Paying for the College of Your Dreams
Let’s face it—countless hours are spent by prospective college students applying to schools. Time is spent researching schools, making college visits, taking the required entrance exams, filling out the application, writing essays, and going through entrance interviews. While this is time well spent, it is equally important to allocate time to researching the financial aspect of higher education. In plain English, you have to figure out how to pay for that school you spent so much time getting into.
Almost everyone knows about the dreaded student loan, and while they are great in that they enable students to attend college who wouldn’t otherwise be able, they have to be paid back. It is important to keep this in mind when working out your particular financial situation. If at all possible, student loans should be the last form of aid you consider.
To avoid huge amounts of post-graduation debt, fully research the availability of grants and scholarships at your college. What is the difference between grants and scholarships? Grants are available to every college applicant and enrolled student and are given based on financial need. Scholarships, on the other hand, are available to college applicants and students that meet specific eligibility requirements. Neither grants nor scholarships have to be paid back upon graduation and in this sense they are “free” monies. Unfortunately, many students (both prospective and current) are not aware of how to obtain these monies and end up with much more debt than they have to incur.
To apply for federal and state grants, students must fill out the Free Application for Federal Student Aid, commonly referred to as the FAFSA (this is the same application you fill out to be considered for student loans). This application can be filled out online or through the mail, and should be submitted as close to the beginning of the year you plan to enroll in college as possible. So, if you plan on starting school in September of 2008, your FAFSA should be filed as close to January of 2008 as possible (Hint: Get your taxes done early!). Early submission of the FAFSA is important because there is only a certain amount of grant money available each year, and the sooner you apply, the better your chance of receiving the most money possible. Once submitted, FAFSA sends your college’s office of financial aid the amount of money you are eligible for and they, in turn, notify you.
Applying for scholarships takes a little more diligence. Your college’s financial aid office should have an extensive list of scholarships that you can apply to and you should apply to any and all scholarships that you are eligible for. Most students mistakenly believe that the list given by the college is inclusive of all scholarships available. Don’t be one of them! It is important to keep in mind that most charitable organizations, large corporations, and private clubs also have monies set aside for scholarships. All you need to do is call and ask. Yes, it can be time consuming, but the search for free monies will be worth it later. My Advice is to make a list of the prominent corporations and organizations in both the area you are from and the city your college is in and then start making calls. You will be surprised at the sheer number of scholarships available that are not publicized.
If–after you have received your awards from scholarships and grants–you are still falling short on money, contact your college’s financial aid office and ask about work-study and student employment. Often, these programs provide enough money that students do not have to take out loans at all.
The key to paying for college is diligence. There is simply no financial burden that can stand in the way of the college of your dreams is you put the time and effort you spent applying into finding available monies. Pair that diligence with some creativity and flexibility and the results will be well worth it.