The Ins and Outs of Financial Aid
By: Catherine Clark
Photo Courtesy of FreePhotosBank.com
In this day and age, especially in light of the economic downturn, having a college education is invaluable. However, finding the money to pay for years of tuition and living expenses is difficult. Beginning the process can be stressful and intimidating, but with preparation and organization, the hard work will pay off.
As a senior, it’s important to keep in mind that time is of the essence. Make appointments with your guidance counselor, as well as Knightdale’s Financial Aid Advisor, Ms. Winters. She visits Knightdale once a week, conferencing with each student for approximately fifteen minutes. Ms. Winters’ best advice for students beginning the financial aid process is, “Start early and keep your GPA up!”
The most basic financial aid form is called FAFSA, or Free Application for Federal Student Aid. This form will allow you to apply for federal, state, and individual aid. The application should be turned in as close to January 1st as possible, along with a copy of your parents’ latest tax return. Within a month, your Student Aid Report will arrive, which will give you an idea of how much money your family will have to contribute for college.
If colleges you’re interested in require additional forms, they should be turned in as well. In the meantime, searching and applying for scholarships would be very time-efficient. Millions of dollars in scholarship money is not awarded each year, solely because there are no applicants. There are countless scholarships available that are based on academics, athletic ability or leadership potential. Knightdale senior Alonzo Clark commented, “I’m applying for smaller set amounts, around three or five thousand dollars apiece.” By mid-March or early April, Clark and other students will receive award notices from colleges. These notifications will tell you what kinds of aid you will receive, how much you have been awarded, where it will come from, as well as the amount your family can expect to contribute.
After applying for financial aid and using other scholarships, grants, and loans to your advantage, it is extremely unlikely that the full brunt of your college tuition will be placed on your shoulders. Hard work pays off, and in this case, it pays off in cash.
This article could have given some types of scholorships or even ones that people generally don’t know. But it does give a general timeline and also some places to get help which is a step in the right direction.