College Financial Aid
Deciding whether to go to college, to continue in education for 4 more years, is one of those really big crossroads decisions that people face in life. It is an emotional, social, spiritual, intellectual and fundamentally a financial decision. It is an investment decision, because you are putting money into your brain asset now in order to earn far greater (hopefully) returns throughout the rest of your working life. The risk with this investment is of course debt. Some fortunate folks start out with enough money, from parents or whoever, to finance their intellectual investment without borrowing. Most folks however will have to take on some debt. Private colleges can mean up to $100,000 or more. It is always best to have an investment repayment plan worked out ahead of enrolment and college financial aid offices can help.
Realistically as part of your investment plan you must ask yourself how many scholarships can you gain? Scholarships are the best kind of money in that they are FREE! No repayments means you would be crazy not to put lots of effort into gaining all the scholarships you can. Colleges tend to provide money on two bases. Firstly money according to your needs which is directly related to your parents income and how many of your brothers and sisters will need investment money too. Your investment plan needs to answer two questions here. Will your parents contribute financially (all colleges assume they will)? Will you repay them or is it free money?
The second basis on which colleges contribute to your self-investment is with merit money. Private colleges tend to have much more of this kind of money available because of their more generous sponsors. These people set up scholarships in their names or they add to existing funds that have meaning for them. Sometimes this kind of money can cover more than 50% of your tuition costs. Well worth asking about and working for.
Also, don't be afraid to look for college financial aid in the form of scholarships in odd places either. Look around your hometown for different community organizations who offer scholarships like the Knights of Columbus or the Humane Society. Though these sorts of community organizations may not be able to contribute thousands upon thousands of dollars in scholarships, every little bit helps, especially when it doesn't have to be repaid.
Finally, if scholarships and your savings aren't enough to cover your college expenses you'll probably have to apply for a student loan. First, finish the Federal Application for Student Aid (FAFSA) to see which federal loans you qualify for. Someone at your college financial aid office can then advise you what loans would suit you best and even when to start paying them off. Though paying for college can be scary, it's still one of the most worthwhile investments you can make.
Realistically as part of your investment plan you must ask yourself how many scholarships can you gain? Scholarships are the best kind of money in that they are FREE! No repayments means you would be crazy not to put lots of effort into gaining all the scholarships you can. Colleges tend to provide money on two bases. Firstly money according to your needs which is directly related to your parents income and how many of your brothers and sisters will need investment money too. Your investment plan needs to answer two questions here. Will your parents contribute financially (all colleges assume they will)? Will you repay them or is it free money?
The second basis on which colleges contribute to your self-investment is with merit money. Private colleges tend to have much more of this kind of money available because of their more generous sponsors. These people set up scholarships in their names or they add to existing funds that have meaning for them. Sometimes this kind of money can cover more than 50% of your tuition costs. Well worth asking about and working for.
Also, don't be afraid to look for college financial aid in the form of scholarships in odd places either. Look around your hometown for different community organizations who offer scholarships like the Knights of Columbus or the Humane Society. Though these sorts of community organizations may not be able to contribute thousands upon thousands of dollars in scholarships, every little bit helps, especially when it doesn't have to be repaid.
Finally, if scholarships and your savings aren't enough to cover your college expenses you'll probably have to apply for a student loan. First, finish the Federal Application for Student Aid (FAFSA) to see which federal loans you qualify for. Someone at your college financial aid office can then advise you what loans would suit you best and even when to start paying them off. Though paying for college can be scary, it's still one of the most worthwhile investments you can make.
About the Author:
Jimmy Johnson is an accomplished author. For more about Loan Calculators visit Money Talks for current articles and discussions.
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