest of your education.
Scholarships
Scholarships are also great because they're financial
awards that are given to you based on your grades, community service,
or athletic abilities. Some scholarships also take financial need
into consideration so if you're having a hard time paying for
college, they'll take that into consideration when awarding
the scholarships.
The only downside to scholarships are that they sometimes
have specific requirements. For example, some scholarships require
you to maintain a 3.5 GPA and if you fall below that, you can have
your scholarship taken away. So if you're awarded a scholarship,
do yourself a favor and keep studying!
Federal Work-Study Program
The work-study program is a program that allows you
to take a job on campus and your earnings are then applied towards
tuition. This allows you to shave some money off the cost of attending
college by working part-time. The nice thing about these programs
is that they have very flexible hours because they understand that
your education is your top priority. However, you're also limited
in the amount of hours you can work so don't expect to pay for
a whole lot of your education by doing this.
Loans
Loans are another
form of financial aid that help you pay for college but, unfortunately,
they have to be repaid. Because these loans are secured by the state
or federal government, the interest rates are usually fairly low
and you don't have to worry about paying your loans back until
you get out of college.
Loans are usually taken out by the student so you'll
be the one repaying the debts. However, if your parents insist on
helping out with your student loans, they can take out a Federal
PLUS loan, which is like a student loan that the parents pay.
It's important to be careful with loans. You don't
want to rely solely on them because when you graduate, you'll
be burdened with a large monthly payment. As with all things involving
college, be sure to weigh all of your options when you receive your
financial aid package.
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