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Paying for a Health Career Education
College: Affordable with Financial Aid
What is Financial Aid?
Financial Aid is federal funding for students and families who, based on the guidelines,
do not make enough money to support their college education. Although there is some
state grant money available, most is federal, based in Pell grants and Stafford loans.
Who should apply for Financial Aid?
You should apply! The truth is that the Federal Government gives out more than $80
billion every year in Financial Aid to students. As long as you are a U.S. citizen or
eligible non-citizen, with a valid Social Security number, are enrolled in a degree-seeking
program, have a high school diploma, GED or score into college-level classes on a
college placement test and do not have any drug convictions while receiving Financial
Aid, you should apply. |
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Why do you need your parents' information?
You are considered a dependent of your parents until you turn 24, or get married,
or have children or other dependents, or are a veteran or active duty military. If
you meet one or more of these qualifications, then you do not need parental
information.
If you do not meet any of those qualifications, then you must provide your parent's
tax information. In special circumstances you can submit your application without
parental information and your application will be considered on a case-by-case basis.
When should you apply?
You should apply every year in January. The earlier you can apply, the better, as
some funds, like state grants, work.
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How do you apply?
The easiest and fastest way is by going to www.fafsa.ed.gov and
filling out your application online. You will probably have to check with your school
for its code, but applying online can cut a couple of weeks off the wait time for your
Financial Aid. Make sure that when you apply, you fill out the application for the
correct school year and you have your previous year's taxes available. If you're not
internet savvy, you can always pick up a paper application at your school or
print one from the website.
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How will you know if you qualify?
If you apply online, within just a few days you should receive an email confirmation
with a Student Aid Report or SAR for short. If you apply with a paper application,
you should be mailed an SAR in a couple of weeks. On your SAR you should have
an EFC or Expected Family Contribution. This number is based on the information
on our FAFSA and tells your school what you are eligible for. The lower your EFC,
the less you are expected to contribute, and the more Financial Aid you will
receive.
What about loans?
Most people consider Financial Aid to be just grants. But loans are also considered
Financial Aid. There are two main types of Stafford loans, and those are subsidized
and unsubsidized. the best way to explain the difference is that with unsubsidized
you either let the interest accrue so you have more to pay back or you make
payments on the interest while you are in school. With subsidized loans, the
interest does not start accruing until you are out of school.
Professional Schools
Once you have been accepted to a health care professional school there will be specific loans
and scholarships available to you, also low interest loans, loan repayment programs, and
employee benefit programs.
MORE
INFO: |
fedMoney.org –
Online resource on all U.S. government grants and student financial aid programs
Pay for College –
Explains all of your options about college costs, scholarships, financial aid applications, education loans,
and college financing.
Aspire –
Access to Student Assistance Programs In Reach of Everyone
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