Researching your options will help you develop a financial plan to cover your college expenses. Here are several opportunities you should consider. Remember that one important aspect of preplanning is to estimate how much you will owe upon graduation and determine if this will be an affordable option.
Federal Student Aid
Most students are going to need financial assistance in addition to their and/or their parent’s financial contributions to their college education. Even if you don’t think you will qualify for need-based aid, other things like federal student loans or college-based need may require a Free Application for Federal Student Aid (FAFSA) to be completed. The FAFSA determines whether students are eligible for financial aid such as federal loans, grants or work-study. In addition, many colleges require a FAFSA to be on record to determine their own financial assistance packages. You should submit your FAFSA as soon as it is available. This will help increase your chances of getting assistance. Learn more at the Federal Student Aid website.
Most students don’t appreciate the value of scholarships when it comes to paying for college. There are numerous types of scholarships available, and this is FREE MONEY that does NOT need to be repaid. There are a lot of free resources available to search for scholarships – make sure you take advantage of them and put in the additional time needed for that free money for college.
Like scholarships, grants do not need to be repaid – again, FREE MONEY.
You may qualify for federal work-study, which provides part-time jobs for students with financial need. This allows students to earn money to pay toward their college education expenses.
There are federal student loans and private student loans. There are key differences between these types of loans, including repayment, interest rates, financial need, credit check and consolidation options. Learn more about Dupaco’s education loans.
Regardless of whether you are or aren’t eligible for federal aid, you may be eligible for state aid. Contact your state grant agency for more information. Visit the U.S. Department of Education’s website for more information.
Many colleges will offer financial assistance of their own. You will want to visit the school’s website or contact the financial aid office for more details.