Financing Your Education

For many prospective college students, paying full price for a higher education is out of the question. In fact, because of financially unstable times, the average student graduates from college with $20,000 worth of debt to their name. Due to raised tuition costs, room and board as well as other miscellaneous expenses that add up during a college career, it is even more important to take advantage of the various forms of financial aid available.
Almost every high school student should know about the Free Application for Federal Student Aid (FAFSA). You should plan to submit this form as soon as possible since money is awarded on first come, first serve basis. This form is for both graduate and undergraduate students in the U.S. to apply for federal grants, which include Pell Grants, Cal Grants, work-study programs and loans.
•Pell Grants: These types of grants are for undergraduate students and can range in value from $1,000 to $5,550. They are awarded based on financial need, which also takes Expected Family Contribution (EFC) and expected college costs into consideration.
•Cal Grants: Cal Grants are a part of a financial aid program provided by the California Student Aid Program. To qualify for such a grant, you must complete the FAFSA, meet a minimum GPA requirement, be a California resident and plan to attend a college or university in California. There are five different types of Cal Grants, which all have separate requirements.
•Work-study programs: These kinds of programs help students earn money to pay for college by providing on-campus employment. These can be federal or non-federal; the main difference being that non-federal work-study is not determined by financial need. It is also important to note that similar to filing the FAFSA, this must be renewed each year in order to continue in the program.
•Loans: While grants are free money that you don’t have to pay back, loans are borrowed and must be paid back over time, sometimes with interest.
Another major financial aid application is the CSS Profile, provided through College Board. The main difference between this form and the FAFSA is that there is a limited list of schools, usually private, that require this application. In addition, the CSS Profile costs $25 to complete and send to one school, plus $16 to send it to each additional school you select. However, fee waivers are available depending on
family income to help alleviate the cost. Many private schools require this form, but to be sure, you should research the required documents specific to any school you are applying to. It would be wise to submit the CSS Profile prior to your school’s financial aid deadline.
According to College Board, “Many of the member colleges, universities, graduate and professional schools and scholarship programs use the information collected on [the CSS Profile] to help them award non federal student aid funds.”
By Copy Editor Victoria Gavia

Sources:
www.collegescholarships.org
www.llu.edu
www.calgrants.org
www.ecampustours.com
www.collegeboard.com