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Welcome To Financial Aid 101
Financial Options and Info
Planning for College
Helpful Links To Planning Your Future
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Planning for College
When it comes to planning for college, there are so many concerns to think about.....
Should I stay home and go to a local college, or go away to school?
If I commute to school, how quickly can I get a car loan from my credit union? How am I going to pay for my tuition? How will I manage my money while in school?
Family First is here to help you solve many of your questions and we have the right products and services that will assist you as you earn your degree. To learn more about preparing for and during college, see the articles below.
- College Search
- Planning Calendar
- How to Pay for College
- The Financial Aid Process
- Moving to School Checklist
- Budgeting While in School
- Getting Your First Job After Graduation
College Search
Choosing a college is one of the hardest decisions to make but you can lessen the burden by adopting a good strategy. Begin by asking yourself some tough questions....
Am I looking to broaden my knowledge or obtain specific training?
Am I a city person or a suburbanite?
The answers to these questions will help you better direct your college search. Now you can start to develop a tactical plan for your next steps.
- Speak with your guidance counselor. Ask him or her to share his/her expertise about college majors, size, location, distance from home, financial aid, or whether to go to a university or a college. Most guidance departments today have at least one computer assisted software search program available to students. These programs, like Guidance Informational Service (GIS) or ExPANt, will take you on a virtual tour of colleges.
- Contact those colleges that interest you and schedule a site visit. Aside from taking a tour of the campus in person, you will probably have the opportunity to attend class and speak with current students regarding their feelings about the school.
Your college search can be very rewarding if you develop a good strategy first before delving into the myriad of information available. Good luck!
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Planning Calendar
Keeping track of important college application and test deadlines are key to helping you get in to the school of your choice. To help you stay on course, use the calendar below.
SEPTEMBER
- Prepare college applications
- Write essays
- Get letters of recommendation
OCTOBER
- Finalize college applications
- Finalize test scores
- Begin your scholarship search
NOVEMBER
- Submit college applications with essays, HS transcripts, and recommendations
- Begin your financial aid search
DECEMBER
- Ensure your college applications have been submitted by now to qualify for regular admission
JANUARY
- Focus on obtaining all the financial aid you need to pay for college
- File the FAFSA form. To qualify for the maximum amount of federal financial aid each year, including loans, students must complete and submit the Free Application for Federal Student Aid (FAFSA) to the U.S. Department of Education annually. Submitting this form determines your eligibility for federal financial aid as well as scholarships, grants, and other aid opportunities. While not required, it is strongly recommended that all college-bound students complete one.
FEBRUARY
- Watch for acceptance and financial aid notices arriving in your mailbox. Pay particular attention to deadlines.
MARCH
- Continue to watch the mail for acceptance and financial aid notices
APRIL
- Be on the lookout for your college acceptance and award letters
- Watch the deadlines. Many schools have a May 1 deadline for acceptance.
MAY
- Make sure your acceptance notification met the deadline.
- Review the financial aid options that were listed in your award letter
JUNE
- Research housing, living, transportation, supplies and financial aid options
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How to Pay for College
Determining how to pay for college can be very challenging especially with the cost of education on the rise. Aside from tuition and fees, you need to estimate additional costs, including:
- Lab fees
- Books and supplies, including a computer, printer, paper, software, and other electronic or telecommunication devices
- Room and board – Consider additional food
expenses if you live off campus
- Transportation – Estimate costs if you commute from home
- Personal living expenses – Calculate clothing, grooming, laundry, and entertainment expenses
- Miscellaneous – Consider additional extras including money for an emergency
Whether you choose to attend a state school or a private university, it is important to know the process for applying for financial aid.
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The Financial Aid Process
The process for applying for financial aid can be a bit demanding but if you learn about the steps involved and the types of financial aid available early you can get a jump on the competition.
- Complete the Free Application for Federal Student Aid (FAFSA). The form is required for all federal grants, loans, and scholarships and is used by colleges to determine your financial aid eligibility. You must submit the FAFSA form anytime after January 1 in the year you intend to begin school in order to qualify.
You may want to consider other forms of financial aid assistance (such as loans and work study) to supplement the difference between financial need and financial aid received, there are several options to consider for which you may qualify.
