For the high school student, the first year on a college campus is something that can be looked forward to as it is the beginning of a whole new and exciting chapter in your life. However, the financial commitments of a college education can prove to be overwhelming when finding a way to pay for college is done with a lack of planning. With deadlines looming, it is best to start searching for viable options in your junior and senior years of high school.
There are many avenues open for you when it comes to funding. It is best to begin your funding search by applying for academic and extracurricular scholarships and grants provided by government and private entities. Scholarship and grant acquisition should be your preferred method of funding for college as you don’t have to pay them back. The next step is to fill out the Free Application for Federal Student Aid (FAFSA) which will give you access to subsidized and unsubsidized government loans. Another alternative to research is private loans or work study assignments within the university system.
FAFSA Funding
The Free Application for Federal Student Aid (FAFSA) will help you decide on your next step to supplement your financial aid. It is a requirement of most federal aid curriculums, and many colleges will not advise financial aid without it. Applications are available online at the beginning of each year. After processing, you will receive a report–the Student Aid Report or the SAR. The report will indicate your FAFSA based funding eligibility. Need-based grants, Federal Stafford Loans, and others are included in this report.
College-based Funding
This will depend on the information you have provided on your FAFSA. The Federal Perkins Loan, the Federal Supplemental Educational Opportunity Grant, and work study programs (where the salary you get for working on the campus goes towards tuition fees) are all in the college aid funding group. The college directly distributes these funds. Queries regarding the financial status of you and your parents will be required by the colleges. A good academic record will help you get good scholarships and grants.
Other Alternatives
Private loans are an option for students who have tried out other sources of funding unsuccessfully. Private loans have found popularity in recent years. The most common among these are the student loans given by banks. Another option is credit unions. You may also apply to philanthropic associations for college funding.
Working Your Way Through
Working on campus or taking up a job can help cover your living expenditures while you are at college. Not only that, with a good job, you gain experience which in turn gives you good prospects in the job market later on. You also become responsible and learn great time management skills.
One thing is for sure, for a financially secure future, continued education is a must. With so many funding options available, attending the institution of your choice is well within your reach.