Paying For College
"I'm not sure how we're going to do it," shared a very tired dad. "I told my daughter that she was spending her college tuition if she continued to attend here [a private school]." And with that, he looked at me and said," So, what's your advice?"
This conversation took place at one of the college fairs I worked at for Grace College. Through the different fairs, I continued to hear from parents who wondered aloud how they were going to pay for their child's (or children) education. With the economy on the down side and seemingly not getting any better soon, parents are looking for answers to pay for the increasing high cost of college education.
It can seem bleak, but there is hope. Schools do not want to loose their best students because of financial difficulties. Many schools have increased their financial aid to keep students from leaving and continue to offer great financial aid packages for those who qualify. But for some families, that might not be enough. So, where does help come from? Here are some terms you'll need to know before you start searching for ways to pay for your future lawyer's or teacher's education.
Free Application for Federal Student Aid (FAFSA)
The key word here is "free." There are on-line web sites that tell you that they'll do this form for a fee. Don't do it. It's a free service offered by our government. FAFSA is the financial aid application that is used by all colleges. Your financial aid package is determined by your FAFSA form, so make sure you fill this out first (senior year after January 1st) before you do anything else.
Pell Grants
This is free money (awards) given by the government. Grants are determined through your FAFSA application.
Perkins Loans
This is a student loan that must be paid starting nine months after the student graduates.
Stafford Loans
There are two types of Stafford Loans; one is subsidized and the other is unsubsidized. The unsubsidized loan is for those who can prove a genuine need. There is no interest payment while in school. The unsubsidized loan is open to anyone regardless of need, but you do have to pay interest while in school.
There are more terms that parents should be aware of when looking for financial help. You can get more information at The Student Guide 1-800-4-FED-AID. Also look on www.savingforcollege.com for great ideas on how you can start putting money away today for your child's education.
This conversation took place at one of the college fairs I worked at for Grace College. Through the different fairs, I continued to hear from parents who wondered aloud how they were going to pay for their child's (or children) education. With the economy on the down side and seemingly not getting any better soon, parents are looking for answers to pay for the increasing high cost of college education.
It can seem bleak, but there is hope. Schools do not want to loose their best students because of financial difficulties. Many schools have increased their financial aid to keep students from leaving and continue to offer great financial aid packages for those who qualify. But for some families, that might not be enough. So, where does help come from? Here are some terms you'll need to know before you start searching for ways to pay for your future lawyer's or teacher's education.
Free Application for Federal Student Aid (FAFSA)
The key word here is "free." There are on-line web sites that tell you that they'll do this form for a fee. Don't do it. It's a free service offered by our government. FAFSA is the financial aid application that is used by all colleges. Your financial aid package is determined by your FAFSA form, so make sure you fill this out first (senior year after January 1st) before you do anything else.
Pell Grants
This is free money (awards) given by the government. Grants are determined through your FAFSA application.
Perkins Loans
This is a student loan that must be paid starting nine months after the student graduates.
Stafford Loans
There are two types of Stafford Loans; one is subsidized and the other is unsubsidized. The unsubsidized loan is for those who can prove a genuine need. There is no interest payment while in school. The unsubsidized loan is open to anyone regardless of need, but you do have to pay interest while in school.
There are more terms that parents should be aware of when looking for financial help. You can get more information at The Student Guide 1-800-4-FED-AID. Also look on www.savingforcollege.com for great ideas on how you can start putting money away today for your child's education.
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on Monday, December 15, 2008 at 5:19 AM.
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Thanks for the information, Stella. Always appreciate help for parents and students.
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