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Paying for College Tips
Complete Your FAFSA Early
The first, and most important, thing you need to do when researching sources of financial aid assistance for college is to complete the Free Application for Federal Student Aid (FAFSA) form. This form needs to be submitted as soon as possible after January 1 of the year that you plan to start college. The earlier you complete your FAFSA, the sooner you will have a solid understanding of what types of financial aid assistance you qualify for, and what options are available to you.
The fastest and most secure way to complete your FAFSA is via the Department of Education’s online form. When you complete your FAFSA online, it will be processed much more quickly than if you submit paper-based forms. Additionally, there are no worries about someone using information from your paper forms to commit identity theft when you utilize the government’s secure online system.
Once your FAFSA has been processed, you will receive financial aid information from the Department of Education and your school regarding what types of Federal Financial Aid you are eligible to receive. Additionally, many state grant programs use information from the FAFSA, as do a number of institutional scholarship programs that have need-based components. Students who get their FAFSA paperwork turned in early often have priority when it comes to being considered for such programs.
If you have any questions regarding the FAFSA, call the Federal Student Aid Information Center at 1-800-4-FED-AID.
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Answers to 3 Common Financial Aid Questions
Financial aid can be a complicated process. You can get help from your financial aid department, or seek answers by calling the scholarship or financial aid department directly. Here are answers to three Common Financial Aid Questions:
1. What is the difference between a Pell Grant and a Federal Student Loan?
Pell Grants and Federal Student Loans are similar in that both programs are federal financial aid programs administered by the United States Department of Education and students must fill out the Free Application for Federal Student Aid (FAFSA) to apply for them.
The important difference between Pell Grants and Federal Loans has to do with repayment. Pell Grants do not have to be repaid. Federal Student Loans, however, must be repaid, with interest, according to specified terms and conditions.
2. How does need-based financial aid differ from merit-based financial aid.
Need-based aid programs are awarded based on demonstrated financial need. Need based programs usually have specific financial guidelines that take into account the cost of attendance, family income, and family size.
Merit-based financial aid programs do not take financial need into consideration. Such aid programs are typically awarded on a competitive basis for factors such as academic achievement, musical ability, athletic prowess, etc.
3. Can I pay for part of my tuition by working on campus?
Many schools participate in the Federal Work-Study program. Students are evaluated for Work-Study eligibility based on their Free Application for Federal Student Aid (FAFSA) forms. Students must qualify for Work-Study positions based on demonstrated financial need. If you are eligible for financial aid and you would like a Work-Study position, be sure to let your financial aid officer know of your interest.
Some schools have additional jobs designated for student workers that do not fall under the scope of the federal program. These positions are not need-based, and are typically handled through a school’s office of student employment (if one exists at the school) or human resources department.
Availability of both Work-Study and student worker positions will vary from one school to the next, and there is never any guarantee that on-campus employment will be made available to any student.
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Military Tuition Assistance Programs Provide Money for College
Getting involved with the United States military can help students get money for college. The different branches of the service offer a number of programs that provide access to educational money for college students.
Military tuition assistance programs include:
Reserve Officer Training Corps (ROTC) - The ROTC program provides scholarships that cover up to 4 years of full tuition and an annual stipend. Program participants enter active duty military service following graduation at an officer rank.
Montgomery GI Bill - Many members of the Reserves or National Guard and veterans honorably discharged from active duty are eligible to receive money to pay for college tuition or other training programs under the Montgomery GI bill.
GI Bill Kicker (Army, Navy, and Marine Corp College Funds) - Eligible reservists and active duty personnel who meet specific requirements upon initial enlistment may qualify for additional funds that will nearly double the value of their GI Bill funding.
Loan Repayment Program - In some situations, the military may help active duty personnel repay approved Perkins, Stafford, or other Federal Student loan programs.
Tuition Assistance - Each branch of the military service offer up to 100% reimbursement to active duty personnel who take classes at accredited institutions while off-duty.
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Your Financial Aid Officer Can Help With Scholarships and Employment Opportunities
One of the best resources for financial aid information and scholarship money is your school’s financial aid office. Once you enroll in school and apply for financial aid, a financial aid officer will be assigned to work with you. While your financial aid officer cannot make decisions for you, he or she can be a valuable resource as you try to educate yourself about the many different facets of financial aid assistance.
Your financial aid officer will be able to answer questions about the FAFSA paperwork, as well as provide insight into how your eligibility for financial aid was determined based on your FAFSA.
Additionally, the financial aid officer may be able to help you identify additional sources of funding, such as alternative student loans, state grant programs, and even help you find scholarship money or employment opportunities. It can’t hurt to get to know your financial aid officer. When you are trying to figure out how to pay for college, input from someone who is knowledgeable can be very helpful.
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Loan Forgiveness Programs Unique Solution to Paying For College
One of the most unique ways to pay for college is to participate in a loan forgiveness program following graduation. There are several situations in which the federal government might cancel all or part of your student loan debt.
Examples of Student Loan Forgiveness Programs:
AmeriCorps: Students who participate in the AmeriCorps network of service programs can receive money to assist with school loans. Those who work full time with AmeriCorp for a y ear can earn up to a $4725 education award. Those who serve part time can receive partial awards.
National Health Service Corps: Eligible health professionals who enter the National Health Service corps and work in underserved areas receive up to $25,000 per year toward their student loan debt, in addition to competitive salaries and tax benefits.
