Whether you have already chosen a college or you are still trying to decide, this is a good time to figure out what it will cost and how you will pay for it.

Each college’s financial aid office can provide information to help you figure the expenses out. Don not be discouraged if the cost of continuing education seems too high, financial aid is available for students who qualify.

Financial aid is a general term for any financial assistance given to a student for any type of postsecondary education (four-year college, two-year college, trade and technical schools).

Generally, financial aid is divided into three groups:

• need-based financial aid

• merit-based financial aid

…and private financial aid.

There are several types of financial aid and a variety of sources of financial assistance. Remember, not all financial aid is based on financial need. Some awards are based on academic performance or selected skills.

Financial assistance to attend college comes in many forms as well.

Federal Aid Programs: Federal programs are based on financial need. They are the largest single source of financial aid for college students today.

State Aid Programs: Most states support various financial aid programs (both need based and merit). Generally, eligibility for state need based programs follows the federal guidelines.

Grants and Scholarships: Awards based on merit or merit plus need. They do not have to be repaid.

Loans: Funds loaned through a lending institution or college. Interest rates vary by program. For federal student loans, qualifying students based on need will not have to pay interest while in school. Loan programs also are available to eligible parents to help with college expenses of their qualifying children.

Military programs: The military offers several options to help you pay for college.

Work study programs: Jobs that allow students to earn money toward their education while they are enrolled in school. Students can sometimes get jobs related to their program of study and also receive credits for the job.

Working and Savings: As the cost of a college education rises, more students and parents will need to put money aside. Lots of college students have part time jobs to help make ends meet.

Most people use a combination of these forms of college financial aid to pay for school, sometimes by carefully taking out one of the credit based private student loans.

As you can see, there are many different options out there for you to look at. Research each option completely and do what works for you. Your are starting a new phase of your young adult life. Start it off right and look at all the options given you.

If you still have questions and or concerns, the internet is a great way to do research. You all know you can find anything on the internet. Take advantage of it and research. When you have chosen a school you want to attend it is also a great idea to talk to the financial aid office. They can offer and advice you on many different areas of the financial needs. Use the things that are before you. You will be glad you did.

Tags: school

This entry was posted on Friday, April 25th, 2008 at 4:07 pm and is filed under Uncategorized, school. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.