Paying for College: Scholarships and Federal Aid
By David Lithman
Well the weekend has come and gone, and I
still have no students seeking advice. Please
email me your questions, I’m begging you!
It’s partly my fault because I’m still slacking
on advertising this blog. There’s a lesson
for all the students out there. Don’t slack.
I slacked a lot of my way through college.
It works for the time being, but later on
it will come back to haunt you. Try to instill
solid work methods now while you still have
a chance, or else when you’re twenty-something
and working a full-time job, you will only
think about ways to get you work done without
actually working.
On to today’s topic: Paying for College.
Getting the funds for college and living
expenses is one of the biggest challenges
you will face, perhaps even tougher than
getting into college. If you slacked your
way through high school and ended up with
poor grades, your chances of a scholarship
are not as high. But hopefully you listened
to your teachers and parents and did well
in school.
In Florida we have what is called a Florida
Bright Futures Scholarship. Based on your
grades, SAT/ACT scores, and community
service, every graduating senior attending
college can receive a 75% tuition scholarship
or a 100% + books scholarship. Florida
is awesome when it comes to providing
every student the means to attend college.
I am not sure how other states work, but
I would imagine each state has similar
scholarship programs.
Scholarships are what every student needs.
Tuition can be very expensive depending
on where you go to school and how many
classes you take. Out of state schools
will cost a student more money. Private
schools will also be more expensive. Scholarships
give students the ability to attend colleges
on someone else’s dime. Pretty sweet deal
huh?
Not all scholarships are based on financial
situation like most people think. Generally,
students who are in need of financial
aid will be given a high priority when
it comes to winning a scholarship; however,
this is not always the case. Don’t be
shy when asking about scholarships. Consult
your school counselors, parents, teachers,
and friends. You’d be surprised that the
company your parents work for probably
offer scholarships. Even if it is only
for $1000, that is still free money you
can’t pass up.
Scholarships are not limited to incoming
freshman either. Current sophomores, juniors,
and seniors are eligible for scholarships.
Often upper level students are awarded
scholarships to further their study in
their specific major, such as Education
majors. Visit your school’s financial
aid office for more information.
One of the best, if not the best, resources
for scholarship information is FastWeb.
Every student needs to visit them. Yes,
even you seniors. There are thousands
of scholarships that go un-awarded every
year. So get off this web page (when you’re
done reading of course) and go get one.
http://www.fastweb.com
Another method of getting money for college
is from Uncle Sam himself. No, not your
mom’s half brother that you only see on
Memorial Day barbeques. I’m talking about
the United States Government. The federal
government gives out free money to college
students. It’s called FAFSA, which stands
for Free Application for Federal Student
Aid. FAFSA grants are determined by how
much money your parents make. You have
to fill out a form in your school’s financial
aid department or online via their website,
www.fafsa.ed.gov. Every student needs
to do this. Even if your parents make
$500,000 a year, there is still a chance
you are eligible for a free grant. A grant
is money you do not have to pay back.
Ever.
Let’s say your parents give you $2000
a year for college. You use this for tuition,
books, rent, and food (and with all these
expenses plus more, $2000 does not go
that far). Let’s say you have filled out
your FAFSA forms and are given $1000.
This is awesome! But wait, it’s been two
years and now your little sister is going
to college and your parents can’t afford
to give you $2,000 each. So they split
it up and you each get $1000. What a bummer!!
Or is it? FAFSA adjusts your grant according
to not only what your parents make, but
how many siblings you have in college.
The more brothers and sisters you have
going to college, the more money you get.
The most dreaded, but probably most popular,
method of paying for college are student
loans. Almost all students have them,
so don’t feel bad if you are forced to
get one. If you’ve taken a finance or
economic class you’ve probably heard the
terms "good debt" and "bad debt". Victoria’s
Secret credit card debt is "bad debt",
while student loans are "good debt". Student
loans offer the lowest interest rates
of any type of loans. Often they give
you a grace period after graduation where
not a single cent is due. Student loans
can be paid off over a long period of
time with fixed interest rates.
Subsidized student loans are loans you
get through your school’s financial aid
department that the government pays the
interest for. Not a bad option either
if you are in need of tuition money. Visit
your bank or financial aid office for
more information on student loans. All
banks offer them, so go ask today.
Finally, the last method of paying for
college I’m going to discuss is through
good old hard labor. Getting a job can
help pay the bills. Waitressing, bartending,
retail, and tutoring are all prime examples
of college jobs. If you aren’t into working
at a restaurant or mall, visit your student
career resource center. Jobs on campus
are given out to students who are financially
needy. The best thing about working on
campus is they will fit your work schedule
around your classes and tests. You will
never have to miss class or work. One
of the disadvantages of working on campus
is the pay is generally low. You will
make a lot more money working at Chili’s
than you will your school’s bookstore.
I hope you enjoyed this article. If you
have any further questions about paying
for college, please ask. Email me at collegesos@yahoo.com.
http://collegesos.blogspot.com/
I am a recent graduate of the University
of Florida. I am currently employed full-time
but have a strong desire to help incoming
and current college students. My goal
is to give everyone a better college experience
by providing the help and answers they
need to all the questions they have that
real advisors can't give.
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