Financial Aid Awareness month encourages students who are getting ready to attend (or are currently attending) college to put together a game plan that helps them achieve their college dreams in the most cost effective way possible. Completing the Free Application for Federal Student Aid (FAFSA) is the first step and a vital one. But once that’s done, where do students go to figure out how to get the money they need for college.
Iowa College Aid not only awards and administers state grants and scholarships for Iowa students, but helps students stay on top of all the resources available to help them graduate college with as little debt as possible.
The financial expert team from Iowa College Aid ranked the ways for students to fill that gap between the money awarded to students in a school’s financial aid award package and the cost of attending the school of their dreams. Here are their top picks:
You filed your FAFSA, you submitted the State’s Financial Aid Application, you met the deadlines and you’ve done the math – your financial aid is just short of covering your tuition bill. You still need a few more dollars to pay for the semester and buy books, what else can you tap into?
Savings and 529 Plans: The first resource to explore is your own savings account or 529 account. If you (or your parents) have been saving money for college, now is the time to use it! Not only has the money been set aside for this purpose, but using savings or college investment accounts could reduce or eliminate the need to borrow additional loans.
Explore private scholarships: There are many scholarship search websites that allow you to create a profile and search for scholarships that fit your skills, abilities and interests and often scholarship essays can be tweaked and customized allowing you to use the same essay multiple times. Make sure to read directions carefully and pay attention to deadlines. And don’t rule out “fun” scholarships like those found on unigo.com – who knows, maybe your creative 250 word essay on what flavor of ice cream would you be could score you a $1,500 scholarship?
Payment plans and paychecks: Since colleges bill you for the entire semester at once, it can be overwhelming to get a bill in the mail for the whole semester. But what if the amount you owe could be divided into 4 or 5 monthly payments? If you’re working part-time, maybe it becomes more manageable to think about making monthly payments to your college when you know you have a paycheck coming.
Parent PLUS and other student loan options: If borrowing more money becomes an option, talk to your Financial Aid Office about which loans are available to you (and your parents) and which loans have the best repayment terms and interest. Your student loan options will differ depending on if you have a co-signer, or if you want to start repayment after you graduate (versus starting repayment while you’re still in school), or if you want a fixed or a variable interest rate. Your Financial Aid Office can help you sort through options and pick the loan that works best for you.