Student Financial Aid Benefits
Financial Aid, one of the many factors that get put into helping a student decides what university they want to go to. Student financial aid in the United States is a form of funding that helps students pay certain fees needed in order to get a second education. Financial aid will help a student fund their education whether it is loans, grants, or scholarships; they will fund your study at a post-secondary educational institution: community college, four-year College, or university. A scholarship can also be another form of a financial aid award, although grants and student loans are also major components of financial packages from students' intended colleges. So what on earth could be a better reason to save money than your education? Luckily,
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I had the pleasure of speaking with a financial aid program assistant here at Kean University to help us figure out how you can get the most out of your financial aid. Although when I first arrived, the line to speak with someone was long and the office itself seemed to be filled with students having trouble with a financial problem, however their employees were friendly, helpful and very patient. It seemed that these administrators had an answer to whatever problem you throw at them. “We really are prepared for anything that comes our way” says, Iquana Morales, the program assistant that seemed more than happy to assist me in this article. “We’ve had student come in panicking over an email saying their grant for the semester was cancelled, to someone missing a deadline.”
There seems to be so many types of finical aid funded by so many different groups, it seems that almost anyone can get some type of money in return.
• Grants
• Scholarships
• Loans
• Work Study
Now the one package I always try and avoid are the loans mainly because you’re not really saving money, but simply boring it. Some may even spend more with loans since interest rates play a big role over time. Grants and scholarships are both types of packages that do not need to be repaid over time; and work-study is simply a program where you can earn money that helps you pay for school. Work-study programs provide students with federally funded jobs on campus or at other approved locations in exchange for money. Grants are offered by the federal and state government, as well as by some institutions. Some grants can be student-specific such as grants for minorities, women, and students with disabilities. The competition for grants is usually fierce since no repayment is required; However there are different types of grants provided by our federal government such as
• Pell Grants
• Federal Supplemental Educational Opportunity Grants (FSEOG
• Teacher Education Assistance for College and Higher Education (TEACH) Grants
• Iraq and Afghanistan Service Grants All these types of grants vary depending on the student; If your parent/guardian was in the army you may have an opportunity to receive the Iraq and Afghanistan Service Grants. Scholarships and grants can be similar in many different ways, however scholarships are usually offered by your university itself and can be awarded based on a number of factors, like academic performance, athletic ability, religious affiliation, and race.
Scholarships are only made available to you if you apply. You can find all types of scholarships offered to you by asking the different programs you are involved in such as employers, clubs etc. These often require you to accomplish some sort of task like an essay. So how can one get the most out of their financial aid? Simple,
1. File early Even if you are not sure if you apply for financial aid, do it anyway. January is an ideal time to go ahead and get the FAFSA out of the way. Some schools award aid money on a first-come, first-served basis.
2. If you are filing for yourself but your parents are paying move money out of your bank accounts. FAFSA formulas tend to take the gross income of a students account and assume they are able to spend 20% of said income on college. For families with younger children, the simplest solution to avoiding the higher rates is to consistently save in parent’s accounts instead of setting up child-owned college savings
accounts.
3. Write up a Letter to Explain Any Circumstances that can affect your financial input. If there are any facts you think financial aid officers need to know, send in a letter explaining the situation that might demand more aid. “The FAFSA is a critical document, but it isn’t the only document,” says, Morales. “Many colleges will respond when circumstances are pointed out to them.” It’s important to show proof of said claims to help support this case. For instance, if you recently lost your job, provide the layoff notice, or even the documentation from the unemployment office outlining your unemployment benefits.
The financial aid you get can make a big difference on your college experience. It is important to do your research in order to maximize the amount of financial aid that you are able to receive. Now that you know a little more about financial aid and everything that is accessible to you, start checking out all the opportunities, so that you can save more, and stress less.
I had the pleasure of speaking with a financial aid program assistant here at Kean University to help us figure out how you can get the most out of your financial aid. Although when I first arrived, the line to speak with someone was long and the office itself seemed to be filled with students having trouble with a financial problem, however their employees were friendly, helpful and very patient. It seemed that these administrators had an answer to whatever problem you throw at them. “We really are prepared for anything that comes our way” says, Iquana Morales, the program assistant that seemed more than happy to assist me in this article. “We’ve had student come in panicking over an email saying their grant for the semester was cancelled, to someone missing a deadline.”
There seems to be so many types of finical aid funded by so many different groups, it seems that almost anyone can get some type of money in return.
• Grants
• Scholarships
• Loans
• Work Study
Now the one package I always try and avoid are the loans mainly because you’re not really saving money, but simply boring it. Some may even spend more with loans since interest rates play a big role over time. Grants and scholarships are both types of packages that do not need to be repaid over time; and work-study is simply a program where you can earn money that helps you pay for school. Work-study programs provide students with federally funded jobs on campus or at other approved locations in exchange for money. Grants are offered by the federal and state government, as well as by some institutions. Some grants can be student-specific such as grants for minorities, women, and students with disabilities. The competition for grants is usually fierce since no repayment is required; However there are different types of grants provided by our federal government such as
• Pell Grants
• Federal Supplemental Educational Opportunity Grants (FSEOG
• Teacher Education Assistance for College and Higher Education (TEACH) Grants
• Iraq and Afghanistan Service Grants All these types of grants vary depending on the student; If your parent/guardian was in the army you may have an opportunity to receive the Iraq and Afghanistan Service Grants. Scholarships and grants can be similar in many different ways, however scholarships are usually offered by your university itself and can be awarded based on a number of factors, like academic performance, athletic ability, religious affiliation, and race.
Scholarships are only made available to you if you apply. You can find all types of scholarships offered to you by asking the different programs you are involved in such as employers, clubs etc. These often require you to accomplish some sort of task like an essay. So how can one get the most out of their financial aid? Simple,
1. File early Even if you are not sure if you apply for financial aid, do it anyway. January is an ideal time to go ahead and get the FAFSA out of the way. Some schools award aid money on a first-come, first-served basis.
2. If you are filing for yourself but your parents are paying move money out of your bank accounts. FAFSA formulas tend to take the gross income of a students account and assume they are able to spend 20% of said income on college. For families with younger children, the simplest solution to avoiding the higher rates is to consistently save in parent’s accounts instead of setting up child-owned college savings
accounts.
3. Write up a Letter to Explain Any Circumstances that can affect your financial input. If there are any facts you think financial aid officers need to know, send in a letter explaining the situation that might demand more aid. “The FAFSA is a critical document, but it isn’t the only document,” says, Morales. “Many colleges will respond when circumstances are pointed out to them.” It’s important to show proof of said claims to help support this case. For instance, if you recently lost your job, provide the layoff notice, or even the documentation from the unemployment office outlining your unemployment benefits.
The financial aid you get can make a big difference on your college experience. It is important to do your research in order to maximize the amount of financial aid that you are able to receive. Now that you know a little more about financial aid and everything that is accessible to you, start checking out all the opportunities, so that you can save more, and stress less.