Scholarships and Grants

Your Course to College: Finding Funds for School

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For families and high school students, having a good gameplan for getting to, paying for and succeeding in college is valuable. That’s why we’re here to help.

Iowa College Aid’s annual “Your Course to College” guide will ship to schools and families later this month, but we’re taking the opportunity to preview some highlights and some of our favorite tips found in the guide. This week, tips to finding the best sources of funding for your college education. To find more previews and sign up to receive your copy of “Your Course to College” in print or download, visit our “Your Course to College” page at IowaCollegeAid.gov.

There are many ways to pay for a college education, and the financial aid process is not as complicated as most people think. Most students attending Iowa colleges and universities receive some form of financial assistance.

Coins in jar with college fund label

After you submit your college applications, complete these four steps:

1. Submit the FAFSA

To qualify for most financial aid, you must complete and submit the Free Application for Federal Student Aid (FAFSA). The fastest and most accurate way to apply is online at fafsa.gov. The FAFSA will gather information about your finances, your family’s finances and your college plans. You can complete the FAFSA for 2018-19 beginning October 1, 2017, using 2016 tax information.

2. Submit the Iowa Financial Aid Application

The Iowa Financial Aid Application allows you to apply for multiple state-administered aid programs with one application. Click the Iowa Financial Aid Application button at IowaCollegeAid.gov.

3. Decide on a College and Accept Aid

All colleges that you list on your FAFSA will send you a financial aid award letter if you are offered admission. Award letters will describe the financial aid package each college can offer. When comparing aid packages, consider how much assistance is from scholarships and grants (which do not have to be repaid) and how much is from loans (which must be repaid).

To accept the financial aid package offered by a college or university, follow all instructions. This might involve entering aid amounts you intend to accept in an online form or signing and returning a paper award letter by a specified deadline. Talk to the financial aid office at the college or university if an unusual circumstance delays your response.

To officially accept a college admissions offer and reserve your place, submit your deposit by the college’s reply date. May 1 is the date for most colleges.

4. Apply for Scholarships

Continue seeking and applying for outside scholarships. Think of it as a part-time job. If you spend 20 hours on scholarship applications and receive one worth $1,000, you just made $50 an hour for your efforts!

Reputable education organizations will NOT charge for scholarship searches.

Your Course to College: How to Rock Campus Visits

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With helpful tips on preparing for, and succeeding in college, Iowa College Aid’s annual “Your Course to College” has become a valuable resource for students, families and high school counselors throughout Iowa. The 2017-18 edition of “Your Course to College” will be available later this month, so we’re taking the opportunity to preview some highlights and some of our favorite tips found in the guide. This week, ways to research college visits and get the most out of your trip to a prospective campus. To find more previews and sign up to receive your copy of “Your Course to College” in print or download, visit our “Your Course to College” page at IowaCollegeAid.gov.

Visiting a college is the best way to find out if a particular school is the right fit for your future. Attending a college that doesn’t meet your academic, financial and personal needs can create real challenges to achieving your educational and career goals. While a campus tour won’t tell you everything you need to know when trying to determine college fit, it will go a long way to letting you know both what college is like and what life would be like for you on that campus. Here are some tips to get the most out of your college visit:

  • Some colleges might be too far away. Start with virtual campus tours. Check the college’s website or look into online sites such as ecampustours.com and campustours.com.
  • Take a campus tour, check out housing options and explore the surrounding area.
  • Schedule a visit with the financial aid office.
  • Get a feel for college life by eating in a campus cafeteria and staying overnight in campus housing.
  • Sit in on a class that interests you.
  • Talk to a professor in your intended field of study.
  • Ask current students about campus life.
  • Read the campus newspaper.
  • Visit with advisors and members of clubs and activities that interest you.
  • Document each visit, including any feelings you have.

Be a College Application Ninja With These Three Summer Tips

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College applications can seem daunting. For many high school seniors, the process happens in a rush during their senior year as they apply to schools that they think they’d like, but haven’t taken the time to research.

By creating a college application strategy before senior year, students can more easily target the schools that best meet their educational plans. More importantly, it can help them move through the college application process more smoothly, avoiding the chaos thanks to the research and planning they’ve done ahead of time.