Types of Education Loans:
- Perkins Loans – Low interest federal loans awarded to undergraduate and graduate students with exceptional financial needs. You can borrow up to $4,000 for each year of undergraduate study; $6,000 for each year of graduate or professional study. Your school becomes the lender using funds shared by the federal government. You must repay this loan to your school.
- FFELP (Federal Family Education Loan Program) – This loan program offers two options for educational lending. Students in need of funds for school can apply for a Stafford Loan. Parents and graduates can apply for a PLUS Loan. This loan can be obtained from financial institutions such as the Credit Union. These loans are insured by the federal government, allowing lenders like Family First to lend money at lower-than-normal rates.
- FDSLP (Federal Direct Student Loan Program) – This program is similar to the FFELP program, except the loans are funded through the schools by the federal government directly (not by financial institutions).
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Moving to School Checklist
If you have decided to attend a school that is away from home, you should establish a checklist of items to consider before making the big move.
Getting There
How you get to school is a big consideration especially if you are on a tight budget. Some things to consider:
- Transportation. Research bus, train, and air travel fares early to take advantage of discounts
- If you are taking your car, make sure all your items fit, otherwise you might have to ship some belongings. Research shipping vendor pricing.
- If your belongings do not fit in your car, you might consider renting a truck. Research truck rentals companies.
What to Bring
Whether you’re moving into a dorm or an off-campus apartment, make sure you pack these essentials
- Phone service/mobile phone/charger
- Maps
- Clothing – consider varying temperatures
- Glasses/lenses
- Bed linens
- Comforter/blanket
- Pillow
- Towels
- Mattress bed
- Pots, pans, dishes, glassware, and utensils
- Computer, printer, cables, software, CDs, and Internet access
- Allergy and other prescription medications
- Personal phone book with current phone numbers/addresses of family and friends
- ATM/Debit Cards
- Checking Account Information
- Savings Account Information
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Budgeting While in School
Keeping a weekly budget while in school can be tremendously helpful to you and your wallet. While there are items that you must buy, others can wait especially if you do not have the funds on hand. To get started, here’s what you may want to consider:
- Cable – Have your roommates chip in for this expense
- Car insurance – Comparison shop online first
- Car payments – Refinance where available
- Car repairs – Find a friend or associate who might be handy with cars
- Clothing – Visit the local thrift store, check discount web sites, and scour the Internet for online coupons
- Commuting costs
- Credit cards – Don’t be so quick to use it unless in an emergency
- Equipment (computers, etc.)
- Food – Buy in bulk wherever possible especially from the warehouse stores. Have your friends, roommates and dormmates split the cost. Don’t be embarrassed about clipping coupons.
- Haircuts/beautician – Clip coupons for these services
- Household/renters insurance – Comparison shop online first
- Laundry/cleaning
- Medical/dental
- Money –Consider a part time job on campus, not only will you get some extra funds but will also gain some valuable experience that you can put on your resume.
- Personal loan payments – Refinance where available
- Prescriptions
- Recreation (entertainment) – Use your best judgment when spending for leisure time
- Savings
- Textbooks – Borrow from the college library, purchase a used copy, or buy from a discount web site
- Travel – Comparison shop online first
- Food – Whether or not you’re on the meal plan, you will probably need to stock up on snacks, etc. Buy in bulk wherever possible especially from the warehouse stores. Have your friends, roommates and dormmates split the cost. Don’t be embarrassed about clipping coupons, either.
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Getting Your First Job After Graduation
You've spent approximately the last seventeen years sitting in a classroom, now it’s time to show what you know. Start your job search early. Don't wait until the semester is almost over. Employers are in the process of hiring before graduation, and you don't want to miss out on good opportunities by waiting. Where should you start?
- Visit your college or university Career Services office – The office tends to provide personal career counseling, job and internship listings, job search assistance, access to recruiting programs and career networking assistance.
- Consider an Internship – If you’re not ready for a full-time job yet, there are a variety of options available including internships, short-term work experiences, or volunteering.
- Search job recruiting sites online – Be flexible and focused. Broaden the number of fields you are considering.
- Call on your college alumni association – Ask about possible opportunities through the association or through individual alumnae.
Network as extensively as possible – Use your connections and relationships with former employers, friends and family member to enhance your chances of landing that position.
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