Financial Aid
Now it's time to figure out how you're going to pay for all of this and not kill yourself working three jobs and going to school full-time. Hopefully you will have some funds saved up, but not everyone does. You will need to figure out a realistic budget of school and living expenses. If you're going away to school, be sure to include transportation costs. Don't forget to include coming home for holidays. Some dorms close down for the summer, and if you decide to stay at school, you'll have to arrange other housing.
The first step you need to take in the process is to complete what is called a FAFSA. This is your Free Application for Federal Student Aid. You can get the forms from your career center or you can fill out the entire form online, at
All schools, including most vocational/technical schools, will require the information from your FAFSA. It determines your financial need as well as your EFC (expected family commitment). Once you complete the FAFSA, if you are eligible for federal grants, you will receive information about how to apply. As you fill out your financial aid applications, pay special attention to deadlines and carefully read the background materials so that you portray yourself as an ideal candidate.
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There are many forms of financial aid available. They include grants, scholarships, low-interest student loans for students and parents, and work-study programs. If you're still in high school, your guidance counselor has probably steered you toward scholarship and grant information. Be sure to apply for as many as you can.
If you are a dependent and being claimed as such by your parents for income tax purposes, you will have an EFC. This commitment can be met by PLUS loans, which your parents can apply for. If you are single and independent, then you will not have an EFC and will be eligible for larger student loan amounts.
Once your school has received your FAFSA, the financial aid officer will send you an award letter. This will tell you about any grants or scholarships that have been given, and will direct you to an appropriate lender should you need student loans. Your financial aid department should become your best friend for this process. They will help you, and there is no fee for their service.
There are other helpful Web sites to explore to get an understanding of the financial aid process and for links to other resources for possible scholarship and grant considerations. These include:
Alert
There are many reputable firms and financial aid counselors, but there are also many scams that appear to be just as reputable. You can do everything for yourself that a reputable firm can do for you. If you seriously do need help, investigate the firm's credentials before you choose. If their promise seems too good to be true, it probably is.
Other sources of financial aid include private loans and tuition reimbursement plans from employers. Many employers offer tuition assistance of some sort to their employees and even to their employees' children. These can be valuable sources, but be sure to explore any associated obligations. The money could be offered in exchange for a guarantee of employment for a set period of time, and you may have to repay it in a lump sum if that obligation is not met. Just be sure you can commit to their requirements.
The government from time to time offers programs for loans that are forgiven either in full or a large part for workers in areas of critical shortage. Currently there are some of these available for nurses. They require a commitment to work in disadvantaged areas for a designated time frame. Be sure to investigate opportunities such as these. Your financial aid officer should be able to assist you. Or you can search the Internet for “loan forgiveness programs for [your particular field].”
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Don't overlook even the smallest scholarships if you are eligible. Any amount of money — $100, $500 — will help defray the cost of books or supplies. Several of these small amounts could cover your books for a semester, and that's money that doesn't ever need to be repaid.
