With the rising cost of tuition for community colleges, it is increasingly important for students to understand how to apply for grants, work-study, scholarships, and student loans, in order to graduate with as little debt as possible.
According to College Board, tuition and fees for community colleges have increased over 3 percent in the last year. The current national average for full time tuition and fees at community colleges is $3,347 per semester.
Many students are unable to pay the price out of pocket; this is where financial aid comes into play.
Financial Aid is the office that makes it possible for many students to receive the money they need in order to attend school. The Financial Aid office works hard to help students, but there are many things students can do to help themselves.
First, Students should make sure that they fill out the Free Application for Federal Student Aid (FAFSA) form. The FAFSA form is used to determine student’s eligibility for loans, grants, scholarships, and even work-study opportunity. The form is available on January 1 every year and the deadline is the following May 1.
“My mom and I started a routine this year, over Christmas break, I promised that I would fill out my FAFSA form before we had to go back to school,” said Sierra Thomas, 18, nursing major from Levittown.
Second, students must do their research and maintain a healthy GPA. There are many scholarships and grants out there to help students pay for school, and leave with minimal debt.
Community college students were awarded 33 percent of all Federal Pell Grants, and 16 percent of all Federal Work-Studies last year.
Maintaining a high GPA and participating in extracurricular activities can be beneficial to earning scholarships and grant money. There are thousands of merit scholarships and honor society scholarships that students can earn by doing well academically.
“I spent hours online researching scholarships, and because I had a 3.8 GPA I became eligible for a lot of scholarships, pretty much covering the cost of all my college expenses. But I never would have found it if I didn’t go online and search; all those hours were worth it,” said Derek Adams, 20, business administration major from Richboro.
Third, Students should not wait until the last minute, and always read the fine print. In order to receive money for school there are many forms that students must fill out, and there are many terms and conditions as well.
“Because I filled [FAFSA] out early, I’ve qualified for a lot of grants and lower loan interest rates. Doing things early really does pay off,” said Thomas.
In order to protect yourself, make sure you read all the papers carefully, and understand what you are agreeing to. Loans, unlike grants and scholarships, require you to pay the money back and tack on an interest rate and fees. Student loans can be broken up into two groups, federal student loans and private student loans.
The subsidized Stafford Loan and the Perkins Loan are both federal loans, which students in need can qualify for through FAFSA. The interest on these student loans will not accrue while the student is in college. In the case of the subsidized Stafford Loan, the federal government will pay the accrued interested, hence “subsidized.”
The unsubsidized Stafford Loan is another federal loan but is available to all students, regardless of need. However, the interest on the student’s loan will accrue while he or she is in college.
Private student loans are loans from private institutions, like banks, credit unions, and other lenders. Interest rates and fees can vary greatly depending on where the student acquires his or her loan.
It is advised that students should consider a private loan only after they have used up all their federal aid, and loan money, according to finaid.org.
Financial Aid Director of Bucks, Donna M. Wilkoski, gives these tips to students seeking financial aid:
“Apply on time. Read all the information that is sent to you regarding financial aid and its requirements. Comply with our requests for documentation-if we ask for it we need it. Understand all of the student’s rights and responsibilities. Ask if you have a question. The Financial Aid Office and our processes are governed by the state and federal regulations that we must abide by, so we can distribute aid funds to all the students of Bucks.”
College is expensive but it’s not impossible, do well in school, do your research, don’t procrastinate, be financially accountable, and you’ll be on your way to the degree of your dreams, with little debt to follow.