Back to School Series #3 - Navigating Financial Aid

Welcome back!

We left off with you being accepted into the college of your dreams AND you have gone over major hurdles of researching the right school and you finally found it and you are registered.

Okay, here is where many people will stop because…it’s the money. 

Yep. We all have different financial situations that cause us to say yes or no to a school because truthfully, it is expensive. But here is the reality. You’ve got to make an investment in yourself. That includes paying for school. Everyone makes sacrifices and sometimes it is simply not easy. In fact, let's be honest, its scary!! Its scary because there is the fear of not being able to afford it. You can do it, if your willing to make the sacrifice.

In this post, I will outline main webpage sources for you to become familiar with (along with helpful articles) that will help you survive the financial aid process!

Student Loans.gov

https://www.studentloans.gov/myDirectLoan/index.action

This website will help you to decide on which loans are best for you if you are an undergraduate or graduate. What I like about this website are the videos that they have available and gives you a description of how to pay back and consolidate your loans. At some point, you might be required to watch a few videos and answer some questions about financial aid (I had to do this for school). I made sure I was away from any distractions when I completed this. 

Here is also a link for some of the financial aid terminology you will come across. Here is a glossary to help you:

https://studentaid.ed.gov/sa/glossary

Federal Student Aid

https://fafsa.ed.gov/

This website will help you fill out a financial aid form, also known as FAFSA. Your financial aid counselor most likely told you about this form. Get familiar with it. ALL students are required to do this and it is also linked to your income tax papers. You will fill it out every year. You will need your income tax papers first THEN you can fill out your FASFSA form. It is easier if you have the forms with you instead of trying to guess your income from the last year. There is also a DEADLINE to fill this out. Do not miss this! This can also mean missing out on getting a grant, depending on your income (Yes, free money!). It also means missing out on the semester you registered for because you will not be able to attend school if the financial aid paperwork is not completed. Its recommended to check in with the financial aid counselor to find out when / if your application has been approved, how long will it take for this process and if there is a way you can check to see if your college received those funds and how long it takes. Oh, and always keep a paper copy (or take a picture of it on your phone) copies of your confirmation numbers to show you've completed the FAFSA application. Technology sometimes has a way of making a few hiccups in the system. I was VERY meticulous about this since I wanted to complete school as soon as possible.

Grants

When you fill out your FAFSA, you may qualify for a PELL Grant. A Pell grant is federal money to help you pay for college that does not need to be payed back. Undergraduates and graduates can qualify for this. You might find with all of the research you have done with FAFSA and colleges, you will find your cookies on your computer might show advertisements for grants from websites you have previously paid a visit. Some are legitimate and some, well they might not be what it is advertising.... however, the website below is legitimate and will help you find the scholarship you need for free!

https://studentaid.ed.gov/sa/types/grants-scholarships

Brace yourself and get comfortable!
This is when you will have to do more research (I know...I know...you are saying I have not even started school!). Start thinking of hobbies you have, things you can do (even cooking) and even your cultural background. There are grants for knowing how to play the piano, volunteering with certain organizations (Boy-scouts!) being part of certain religious groups, being a gymnast and even knowing how to draw well. There are scholarships for many types of things. There are grants that are one time grants and some that will pay as little as 300.00 - sometimes 2,000 every semester. You can apply for more than one grant. I sent out a TON of applications at one point and even called some establishments to help with my financial aid. Many grants may require that you write to them and tell them why you should qualify for their grant. Create a template. Create a template (about 200-500 words) on Microsoft Word (or Google Docs) and change it to accommodate each grant application to make it easier for yourself. 

Sometimes, there is a qualification associated with that grant, such as serving in the field you are studying for a specific (and required) amount of time. Ask / or read about these qualifications in advance so you can be sure to follow the procedures. Sometimes if these qualifications are not met, you will be required to pay back your grant.

GRANT SCAMS

I thought I should say this. Not everyone is honest. Yep. This is when some people will try to take advantage of students.

If someone is asking you to PAY FOR INFORMATION , DO NOT DO IT! When applying for a grant, there should be no fee associated with it. There should be no fee for looking for a grant.

Many of the sources that I have posted are from reliable sources (government websites). Go to the link provided under grants and you will see there is a link to other websites that have those grants.

Good Luck! Be sure to read my next post, "It's Prep Time - Getting Organized"

Have a wonderful day!

Melody