Financial Aid

FINANCIAL AID BASICS


Value of a College Education


College is a financial investment in one’s future..

 

Median Annual Earnings by Age & Educational Attainment






Cost of a College Education






Financial Aid Questions to Ask Colleges 
  1. What kind of financial assistance does the college offer? Need-based, merit-based, or both?
  2. Can the college provide an early estimate of what our financial aid award might be?
  3. When are the financial aid applications due? What forms are needed to apply?
  4. When will we be notified about the amount of assistance we can expect?
  5. Is there a commitment for financial assistance beyond the first year?
  6. How and when do we apply for financial aid after the first year?
  7. What if we don’t qualify for need-based aid? Are there alternative financing options available?
  8. Does the institution have an appeal process to review special circumstances?
  9. Can we apply financial aid toward a campus sponsored study abroad program?
  10. Are there any payment options available such as monthly or quarterly?




Funding Options by Provider 

Government/Community

1. Taxes fund state & community
2. Grants: need based, military service
3. Merit based scholarships
4. Low interest loans
5. Community scholarships

College

1. Academic merit grants
2. Athletic/talent scholarship
3. Minority grant
4. Alumni tuition grant for child of graduate
5. College employee grant for child
6. Discounts from adjacent states
7. Work study/employment

Parents 

1. Savings and investments
2. Both parents employed
3. Scholarships of parent’s employer
4. Parent’s loan
5. Retirement/divorce creates need

Students 

1. Student loans
2. AP college credit
3. Summer/after school job income
4. Get a job and be part time student
5. Relocate and work 1 year for residency
6. Work study on campus