College Financial Aid Scholarships
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The search for college financial aid scholarships can become the primary focus in the lives of many high school seniors as graduation day approaches. All of a sudden, the need to pay college tuition and other costs becomes more important than who's dating whom or whether the football team won Friday night's game. Of course, this may be a bit of an exaggeration. Even so, high school seniors are looking beyond graduation into an exciting future. Many will be leaving home and moving into dormitories or perhaps even apartments. The lure of independence beckons even if everyone in the family knows mom and dad are still going to be footing some of the bills, at least for the incidentals of laundry, pizza, school supplies, pizza, library fines, and yes, more pizza. But these costs are minor compared to tuition, room and board, books, and student fees. Private colleges and universities can cost tens of thousands of dollars a year. Even the less expensive state schools and community colleges can be a financial burden for many families. Both students and their parents will want to be diligent in seeking out as many college financial aid scholarships as possible to help offset the costs to the family.
All high school seniors are urged to complete a FAFSA (Free Application for Federal Student Aid) as the first step in seeking financial help. This form was created by the U.S. Department of Education and can be completed online. From the information that is provided regarding a family's household income and assets, a determination is made regarding the applicant's eligibility for need-based assistance. Even students who think their family's household income is too high for them to be eligible for need-based assistance are encouraged to complete the form. The financial information may also help determine eligibility for college financial aid scholarships that can be directed to the student. The FAFSA should be completed sometime after January 1st of the year the student is graduating from high school the closer to January 1st the better. However, much of the requested information will come from the family's income tax forms so these will need to be completed first. This is why FAFSA forms that are completed prior to January 1st are discarded. After the student's FAFSA is processed, the family will be informed of any grants for which the student is eligible and their expected contribution to the educational costs of the child.
With the FAFSA information, the student and parents can determine how much more money is needed. Before applying for student loans, they can research college financial aid scholarships. The high school guidance counselor's office is a good place to begin this search. The guidance counselor should have access to information about a variety of scholarship opportunities. Some states, such as Florida, offer scholarships to all graduating seniors who meet certain criteria. For example, Florida's Bright Future scholarship is based on the student's grade point average, SAT or ACT scores, and a minimum number of verified volunteers hours. Any student who meets these criteria is eligible for either 75% or 100% tuition at one of the state's universities. Parents should research if the state in which they reside offers a similar program before the child enters high school. This way, the family can be sure that all criteria are met throughout the high school years. Additionally, there may be other state or county programs that offer college financial aid scholarships to eligible students. Even parents of middle school students should start looking for these opportunities to be sure they meet all the eligibility requirements.
King Solomon once wrote: "And further, by these, my son, be admonished: of making many books there is no end; and much study is a weariness of the flesh" (Ecclesiastes 12:12). Most students will readily shout a hearty "Amen" to that sentiment. But studying is a fact of life for anyone who wants an interesting career that utilizes the gifts and interests that God has given. Many online companies offer scholarship search engines and similar services to help high school students decide on a college or major. Some of these have developed extensive databases of information about college financial aid scholarships, the majors that are offered, and part-time jobs and internships. High school students can access the information by completing an extensive questionnaire about their academic studies, extracurricular activities, and other outside interests. The search engines provide information to the user, based on the profile, about various colleges that may offer relevant programs and the relevant scholarships that are available. The best programs allow users to compare multiple colleges to evaluate the best combination of academics with scholarship and other income opportunities.
Though every student wants as many college financial aid scholarships as possible, there are other means for paying the tuition bills. Some families participate in tuition payment plans that are a type of savings account offered by many states. These often freeze tuition rates and are marketed to parents of young children. Others save money in section 529 savings plans, a type of investment vehicle. Graduate students can research and apply for fellowships to help offset the costs of obtaining a masters or doctoral degree. Almost all colleges offer work-study programs for interested students. And, of course, there are always loan programs such as PLUS, Perkins, and Stafford. Each of these programs has different criteria, but additional information is readily accessible on the U.S. Department of Education's website and through the financial offices of most colleges and universities. Naturally, college financial aid scholarships and grants are preferable since they don't have to be repaid. But loans, when not too excessive, are considered to be a good investment in the student's future earning potential.
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