The Basics of Financial Aid

If you think college is an unattainable goal because you lack the finances, THINK AGAIN. Although college tuition continues to rise, there are more options and available resources to assist with funding a college education. Help is available if you and your family can’t pay the total cost and you qualify for student financial aid. Financial Aid basically fills in the gap from the cost of college and what your family is expected to pay. You will complete an application providing information on your assets and availability of money. The government and the school you apply to will assess the numbers and decide how much money you need toward your college education. Based on this information, they will either offer you “free” money in the form of scholarships and grants, or they will offer you loans—which have to be paid back. This will either cover all of your expenses or a portion of it and you will be responsible for the rest.

The tool used in determining your financial need is the Free Application for Federal Student Aid (FAFSA) Form. This form became available on January 2nd. January and February is the time applicants should be focusing on completing the form and submitting it to their school of choice. The earlier the form is submitted the better. Most people find the form intimidating and feel it asks for too much personal information. Please don’t let this keep you from applying for aid. Believe it or not, the form has gotten easier over the years as technology has evolved. There are many resources available to assist you with the process, so take advantage of them all. You have the Department of Education student website, www.studentaid.ed.gov, the Federal Student Aid Information Center, 1-800-4-FED-AID (1-800-433-3243), and you can reach out to your guidance counselor or financial aid counselors at the school. In knowing this, Do not pay anyone for assistance with completing the form.

This can’t be emphasized enough; but time is of the essence when applying for financial aid. Remember, this application process is a competition. Students often miss out on receiving financial aid because they wait till the last minute to file or failed to submit any corrections in a timely manner.
It is also important to note that each school will have its own deadline for both federal and institutional aid, along with deadlines for scholarships. It is in your best interest to apply at the earliest date possible, even if you have to estimate your financial figures. It is recommended that you always try to apply no later than February 15th of the current year. Again, the sooner you file, the better your chances are of being considered for limited funds.
Although, federal aid is the most popular method pursued by students when you talk about paying for college, but know there is also an unlimited amount of scholarships available. Applying for scholarships requires planning, preparation, organization and time. Scholarships can be won for any number of accomplishments, including academics, athletics or even music. Scholarships are either categorized as a general funding source or they have specific qualification categories such as ethnicity, degree majors, gender, organization affiliation, disability, etc. They come in the form of private, institutional and federal. Learn and research the difference and what they have to offer. You can obtain this information by utilizing resources such as A Road to Success: The College Planning & Preparatory Guide (www.celestialsent.com/the book.html).

The time is now; work all avenues, get started and choose wisely. You may want to also consider making a small investment and utilizing the assistance of scholarship consultants with successful track records in securing scholarship dollars, such as The Scholarship Academy (www.thescholarshipacademy.com). This can help make tackling the scholarship endeavor a smoother journey. Whatever you decide to do, the key to being successful is thoroughly researching your options, developing a plan and putting that plan into action. How will you proceed? What choice will you make?

By Tameka Williamson
Author of A Road to Success: The College Planning and Preparation Guide
E: tameka@celestialsent.com
www.celestialsent.com/the book.html
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