When it comes to college, I find many students with only one question lingering in their mind, even before their admission date. It isn't, "What ever will I wear my first day"? It's more a question, of, "How am I going to pay for all of this?" This week, I'd like to discuss how and where the most money is, and whom you should approach first on your quest for college money.
The best source of college funding is the federal government. Of the 100% of aid that is available, Uncle Sam holds the market strong at 68% of the total. 49% lies in loans, 15% lies in grants, and 3% is allotted for veterans. What does this mean for you? It means that before you apply anywhere else, apply for federal aid FIRST. Why? Because it is in federal aid that you are most likely to receive some amount of funding, more so than other institutions at times, and can prove worthwhile. Not only this, but also the FAFSA, and other federal forms can assist you in applying for aid elsewhere, if for no other reason than to show that you care about furthering your education. What should you do now? Pick up a FAFSA, and fill it out, send it in, and then play the waiting game.
The next best resource for aid is colleges and universities. Remember that colleges are recruiting YOU, and will try to help you as best as they can. Many colleges offer progressive tuition plans in addition to varied types of funding, so that the student will have an easier time paying their tuition and fees. What does this mean to you? Well, it means that if aid is a real issue, then you need to consider college funding programs, as well as considering the academic aspects of any school. You also need to consider what you are eligible for at each college, and how to apply for it. Know all of this beforehand and you will be more likely to receive funding.
The next best resource is found in state-funded educational resources, which makes up a total of 6% of all aid available. I know that doesn't seem like much, however, keep in mind that it isn't always as easy as getting one or two scholarships or grants for a lot of money, for sometimes it is getting several scholarships and grants, to pay all of your fees that will be more productive.
