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Just Ask Uncle SamOct 03 '00 Write an essay on this topic.Only after I had been in college for less than one year, I decided to sit down with my father to discuss my college tuition and how it was going to be paid for. I had already made the decision to apply for financial aid; but what I didn't know is how many different kinds of aid there are. The easy part is filling out the forms...or at least, that's the way it is supposed to be. Because I was still considered a dependent, I had to have the help of one of my parents. If I had my dad fill out the "parent" part of the financial aid forms, I would not have qualified for governmental aid. I would have only been able to apply for a student loan through my bank. I asked my mom to help me out. Luckily, with her help, I found I was eligible for not only a Stafford Loan, but also a few grants. Grants are like "gifts:" money you don't have to pay back. I also found I was eligible for the Work Study program at my university, but I decided against it. I wanted to have a part-time job while I was in school, but I wanted that money I earned for spending money, not money to pay my college tuition. The Work Study program allows you to make up to a certain amount of money per semester, all of which goes towards your tuition. There are many departments in the university which may be a part of this program and some of my friends not only made money for their tuition, but also got important experience from working in a department in their major. If you decide to accept Work Study, you can also get other grants and loans, although you will receive less due to the program. Because I opted against the Work Study program, I received enough money to cover my tuition, books, housing, and then some. If you are a parent whose children are coming to age of the college years, you may want to consider looking into financial aid. Yes, after nearly 7 years of graduation, I still have a hefty student loan payment to make each month. I did discover because I have more than one loan, I was able to consolidate them all with one bank, which saves me about 50.00 per month. Instead of paying a total of almost 200.00 per month, I am paying only 126.00; and I only have approximately 7 years left until it is completely paid off. Considering the fact that in the end, your student will have to pay off his/her loans, it is still quite worth looking into. You, as parents, want to see your child go to college and further his/her education, yet you are unable to afford to fork out the thousands of dollars per year it costs to go to college. There are many avenues you should look into in deciding how to finance your child's education, and financial aid should be one of them. The following is a list of the various forms of financial aid you should consider looking into. You can find out more about these and others by pointing your mouse to: http://www.finaid.org/ . Stafford Loan There are 2 kinds: 1) Federal Family Education Loan Program (FFELP) This is funding provided by private institutions, such as banks. 2) Federal Direct Student Loan Program (FDSLP) This is funding provided by the government directly through the university. Perkins Loan A campus-based loan program awarded to those who have high financial needs. To apply for a loan, simply walk into your financial aid office and ask for a copy of the Free Application for Federal Student Aid (FAFSA). Federal Pell Grant (remember: grants are gifts! If you find you are eligible for a grant, accept it!) This is a federal, need-based award given to those students who are not only eligible financially, but also citizens or permanent residents of the United States. Only undergraduates are awarded the Pell Grant. Of course, you are not limited to the three examples I have given. These are the most basic forms of financial aid. Your current (or future) school may offer other forms of aid in the form of grants or scholarships. The military also offers financial aid, although not every student can see themselves dedicating 8 years of their lives after college to one of the branches of the U.S. Military! The first step is for Mom and Dad to sit down with their college-bound children and discuss not only the financial situation of the family, but also whether or not the family can afford college without the help of financial aid. If worse comes to worse, a little help from Uncle Sam is all you need!  |
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