The rise in college tuition is attributed to two things: reduced state funding, and the liberty of colleges, universities, and the entire industry to impose the tuition increase.
Some schools have raised the prices of tuition due to competition and, as a result, make it look like the better the quality of education offered, the more expensive it is. However, it’s all a marketing strategy!
With the tuition rates at an all-time high, the college dream is unattainable for some. Thankfully, eligible students have access to a plethora of financial aid options. It may seem like a daunting process to apply for educational funding, but it surely is worth the trouble!
Here are the ways for you to land the best financial aid option:
Take Full Advantage of FAFSA
Free Application of Federal Student Aid is managed and orchestrated by the office of Federal Student Aid, which is a part of the US Department of Education. A set of questionnaires is given out to you as an applicant so that the level of financial need can be evaluated and assessed.
Along with this assessment comes the EFC, which stands for Expected Family Contribution. This is the financial capacity of the family in which they can be able to afford the student’s tuition fees and other learning expenses. After all, these have been filled in, the university, federal government, and state assistance programs can be able to determine the eligibility of the student.
If you are already accepted into the college that you have applied for, you will be able to accept some offers of different variations of work-study opportunities, grants, and also student loans. You may evaluate the best offer and take it from there.
Apply for Federal Grants
Once you are qualified to apply for a federal grant, you need to be familiar with the various types of grants. Some of these grants include the most common, which is the Federal Pell Grants. Unlike private student loans, the Federal Pell Grant does not require repayment. It awards up to $6,345 within a year, depending on the results of your assessment.
Federal Pell Grants are suitable for students pursuing an undergraduate degree and qualify based on exceptional financial need. You can also be able to reapply for this grant every year as long as you stay in the same program of study and continue to meet the requirements.
Check out State Aids
Depending on different states, they come with their process for their financial aid application. It doesn’t entail too much trouble, though, as most of the states only require the FAFSA as their basis. In some other areas, though, they may request you to fill up a separate state aid application form. The deadlines for these state aid applications are usually earlier than those of the federal grants.
So, if you ever wish to consider this option, you have to check the different schedules of deadlines in your state of application. Remember that, because local governments prefer to pay for students who are also staying and studying in their state, most state aid grants are offered to in-state students.
Explore College or University Scholarships
This pathway extends to too many roads to explore. Depending on the school’s requirement for eligibility, you can land a scholarship in a college or university. The primary characteristic that is vital for this financial aid option is to be extremely patient when searching for scholarships.
You may opt to apply for local scholarships, though, as they are lesser competitive than national ones. There are a lot of resources available online, and as you browse along, you can also send applications even to national scholarships.
Some universities prioritize awarding scholarships to students majoring in specific fields of study. While you have access to numerous college scholarship types and categories, you need to meet specific qualifications, including financial need, demonstration of talents and skill sets, and academic performance.
Consider Private Organizations and Institutions
Searching for financial aid provided by private organizations is worth it. Many students don’t rely solely on this type of aid for college funding. Generous subsidies are awarded to highly qualified students by companies, foundations, organizations, and individuals.
Mostly, this type of financial aid is usually for people whose degree or career pathway is related or connected to the industry that is relevant to the sponsor. Institutional or organizational financial aid options usually vary depending on the year that they are awarded. Many of them are renewable. If you’re lucky, you may obtain financial assistance for the entire duration of your academic program.
Whatever financial aid option you choose to pursue, it is best to keep applying for several kinds of grants and scholarships. The best way to land a scholarship these days is to apply for those that do not receive so many applications.
If you have less competition, you increase your chances of winning and you can surely have someone else pay for your education.
Always remember to be organized and to follow through with the processes as these scholarship sponsors are often very meticulous and keen on the requirements.
The greatest takeaway from this set of guidelines is to give each application 100% of your effort and it will soon pay off once you finish your higher education and reach your future goals.