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Think and Plan AheadFeb 28 '03 Write an essay on this topic.The Bottom Line Everyone should apply for financial aid. Seek out money from multiple sources. Think twice before borrowing. Everyone should apply for financial aid. While financial aid may stir up notions of student loans, financial aid also comes in the form of scholarships and grants. The first step to applying for financial aid is filling out a Free Application For Student Aid (FAFSA). This form asks questions about your sources of income and establishes an estimated family contribution (EFC). This number is what you or your family is expected to be able to pay, and then a financial aid package should compensate for the rest. An important thing to remember when filling out the FAFSA is to plan ahead. There are deadlines that need to be met. These deadlines vary by state and possibly by school, so check with your individual institution and state to find out what their deadlines are. Also check with each particular college to see if there are any supplementary forms that they require, in addition to the FAFSA. After filling out the appropriate forms, a college will send you an award letter, which details what they are offering you in terms of financial aid. Scholarships and grants do not have to be paid back. Student loans, on the other hand, do. If a loan is subsidized, the government pays the interest, while you are in college. On an unsubsidized loan, interest accrues while you are in college. You do not have to make payments while you are in college, but the accrued interest is added onto the total loan amount, in the end. It is very important that you think ahead for the future, when agreeing to take out a student loan. For example, $3000 may not seem like that much. However, multiplied over 4 years, that is $12,000 that has to be repaid. It might be helpful to consider what your intended vocation is. It will be much easier for a lawyer to repay $12,000 than it is for a school teacher. Compare the packages that various schools offer you, in comparison to the school's tuition, room and board, and student fees. Negotiate with the financial aid counselors, explaining that another school has offered you a more attractive financial aid package. The counselor may be able to revise the school's initial offer. Finally, do not rely solely on the aid offered through a particular college. Especially as an incoming college freshman, there are a lot of scholarship opportunities. Civic groups, churches, and retail stores are only some of the places that sponsor scholarship. Furthermore, not all scholarships are academic. At a local library, you can find books detailing all sorts of scholarships-- for people who are left-handed or have a particular last name. Let me emphatically reiterate: EVERYONE should apply for financial aid. Accept any money that doesn't have to be repaid. Then, carefully consider how you will be able to meet your obligations as a borrower in the future, before taking out any loans.  |
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