Financial Aid

Financial aid consists of grants, loans, and scholarships. There are many steps that go into paying for college, and so it's easier if you are knowledgable and aware of all opportunities and resources available to you.

FAFSA

The Free Application for Federal Student Aid (FAFSA) opens in October. This is an application that will ask about the parent's tax information, household size, and more. Students should expect to reserve 30-45 minutes in order to complete the FAFSA with their parent or legal guardian. Students may classify themselves as independent if they have a special circumstance. Please reach out to your TRIO Coordinator if you have questions or a special circumstance. Completing the FAFSA will determine if a student is eligible for the pell grant.

PELL GRANT

The maximum Federal Pell Grant award is $6,495 for the 2021-2022 award year.

Being eligible for the pell grant does not mean you automatically receive the full amount. The amount you get, will depend on:

    • your Expected Family Contribution (EFC)

    • the cost of attendance (determined by your school for your specific program)

    • your status as a full-time or part-time student

    • your plans to attend school for a full academic year or less

SCHOLARSHIPS

There are a variety of scholarships available to students. It is important that students apply to as many scholarships as they can throughout the school year. The more scholarships you apply to, the higher chances you have of being awarded one. Aim to complete 1 scholarship application a week and don't let an essay be the reason you don't apply!

Below are the different types of scholarships you can look for:

  • Local Scholarships - these scholarships are available for students within your county or school, which means less competition!

  • Merit Based Scholarships - your academics and community involvement will play a large role.

  • College Scholarships - each university has scholarships available to students. Scholarship opportunities vary so do your research!

  • Miscellaneous Scholarships - these are random scholarships you can find on sites such a fastweb and can be based on hobbies, creativity, etc.

LOANS

Loans may be a taboo topic, but they can be a good option if you are smart about it! If you decide to take loans to help pay for your education, you are not alone, and it's best to stick with federal student loans instead of private loans. When considering loans, remember that you will be in school for approximately 4 years, so you don't want to start off accepting $10K...before you know it you'll be graduating with $40K in loans or more!

Be cautious of how much you accept your first year because you'll be in college for longer than that.

Federal Loans

  • Approximately 4.5% interest rate

  • Not required to make payments until 6 months after you stop attending college

  • Offers subsidized loans

  • No credit check required unless it's a Parent PLUS Loan


VS

Private Loans

  • Interest rates vary and can be as high as 14%

  • Payment requirements vary, some lenders may require payments to start while you are still in school

  • Not a lot of flexibility with repayment plans

  • Not many private lenders offer subsidized loans

  • Requires a credit check