Paying for college can be really stressful especially if you do not have the financial resources to do so. Though this can discourage many from furthering their education, there are still options available to help you successfully enroll in a 2-year or 4-year university.
It is recommended that you fill out the free application for Federal Student Aid (FAFSA) even if you don't think you qualify or expect to receive any aid. The FAFSA becomes available in December 2023 this year only, after that, it is available on October 1st of the year preceding the school year. Many other forms of aid like work-study opportunities, federal grants, school-based aid, and scholarships, require that you have completed the FAFSA in order to qualify. It's always better to complete the FAFSA as soon as you can. Think of it as a giant pool of money that many others will be applying to. Some schools even award money on a first come first serve basis.
Scholarships are a great way to pay for college without repayment. There are many options, including merit-based, athletic, talent-based, diversity, service, leadership, and interest-based scholarships. Start early in your senior year and create a schedule to stay organized. Some scholarships may require FAFSA completion.
SchooLinks, our platform for college and career exploration, is here to help you in your hunt for scholarships. With SchooLinks, you can easily apply various filters and narrow down the search to find hundreds of scholarships that match your interests. Simply launch your SchooLinks account from LCPS Go and you'll have access to a personalized list of opportunities that cater to your specific needs.
LCPS Scholarships are listed in SchooLinks and on this website.
Explore scholarships from our community and access a range of additional resources and tools by clicking here-check back regularly for updates. Students should also visit the College or University they plan to attend to see if eligible for scholarships.
AccessScholarships.com provides a list of scholarships for underclassmen.
Many students miss out on various types of Federal Pell Grant money simply because they fail to complete the FAFSA. If you qualify for Pell Grant money, you can continue to receive it while in school, provided that you have submitted the FAFSA and renew it every year you are in school. The federal government also provides other types of grants that are similar to scholarships in that they do not have to be paid back. Additionally, each state has its own grant programs. You can use the map tool available on the U.S. Department of Education website to locate agencies in your state that administer these college grants. With this tool, you can search and apply for grants that you qualify for.
The Federal Work-Study program provides money for part-time jobs. College students who demonstrate financial need are eligible. In order to qualify, you must first submit the FAFSA. If you qualify, you will see "work-study" on the financial aid reward you receive. This does not mean you will automatically receive money. You must find an eligible work-study job on your school campus. You must also work a certain amount of hours in order to receive all of the aid you qualify for.
Federal student loans are funded by the federal government. Payments will not be required until after you graduate, leave school, or change your enrollment status to less than half-time. The interest rate is usually lower than private loans. The interest rate is also fixed and sometimes even lower than some credit card interest rates! Students who demostrate financial need may qualify for loans that the government pays the interest while you are enrolled in school. You must be at least on a a half-time status. These loans may also only be available during certain periods. These loans are called "subsidized loans." Another benefit with Federal loans is that you do not need to provide a credit check. Some of your interest may even be tax deductible. You have the flexibility of repayment and postponement options. You may also qualify to have a portion of your loans forgiven if you work in public service.
Private loans are offered by lenders like banks, state agencies, credit unions, and certain schools. Most private student loans require that payments are made even while you are enrolled in school. Some allow you to defer payments while in school. Private student loans offer either variable or fixed interest rates. This can result in rates being higher or lower than federal loan rates. Private student loans are often not subsidized. In the case of an unsubsidized loan, you will be responsible for all the interest on your loan. Private student loans will usually require a good credit score in order to be offered a lower interest rate. If you don't have a good credit score or credit at all, you will be required to have a cosigner to be approved. Most private lenders do not offer loan forgiveness. State agencies may forgive student loans depending on the circumstances.
Community College is a great option to start your college career. Community College is much more affordable than a regular four year university. They offer you the ability to live at home while you are enrolled in school. This will help you save on rent and further finance your college tuition. You also have the option to work while enrolled in school to recieve income and save for future classes, books, or other tuition fees. Due to Community College fees being much lower than a four year university's, you can usually pay for an entire semester depending on how much you are awarded in financial aid!
The CARES Act Higher Education Emergency Relief Fund-IHE/Student Aid provides funding to institutions to provide emergency financial aid grants to students whose lives have been disrupted, many of whom are facing financial challenges and struggling to make ends meet. Students cannot apply for assistance directly from the U.S. Department of Education but should contact their institutions for further information and guidance. Institutions have the responsibility of determining how grants will be distributed to students, how the amount of each student grant is calculated, and the development of any instructions or directions that are provided to students about the grant.
Some colleges require students to complete the CSS Profile, which acts as a supplement to the FAFSA. It provides a complete picture of your academic well being and needs. Few schools require this profile. Schools in Virginia include College of William and Mary, Patrick Henry College, University of Richmond, University of Virginia, and Washington and Lee University. To access the profile https://cssprofile.collegeboard.org/