Getting Financial Aid Part 2

Getting financial aid

First, you need to determine your expenses for college such as tuition, books, transportation, housing costs and food. Then you need to determine how much you and your family are able to contribute to your education. The difference between these amounts is considered your financial need.

Applying for financial aid requires effort and determination. Each college has a financial aid office. When you are visiting schools, it is a good idea to stop by this office, ask questions and pick up the paperwork necessary for application. Some colleges offer need-based financial assistance. In these situations, the less money you or your family has, the greater the chance that you can receive financial assistance from the college.

It’s also important to find out how each school defines part-time and full-time students. Your financial awards could be affected by how many courses you take each semester. For example, allowances for room and board may be eliminated entirely for students enrolled less than half time. Be sure to check with the financial aid office about all options available at the college.

You can count on having to fill out the Free Application for Federal Student Aid form that is online at www.fafsa.ed.gov. Many libraries and financial aid offices also have a hard copy. Start looking into this your senior year and check your college’s due date. You will also need your tax return from the previous year and your pay stubs. Additional information may be required. You can send this application to six schools. Being early and accurate in your application is considered to be one of the most important steps in securing aid.

Check with your guidance office to see if there is a specific person that works with students on financial aid options. Often schools will hold meetings during the evening or at other times for students and families to learn how to complete a FAFSA form, or the guidance office will provide Web sites for you to explore various scholarship or loan programs.

Scholarships

There are several ways to locate scholarships. Each scholarship has different criteria, application processes and deadlines.

1. Check the College Board Web site to search scholarships.
2. Ask at your high school for information about local scholarships.
3. For scholarships for persons with disabilities, see pages 15-19 of Creating Options: 2007 Financial Aid for Individuals with Disabilities [PDF].

Budgeting your money

Learning to manage your money goes hand in hand with getting financial assistance. You may be surprised how many credit card companies are willing to issue a card to you. Many times, you will be walking around campus and you’ll find a credit card representative wanting you to sign up for a credit card. Usually they will try and entice you with a freebie like a T-shirt. It is important to talk with a family member or someone who knows you well to discuss obtaining a credit card. If you are not a good money manager, it is not recommended to accept and use these cards while at school. Many companies charge high interest on unpaid balances.

Not Ready for College? What Now?

It’s May, and if you are the parent of a college-bound high school student, you are either recovering from, or in the midst of, the college search process. During this time, it might become clear to you that your child might not be entirely ready to embark on this next step in their education. This should not be immediate cause for concern, however, but rather conversation. There is another option for the wary pre-freshman: the gap year.

A gap year, or “year out”, is the British tradition of deferring college in favor of a year spent traveling, volunteering, interning and engaging in other forms of experiential learning. Recently, the trend of taking a gap year has been gaining popularity stateside, with more and more opting to take a year off before college. Colleges and universities are supporting this opportunity by making deferring school easier and in some cases, like Princeton, offering their own in-house gap year programs. In most cases, a simple letter to your child’s school of choice explaining their reasoning for taking a gap year is enough to secure their spot for the following school year.

There are many benefits for a student taking a gap year. Parents often list the following as changes they see in their children over the course of a year out:
• Maturation, self reliance and independence
• Recovery from academic burnout / Renewal in eagerness to learn
• Wider world view and global perspective
• Discovery of interests and passions through firsthand experience
• Ridding themselves of the travel bug or the desire to “do some things” before college
• Learning or gaining proficiency in a foreign language
• Real world experience before college
• Better avoid the risk of first year drop/fail out by providing the opportunity to refocus priorities and gain maturity

In this economic climate, taking a gap year can also be a wise financial decision. A gap year allows you more time to let your college savings mature, reapply for better financial aid packages and allow the federal stimulus money time to enter the bloodstream of the college aid programs.

So let’s assume your child is well suited for a gap year. “What now?” you may ask. In short: communication and research. Sit down with your child and speak to them about why they want to do a gap year and where they might want to spend their time. It also helps to have them write down a list of goals to help them focus.

Next, you and your child should look for reliable, structured volunteer or travel opportunities designed for young people. Idealist.org and TransitionsAbroad.com can be good resources for finding both domestic and international organizations. Be sure to research an organization carefully by personally speaking with the volunteer coordinator and asking for references. This will give you peace of mind as well as improve your child’s safety. You can also seek the help of guidance counselors or independent consultants (such as myself) who specialize in helping students and their families choose reputable gap year programs.

Set a budget, keeping in mind students are usually asked to pay a fee for volunteering overseas with organized programs. Be sure to factor in the “extras” like vaccinations, airfare, travel money and international health insurance. Don’t be shy in asking your child to contribute a certain portion of the budget themselves; either through a summer job or fundraising. This gives them a financial stake in their activities.

Try to guide your child without pressing upon them what you think they should do. Set some ground rules i.e. “You may not go to the Congo,” but be sure to allow your child the freedom to make their own decisions about how they want to structure their year out. This will not only empower them to be deliberate but will let them know you trust them to make adult choices.

Before you know it, your child will be off to school, matured from a year of unique experiences and ready to take full advantage of their college years!