How To Get The Most Financial Aid?

By: Frank Makrides

Updated on December 12, 2020

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Paying for a college education is no small task these days. Between tuition, living expenses, books and other needs – some degree programs can cost hundreds of thousands of dollars. However, there are many ways to help ease this financial burden! Financial aid, scholarships, loans, and grants are a great way to start. In this article, you will learn how to leverage all the tools and resources available to help guide you on how to get the most financial aid possible.

Types of Financial Aid

Financial aid is usually applied for through the college or university that you attend. You will be required to fill out a FAFSA (Free Application for Federal Student Aid) form. This form typically asks questions about your income, your family’s income, your parent’s level of education, and other questions about race, ethnicity, GPA, ACT/SAT score, and other demographic information. These things are used to consider whether or not you qualify for financial aid. Don’t let this form intimidate you! Keep in mind, this FAFSA form is usually required to apply for Federal Student Loans and work-study programs as well. Apply even if you don’t believe that you will qualify, money is awarded based partially upon the number of applicants – so there is a chance that you will still be able to get some aid.

The Free Application for Federal Student Aid (FASFA). Click here to learn more information.

Scholarships

A scholarship is an award for a specific amount of money that is given to the student based on merit. There are many types of scholarships available. These may come directly through the school you are applying to, or be made available to you from outside sources. If you are planning to apply to college, you cannot overlook these as an option for raising money for college. Regardless of the scholarship, you are applying for, you can plan on submitting your transcripts, your ACT/SAT scores, and writing an essay.

Many schools offer scholarships based on a number of criteria.

• Athletic scholarships are commonly offered to students. Once the offer has been extended, these students must attain a minimum ACT or SAT score and minimum grade point average (GPA) in order to qualify.

• Academic scholarships are another frequently awarded scholarship. These are awarded based on academic performance in high school or at community or junior colleges. Typically, GPA and ACT/SAT scores are the primary criteria for these scholarships. However, the criteria may change based on the number of qualified applicants.

• Non-Traditional Student scholarships are an excellent option if you qualify. These are offered to students based on many criteria. Race, gender, and age are typically considered for these scholarships. For example, if you are a parent who is returning to start or finish earning a degree, this could be a scholarship you may qualify for.

• Creative scholarships are also occasionally offered by colleges – usually specified by the art departments within the colleges. These usually require submission of work (music, artwork, photography portfolio, etc.) and these are considered along with academic performance and other factors.

Schools are not the only option for scholarships – often there are businesses or groups who fund scholarships as well. These also typically consider GPA and ACT/SAT scores – but there is a myriad of other factors that are considered. Scholarships can be awarded for:

• Creative use of products (duct tape, yarn, sticky notes, etc.)

• Genealogy – there are scholarships available to descendants of a specific lineage

• Career – there are many companies that offer scholarships for students getting specific degrees. Students seeking teaching degrees specifically have many scholarships available to them.

• Scholarship for Work – many businesses will pay for students to attend college and study-specific programs in exchange for returning and working for that company for an allotted amount of time. These can be excellent options for students, but make sure to read the terms of the agreement before signing. You will want guaranteed employment and to ensure that payback and opt-out clauses are available.

• The US Armed Forces also offer significant scholarships to students who enlist to serve for an allotted time.

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Grants

Grants are typically made available through colleges as well, they are also often awarded after FAFSA forms are filled out. A grant is similar to a scholarship because it does not require repayment at any time. These are usually made available based upon financial need and minority or non-traditional student status.

Work-Study

Work-study is a great way to earn money for college. These programs are typically on-campus jobs, they are paid by the federal or state government and are awarded based on financial need and qualification for the jobs needed. These jobs can be anything from reception work for college departments to janitorial services. You will know if you qualify for work-study programs after your FAFSA form has been accepted and approved. Then you can search the work-study job boards at your college for the option that is best for you.

Student Loans

Loans are available everywhere. In fact, you have probably heard people talking (complaining) about the problem with student loan debt often. Unfortunately, there are many loan options available, and it is tempting to apply for more than is actually needed. Student loans should only be considered if you have done everything you can to apply for scholarships, grants, and financial aid and still feel you may need more help. If this is the case, consider applying for federal student loans first.

These loans are usually awarded through your college or university and typically have interest deferment and/or delayed payment options. They also typically have lower, fixed interest rates.

Private student loans are available, but really should be avoided if at all possible. These loans usually have higher interest rates and generally begin accruing interest as soon as the funds are released, which means you will owe more at the end of the semester than when you got the loan.

Tips for Getting Financial Aid

Now that we have covered some of the options for gathering funds for college, let’s make sure you have the best chance of getting it!

Apply Early For Financial Aid And Scholarships

It never hurts to apply early for financial aid or scholarships – because if you miss a deadline, then you missed your chance. So apply early and apply for as many options as possible.

Carefully Fill Out Your Scholarship And Financial Aid Forms

One of the easiest ways to disqualify yourself for financial aid is to miss a box or a section of a form. Be sure that you check, and double-check that you have filled out the forms correctly. Check your essays for errors and grammar issues.

Compare Compare Compare

If you are accepted to several colleges, ask the financial counselors at the schools what they can do for you. You may find that you will qualify for significantly more aid at one school over another. If you are considering loans, compare interest rates, compare repayment schedules, compare deferment options, and compare fees. Doing your research is essential in ensuring that you get the most for your money.

Make sure you have a budget together for your college expenses

The final thing to consider when looking at paying for college is how much money you really need. Here are some things to consider that will drastically affect your budget and the amount of money you will need to cover your costs.

• Tuition Costs

• Equipment Costs (books, computer, etc.)

• Cost of living (food, utilities, rent, etc.)

• Lifestyle needs (car, spending money, clothing needs)

It can be tempting to want to live large, but consider that the more you borrow the more you will be forced to pay back. Choosing a college or university that has lower tuition in a low cost of living area is a great way to save money. Living at home, or with roommates is another budget-friendly option.

Once you have decided where you will attend college and you know how much it will cost you, make a commitment to yourself to only borrow that amount. Set a budget for yourself and stick to it. This keeps you from over-borrowing.

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Frank Makrides

Is a former financial technology industry executive, licensed realtor, real estate investor, an award-winning speaker, has been published, holds multiple patents and is passionate about all things personal finance and entrepreneurship. He is also a proud husband and father of 2 amazing children.