Taylor Dixon – PIC Current Assistant Producer
**Editors Note: This is part III of a three part series on getting into and paying for college. For more about higher-education, please visit our sister site, The Beehive.**
You’ve made it into your ideal school. Now, how are you going to finance it? There are many ways to get creative about funding your education. Not everyone is fortunate enough to have all of the money to pay for four or more years of schooling. In this situation, loans, grants and scholarships are great methods to achieve your goal. Work study options are also granted at most schools, where you can work on campus and earn money to directly pay off your loans and/or federally granted student aide.
Grants and Loans
Grants and loans are generally given out to students with the most financial need. Government departments, non-profit organizations, corporations and lending agencies typically give these out. The application process for a grant often requires grant writing, where you will articulate your need for funding in writing to the desired organization. Loans are given on the basis that they will be repaid in installments to the lender once the schooling has been completed. It is very common for students to take out loans for their education, and in order to qualify for these, the FAFSA (Free Application for Federal Student Aid) needs to be filled out.
Federal Student Aid
Filling out the FAFSA allows for you to qualify for various federal student aid and loans. This from establishes your EFC (estimated family contribution), meaning based on the amount of money you and your parents make, you will be granted a certain sum of money in federal loans and aid. It is important to read each step carefully, as this process can be a bit confusing. This video is helpful in breaking down the steps:
Federal Work Study
This option allows for you to earn part-time wages through an on-campus position that will directly finance your tuition. Thousands of schools offer work-study positions, and are typically awarded to students who have the most urgent financial need. These positions not only help finance your education, but are typically helpful in expanding your resume and work experience as well, which is equally useful in the real world after college.
Scholarships
Thousands of scholarships are awarded each year to students. They can be need-based, or are awarded if you spend the extra time to write an essay or volunteer. Some are given based on diversity, others are given based on academic achievements. Spend some time researching the many scholarships out there. You could cut the cost of your tuition in half.
To learn more about specific ways to earn financial aide, visit these sites:
salliemae
scholarships
ed.gov
scholarshiphelp
petersons
