MAXIMIZE COLLEGE FUNDING
Federal Student Aid at a Glance
WHAT is federal student aid?
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Federal student aid comes from the federal government— specifically, the U.S. Department of Education. It’s money that helps a student pay for higher education expenses (i.e., college, career school, or graduate school expenses). Federal student aid covers such expenses as tuition and fees, room and board, books and supplies, and transportation. There are three main categories of federal student aid: grants, work-study, and loans.
(A) Grants – Money that you don’t have to pay back. Grants are normally based on financial need.
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(B) Work-Study – Provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. A student must have extreme financial need; these are administered on a school by school basis.
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(C) Government Loans – The federal government disburses these loans, and nearly every student with a high school diploma is eligible to receive them. They come in subsidized and unsubsidized.
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Myths About Financial Aid
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“Federal student aid is just ‘free money’ like grants.”
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“My parents make too much money, so I won’t qualify for aid.”
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“Only students with good grades get financial aid.”
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“I don’t have good credit, so I can’t get a student loan.”
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“My ethnicity or age makes me ineligible for federal student aid.”
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“The FAFSA® form takes forever to fill out, and it’s really hard to do.”
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“I support myself, so I don’t have to include parent information on the FAFSA® form.”
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“I can’t file my FAFSA® form in October because I haven’t applied to any schools.”
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“I’ll have to update my FAFSA® form after I file my taxes in the spring, won’t I?”
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“I didn’t qualify for financial aid last year, so filling out the FAFSA® form again is just a waste of time.”
**For more information on these myths, go to Studentaid.gov/resources.
Yes, maybe you could get a good job now, but a college degree will make your chances even better. Check out the earnings & unemployment rates for people 25 and older with different levels of education.
Start with talking to your school counselor – they might be able to point out things you could be interested in. Another option is to take an interest inventory called a Career Finder, go to www.studentaid.ed.gov/myfsa, These surveys give you a list of careers based on your answers of what you like and dislike. Finally, you can use a college search tool on the Student Aid website to find colleges that offer courses of study that might interest you.
Are you currently in or have been in foster care and need help paying for college or career school? If so, you might be interested to know that the John H. Chafee Foster Care Independence Program helps current and former foster care youth through the Educational and Training Vouchers (ETV) Program.
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Am I eligible? The ETV Program is intended to serve
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youth who are likely to remain in foster care until age 18,
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youth who were adopted or under kinship guardianship at age 16 or older, and
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young adults ages 18–21 who have aged out of the foster care system.