Peace Corps: If you have Perkins loan, and you join the Peace Corps, you will earn a 15% cancellation of your debt (under the Perkins program only) for each year that you serve. You can also defer most other Federal Student Loans while in service in the Peace Corps.
Teach for America Program: The Teach for America program selects 2,000 recent graduates every year and place them in teaching positions in rural and urban public schools. Teach For America participants receive salary and benefits similar to those offered to any entry-level teacher. They are able to put their student loans in forbearance status while in the program, and they receive $4,725 to apply toward existing student loans or future educational expenses for every year of service in the program.
These are just a few examples of the programs that allow students to earn loan forgiveness by working off debt in approved programs. It is important to note that there is no guarantee of being accepted into one of these programs upon graduation, so if you take out student loans, you need to be prepared to pay them back.
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4 Tips on How to Pay Your Way Through School
If you want to avoid having a significant amount of student loans to pay back when you consider college, the best thing you can do is to figure out how to pay your way through school without having to borrow money to cover tuition and the related expenses of attending college. Even if you aren’t lucky enough to win a full scholarship or have a trust fund at your disposal, it is still possible to pay your way through school if you plan ahead and are willing to make some sacrifices. Many college students successfully pay their own way through school and graduate debt-free.
Tips to Pay Your Way Through School
Consider college tuition costs when selecting a school. Even though you might really want to attend a private college, if you don’t have a large scholarship and don’t want to borrow money for tuition, you might be better off attending a less expensive public university or community college.
Keep living at home. If there is a school in your local area that has a strong program in your field of study, you may want to consider choosing that school and continuing to live with your family. A great deal of the expense associated with attending college is the cost of living in a dormitory or off-campus apartment.
Get a job. Many college students work the entire time they attend school. When you have a steady income, making tuition payments as you go can be within your reach. Holding down a job while you are completing your studies can really give you a competitive advantage in the job market after you graduate. Employers like to hire recent graduates who exhibit ambition and a positive work ethic. You might even find the job of your dreams before you graduate!
Continue to look for and apply for opportunities to win scholarship money even after you begin college. Many professional organizations offer scholarships to upper-level students based on their major. For example, many local American Advertising Federation Chapters offer competitive scholarships for Juniors and Seniors planning to pursue careers in advertising. Every dollar that you get to put toward your tuition expenses reduces the amount that you have to pay (or borrow).
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The Hope Scholarship Tax Credit
The Hope Scholarship Tax Credit is not a scholarship at all, nor is it related to Georgia's Hope Scholarship in any way. The Hope Scholarship Tax Credit is a tax break offered to taxpayers with dependants in the first two years of undergraduate schooling.
The credit does not guarantee a refund and the amount of the credit is depending on income and other qualifications. A tax preparation specialist or accountant can help assess what a person is editable for.
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How to Find a Scholarship
Is the thought of paying for college enough to make you break out in a cold sweat? If so, start thinking about finding financial aid. There are many available resources that can help you locate financial assistance. A good place to start looking is on the Internet but there are also books available that can be quite useful.
Many educational publishing companies annually publish books on grants and scholarships. These books organize awards based on requirements, awards sizes, and degree majors. Most local libraries have copies and they are well worth a flip through. You may be surprised at what's out there. If you choose to use these books, however, make sure that you have the most recent editions or the information may not be updated.
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Internships
Internships are not the same as work study. Students are not paid during an internship. The point of an internship is to gain work related experience in a chosen field.
Many schools assign internships as classes and grades are given based on a completion of a project or other criteria.
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Consolidation, Forgiveness and Cancellation
Many students graduate from college with not only a degree, but with a student loan as well. If you have multiple loans, consolidation is always a good step. If you plan to attend graduate school, you can combine your new graduate loans with existing undergraduate loans and combine the payments into a more manageable schedule.
Students entering certain underrepresented professions, such as nursing and teaching, may qualify for loan forgiveness or cancellation. In addition, child care providers who applied for loans after 1998 may be able to have some of their loans forgiven.
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How to Pay for College
Congratulations! You (or your child) have been accepted to college. Now you just have to find out how to pay to make your dreams come true. Scholarships are a great way to supplement the rising cost of education.
A scholarship is a monetary award offered to a student who demonstrates certain characteristics. Scholarships can be awarded to students based on a variety of reasons, such as their scholastic achievements, area of study, athletic abilities, physical characteristics, hobbies, etc. No matter what your achievements, abilities, or interests are, there is probably a scholarship out there for you.
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Save Money by Starting at a Community College
Many students who choose to attend a two-year community college prior to transferring to a four-year university as a means of controlling college tuition costs. Tuition tends to be less expensive at community colleges than at senior universities. Regardless of your major, it is likely that your first two years of classes will be core courses such as math, science, English, etc. that will be basically the same no matter where you take them. When looking for college tuition help, it makes sense to help yourself by choosing the least expensive option for taking your core classes.
Typically, as long as you stay within the same state when you transfer from the community college to a senior university, you will get transfer credit for all of the core courses you took at the community college level (assuming you passed them). Most states require state-supported universities to accept transfer credit from state supported community colleges. By taking many of your core courses at a community college before transferring in to a 4-year Bachelor’s degree program, you will reduce the total cost of your education.
