February is Financial Aid Awareness Month. To celebrate, here are our Top 5 Financial Aid Awareness Tips about the many financial aid options available and how to access them.
TIP 1 – Free Application for Federal Student Aid (FAFSA): To find out which federal student loans, grants or other financial aid you may be eligible for—fill out the FAFSA application online. It is free to apply.
Once submitted, the government sends you a Student Aid Report (SAR) with information about your eligibility for federal student aid. Note the FAFSA application for the next academic year (July 1, 2023 through June 30, 2024) opened online October 1, 2022. So, go ahead and apply now.
TIP 2 – Grants: The federal government awards several different types of grants to college or career school students with financial needs. Unlike student loans, grants do not have to be repaid. To discover if you qualify, check with the institution of higher learning you are considering. Or, simply fill out your FAFSA application.
TIP 3 – Merit-based Scholarships, Need-based Scholarships, Athletic Scholarships: Scholarships are another source of financial aid that does not have to be repaid. Whether awarded for academic, athletic or musical abilities, scholarships make a difference for a student financially.
Check with your high school counselor or the financial aid office at the higher institution of learning you consider. Also, check the U.S. Department of Labor’s FREE scholarship search tool for scholarship opportunities.
Other possible sources: your or your parents’ employer(s), foundations, ethnicity-based religious or community organizations, local businesses and/or civic groups. And finally, contact organizations related to your field of interest to see what scholarships/financial aid they might offer.
Keep your grades high and take AP/honors classes. Excel at your particular sport or talent. Also, get the best SAT or ACT score possible. Start researching and apply for scholarships during the summer between junior and senior years.
More Tips
TIP 4 – Work Study (FWS) Programs: Don’t overlook work-study programs as a source of financial aid. Essentially, work-study is a federally funded program that helps students with financial needs get part-time jobs. Part-time jobs have limited hours and usually pay minimum wage or above. Flexible hours allow students study time and time for school activities. Note these jobs may be located on or off campus.
Check with the financial aid office at your college, university or career school to find out if they participate in work-study. Also, check with the school’s student employment or career services offices.
TIP 5 – Federal Student Loans: Also known as government loans, federal student loans allow a student to borrow money directly from the federal government. Students (or their parents) do not need a strong credit history or a cosigner to get this type of loan. And, generally, these loans offer more flexible options than private student loans. For example, you can make payments based on your income.
Basically, there are three types of federal student loans: Direct Subsidized Loans, Direct Unsubsidized Loans and Direct PLUS Loans. Direct PLUS loans also include Grad PLUS Loans and Parent PLUS Loans.
More on FAFSA
The schools you include on your FAFSA application will have access to your information. They use it to determine what federal student loans, grants and work-study you may qualify for. Also, schools you’re accepted send a financial aid offer detailing the financial aid available for you. And, of course, contact the financial aid offices of the institution you are attending directly to learn more.
We hope the above information helps you or someone you know with their future education goals. After all, at Integrated Advisors Network, we’re all about helping others get ahead in life.