Once you have made the life-changing decision to attend or return to college to earn your degree, whether you are attending a traditional or online university, one of your initial steps will be to search for financial aid. There are almost limitless options available for today’s student, making it easier than ever to advance your career and attend college.
It may seem daunting at first to take on the tasks of searching for financial aid, selecting the right college for you, deciding on a career path and going through the admissions process. It is smart to take one step at a time, and try to prevent yourself from feeling overwhelmed.
Here are five things you should know about financial aid to simplify your process:
- Where to apply for financial aid
- What types of financial aid are available
- Which types of aid to choose
- Repayment of financial aid
- Interest and financial obligations of financial aid
Where To Apply. The first place you should apply for financial aid is at http://www.fafsa.ed.gov/. FAFSA stands for “Free application for Federal student aid”. The process is simple, and can be completed online:
- Determine your dependency status
- Fill out web worksheet
- Locate your school codes
- Apply for a PIN number
- Be aware of application due dates
- Fill out application in timely manner
After you have completed the necessary steps to properly fill out your FAFSA, you can view your results online when they are available, which simplifies the process.
What types are available? There are a seemingly limitless number of financial aid options available today. The trick is in your search. There are grants, loans and more just waiting to be received, many that you may be unaware you are qualified for! This is due to the fact that people, not just businesses and universities, often give out scholarships based on areas close to their interests.
Which types of financial aid to choose? This is a frequently asked question. The answer will depend on how many you apply for, and what type. For example, if you do not receive a grant, which does not require payback, there are loans with special repayment plans available.
Which brings us to repayment of financial aid. Often there are low-interest student loans available with specialized repayment plans tailored to students. An example would be a specialized student loan set up so that payments start a few months after graduation. This is a great second option, as it gives the student the opportunity to graduate and begin to earn an income prior to repayment.
Interest and financial obligations of financial aid. The interest level of your student loan and financial obligations will vary depending on the type of the loan, and the person or facility offering the financial aid. Read all offers thoroughly, to make sure that the terms are reasonable, and that the interest is not too high. As mentioned above, it is quite typical for students to be able to borrow each semester, and begin the repayment process 3-6 months after graduation.
If you found this to be helpful, also see Types of Degrees, Working and Going to School, and Benefits of Online Learning.