Incoming seniors looking to be college application ninjas (and those juniors… and even sophomores… who want to be even greater ninjas when their time comes) know that the work they put in now will put them that much farther ahead when it comes time to start the application process. Here are three tips to start students on the ninja path this summer:

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School Fit is a Two-Way Street

Finding a school that best “fits” with a student’s needs is important. Aspects such as a school’s location, average class size and available programs of study can strongly influence whether or not a student will succeed in their future plans at that school. Taking the time to look deeper at a school’s programs will help students understand where they have the best chance to get the most out of their education.

But college isn’t just about what the student wants. It might seem like a basic idea, but often students apply to schools without having a strong understanding of the type of student that the school is seeking. It’s important to know if a student’s current grades, test scores and extra-curricular activities make them a good match for the schools where they are planning to apply. Conduct research to determine if students meet all the admissions requirements before starting the application process.

Have a List and Learn as Much as You Can

Once students have a list of target schools, getting to know more about a school can give the extra information that will help students decide whether or not to commit the time to apply. Campus tours are the best way to experience life on campus and summer offers the flexibility to turn travel into college research. For those campuses that might be farther away, virtual tours on college websites give a taste of what to expect.

Get Organized

To really hit the ground running in the fall, students should do a little prep work before starting applications. From creating application accounts with usernames and passwords and creating a timeline for campus visits, to researching any available college application fee waivers and making a master calendar of key financial aid and scholarship deadlines, having a game plan ahead of time will make the application process less chaotic.

 

Career-Based Loan Forgiveness Programs Can Help With Student Debt

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For most students graduating from college, financial aid debt is reality that can impact everything from buying a house to starting a family. Fortunately, there are a number of loan repayment and forgiveness programs that help those graduates in certain fields help pay down their student loan debt in return for their work.

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Programs are available on both the federal level and in the state of Iowa for those in the education, public service, healthcare and legal professions. However, the qualifications for these programs are often specific or require that the employee work in a specific geographical or subject area in order to obtain the award. Here are some loan forgiveness and repayment programs open to Iowa graduates:

Education

  • The Teach Iowa Scholar (TIS) Program provides qualified Iowa teachers with awards of up to $4,000 a year, for a maximum of five years, for teaching in Iowa schools in designated shortage areas. Qualified teachers are those currently teaching in designated shortage areas who meet all eligibility criteria. Find out more here.
  • The federal Teacher Loan Forgiveness Program offers forgiveness of a combined total of $17,500 from direct subsidized and unsubsidized loans in return for teaching full-time for five complete and consecutive academic years in certain elementary and secondary schools and educational service agencies that serve low-income families. Criteria and details can be found here.

Healthcare

  • The Iowa Registered Nurse & Nurse Educator Loan Forgiveness Program offers qualified applicants an annual award of up to 20% of  their total eligible federal student loan balance. Applicants must be registered nurses employed in Iowa or nurse educators teaching at eligible Iowa colleges and universities. Details here.
  • The NURSE Corps Loan Repayment Program is a national program that supports registered nurses (RNs), advanced practice registered nurses (APRNs), and nurse faculty by paying up to 85% of their unpaid nursing education debt. Qualification criteria and details here

Public Service

  • The John R. Justice Student Loan Repayment Program is federally-funded program provides loan repayment awards to public prosecutors and defenders employed in the state of Iowa who agree to remain in their positions for 3 years. Details here.
  • The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on Direct Loans after making 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying government or non-profit organization. Details and qualifying employer types can be found here.

Attorneys

  • Lawyers working with the federal Department of Justice can have up to $6,000 of student debt forgiven per year as part of the agency’s Attorney Student Loan Repayment Program. Details and qualifying criteria can be found here.

 

Finding Free Money for College: A High-Paying Part-Time Job

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There’s no way around it: getting the degree or certificate that will connect you with your future costs money. No matter the type of education students pursue after high school, cost will often play a factor in not only determining where students go to school, but, in many cases, impact whether or not they complete their degree and find the career they’ve long sought.

Many students and families rely on private student loans which come with interest rates that can feel daunting not only during school but in the years after. However, thanks to the Free Application for Federal Student Aid (FAFSA), students are discovering many roads to free money that can help reduce their student debt and help them succeed.

