| Paying for college requires a great deal more than a summer job; it’s a big expense. Fortunately, there are options for students that have more desire for a college education than cash to finance it. If you are applying for college financial aid here are some tips to get you started.
Complete Your Federal Student Loan Application Early
- Missed deadlines are a common pitfall for financial aid applicants. Keep on top of your college financial aid application by making a game plan.
- Research and record deadlines for federal student loan submissions during the summer before your senior year of high school.
- Make a to-do list so that you are not missing information, such as tax returns or school codes when it comes time to complete your financial aid for college application.
- Set an earlier personal deadline because things happen. You could have a power outage or a computer problem on the very night your college financial aid application is due. A little wiggle room ensures that your federal student loan application will be completed on time.
A Federal Student Loan for College is a Good Starting Point But Don’t Stop There
It is always a good idea to complete a federal student loan application, even if you don’t think you qualify. You may not get a loan, but you may get work-study or other assistance that can help you foot the bill. In addition to your federal student loan, financial aid for students can come in various ways:
- Private student loans – check with your parents to see if their employer sponsors a loan or scholarship program.
- Your employer – Some fast food companies offer college financial aid assistance for their employees.
- Your local Foundation Center – financial aid for college is available from a variety of sources for students with any number of interests and affiliations. Are you interested in becoming a science teacher? There is probably an organization or corporation that can provide you with some college financial aid.
- Your state – financial aid for students is available on the state level as well as the federal level.
Not All Financial Aid For College Is Need Based
You may qualify for college financial aid regardless of your income. Financial aid for students and private student loans can also be granted based on:
- Your academic record
- Your community service
- Your future plans – there are programs that offer financial aid for college in exchange for an employment commitment; usually 2-5 years (much shorter than the time it would take to repay large private student loans)
- Your talents – athletes, musicians, artists
Be realistic about the amount of finacial aid debt you take on. You will have to repay your student loans even if you don’t get the big salary you planned. Consider schools close to home, especially state schools. Ivy League schools do not guarantee wealth or success. Ultimately it is up to you, not the name of the school on your degree.
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