Financing Your Education: Financial Solutions for Parents and Students

Getting into the college of your choice is an amazing and rewarding accomplishment. All that work of filling out your college applications finally paid off. That is until the euphoria of getting in wears off and you and your parents realize how much money college actually costs. Don't fret if you weren't born with a silver spoon in your mouth, there ARE other options out there. Check out the information below to find out which options are best for you.

FAFSA/CSS Profile - The Free Application for Federal Student Aid (FAFSA) is a form that is used to receive financial aid from the US government. Most schools require applicants to fill out the FAFSA to help decide how much aid the school will provide. The CSS Profile is required by many private institutions and provides more detail than the FAFSA. You are charged an additional fee for each school it is submitted to since it is organized by the College Board and not the federal government. Loans -
  • Private Loans - these are loans provided to you by private institutions, such as your local bank, and do not require any federal forms to be filled out.

  • Student Loans - There are two types of student loans available from the federal government.
    • The Stafford Loan allows a student to choose between two options, the Federal Family Education Loan Program (FFELP) and the Federal Direct Student Loan Program (FDSLP). Private institutions, such as a bank or credit union, provide FFELP loans, while on the other hand, FDSLP loans are provided directly to the student by the US government.

    • The Perkins Loan is based solely on financial need. The federal government provides each school with a certain amount to award to its students, and the school is then responsible to distribute the money to its undergraduate and graduate students.

  • Parent Loans - The Parent Loan for Undergraduate Students (PLUS) allows parents to make up the difference in the financial package their child receives. It is important to note that the parent is responsible for the loan, not the student.

Scholarships - these are "gifts" given to you by various organizations and institutions for qualifying under certain requirements. There are millions of scholarships out there; it's just a matter of finding which ones are right for you. The first place to start is your school's guidance department. They usually have a current list of local and major national scholarships. After that, you might want to check out FastWeb (http://www.fastweb.com) and try a scholarship search. They have over $1 billion dollars in scholarships, so you are likely to find a couple that apply to you.

Athletic scholarships are available to athletes who have a particular talent. The best way to get one is to be recruited, but if that doesn't happen don't give up hope. Another way is to contact each of the coaches of the college teams that you want to play for. Send them a letter of recommendation from your high school coach and a video showing-off your skills. Not only are you promoting yourself but you're showing the college that you have initiative.


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