August 2008

Are you looking for creative ways to help pay for your college expenses? You may
be surprised to learn that there are actually many different options available to you. Therefore, if you are struggling with finding a way to pay for furthering your education, you might want to look into one of these methods.

Scholarships
Winning a scholarship or multiple scholarships is one great way to help pay for your college expenses. You may be shocked, however, to learn that you do not have to be
a straight A high school student in order to earn a scholarship. In fact, some organizations provide scholarships to their members and some colleges even provide scholarships to promising students. If you are a first generation college student, if you are part of a particular ethnic group, if you have a talent or a particular interest, there may be a scholarship out there for you. Furthermore, depending upon the field you are entering, additional scholarships may be available.

Financial Aid
Depending upon your income, you may be eligible to receive financial assistance
from the government or directly from the college you are attending. Even if you do
not think you will qualify for financial aid, it is a good idea to fill out the FAFSA,
or Free Application for Financial Student Aid. This form can be found online at www.fafsa.ed.gov or it can be obtained by requesting it from the college you are considering attending.

Military Assistance
If you were in the military, you may also be eligible to receive funding to help pay for college. Or, depending upon your career goals and your current situation, you may want to consider enlisting in the military. Not only will you be eligible to receive a sign-on bonus and assistance with paying your college costs, you may be able to get a start on your training while still in the military.

Employer Programs
Your employer is another potential source for financial assistance for college. Many employers have college reimbursement programs that will pay all or part of the college expenses of their employees so long as they meet certain requirements. Even if your employer does not have a college reimbursement program in place, it is still worthwhile for you to discuss reimbursement possibilities with your employer. After all, if you further your education, it will benefit your employer as well.
The bottom line is that there are many options available for helping to pay for your college expenses. If you are not able to get the costs paid, however, student loans can also help you make your dreams of heading back to school a reality!

Spotlight: Financial Aid
One of the biggest financial aid pitfalls is not applying at all. Just the thought of applying for financial aid may be over-whelming to many families. In addition, some people believe they may not be eligible for financial aid and, therefore, do not take the time to ever apply. These are two major pitfalls that must be overcome.

Applying for financial aid after it’s too late is another financial aid pitfall many people encounter. Ideally, you need to start applying for financial aid at the beginning of the your senior year if still in high school. By this time, your should have an idea of which colleges you want to attend and you can contact these schools for their financial aid information. If you are already out of high school and are considering going back, pay close attention to deadlines and be sure to get your financial aid packet in as early as possible.

If you don’t complete an FAFSA (Free Application for Federal Student Aid), you are limiting your financial aid options. This application must be completed if you hope to receive federal financial aid and is different than the school’s institutional financial aid. By filling out this form, you may be eligible for more than one type of financial aid.

Scholarships are yet another form of financial aid that many people overlook. There are community organizations and large firms in which students can receive a portion of their scholarship money. High school counselors, college advisors, and the Internet are all excellent sources for finding out about available scholarships for financial aid.

If you are a high school student, it is important for your parents to be involved with the financial aid process. Many high school students receive so many emails and postal mail regarding different types of financial aid information that it can become a bit overwhelming. Having someone assist you sort through the information, even if you are an adult going back to school, can be quite helpful.

You do need patience and you must set aside an adequate amount of time to complete a substantial amount of paperwork. After it’s all done, you may be pleasantly surprised to find you have been awarded more financial aid than you anticipated.