Completing the FAFSA arms students with a tool, a baseline of financial information and need for aid that can be used for a variety of state and federal grants, as well as private scholarships. There are many ways for students to find free money that require nothing more than the time to research and apply in order to receive some financial help for their education. Here are few places to start:

State Grants and Scholarships

The state of Iowa provides funding for grant programs to help with higher education costs. Students who receive Iowa-funded grants and scholarships must be Iowa residents, attend an eligible Iowa college or university and meet other criteria specific to each program. Scholarships and grants do not have to be repaid and can significantly reduce college expenses. The chart below provides an overview of the application requirements for each scholarship and grant administered by Iowa College Aid. For specific criteria, go to IowaCollegeAid.gov.

Private Scholarships

Every year, MILLIONS of dollars in private scholarships go unclaimed; not because no qualified candidates applied, but because no candidates applied at all.

Scholarships are available from private sources including businesses, foundations, religious organizations, community groups and fraternal organizations. High school counselors are excellent resources for scholarship information, as are libraries and college financial aid administrators.

Web searches also allow students and families to explore scholarship possibilities. Reputable organizations will NOT charge fees for scholarship searches.

Think of finding scholarships like a part-time job. If you spend 5 hours researching and applying for scholarships that lead to a $1,000 scholarship, you’ve just made $200 per hour. That’s pretty good money for working part-time! Here are some ways to track down private scholarship opportunities:

  • Work: Have your parents ask whether their employers offer college scholarships to children of employees.
  • School networks: Many high schools offer scholarships for graduating students. Also check with the area alumni association of your college.
  • Community organizations: Many community organizations sponsor local scholarships. Check your city’s website or call your local community center for lists of organizations in your area.
  • Religious organizations: Find out if your place of worship offers scholarships. If not, it might partner with other organizations.
  • Field of study: Your college might offer scholarships specific to your major. Contact your program department.

College and University Scholarships

Your college or university might provide scholarships or financial awards from its institutional funds. Often, institutional scholarships go to recipients who meet specific requirements related to particular areas of study, academic achievements, outstanding talent, leadership, athletic ability or other criteria. Contact the financial aid office and ask about institutional programs available through the college or through on-campus organizations.

Federal Grants

Federal grants are awarded to both Iowa resident and non-resident students. Eligible students can receive these federal grants for attendance at any postsecondary education institution participating in the program. Federal grants include:

  • Pell Grants
    Pell Grants are funded by the federal government to assist the neediest undergraduate students. The maximum award is $5,920 for the 2017-18 award year.
  • Supplemental Educational Opportunity Grants
    Federal Supplemental Educational Opportunity Grants (SEOG) are based on financial need. Eligible recipients receive between $100 and $4,000 per year. Not all colleges participate.
  • Teacher Education Assistance for College and Higher Education Grants (TEACH Grants)
    The Teacher Education Assistance for College and Higher Education (TEACH) Grant program helps students in teaching preparation programs. In exchange for a TEACH Grant, recipients agree to serve as full-time teachers in high-need fields in public or private non-profit elementary or secondary schools that serve low-income students. These grants are available to eligible undergraduate, post-baccalaureate and graduate students for a maximum amount of $4,000 per year. Students must meet academic standards.

Taking the time to track down free money for school now may seem like hard work, but the impact it will make in saving students from debt as they start their careers will be an even greater reward as they start their careers.

 

Finished FAFSA? Here’s What to Expect Next

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By now, students and families with an eye toward college, or any kind of education beyond high school, should have a pretty good understanding of just how important the Free Application for Federal Student Aid (FAFSA) is to helping them achieve their goals. If not, here’s a good place to get started with the FAFSA.

Coins in jar with college fund label

Filing the FAFSA is crucial to getting money for school. But what happens after submitting the FAFSA? Here are some things for families to look out for, as well as some things to remember when dealing with information

Student Aid Report
After completing the FAFSA, the U.S. Department of Education will process the data and compile the Student Aid Report (SAR). The SAR will be sent to families and the colleges selected during the FAFSA. If an email address was provided during the application, instructions to access an online copy of the SAR will be emailed; otherwise it will arrive snail mail.

Typically, applicants can access their SAR within three to five days if the FAFSA was filed electronically (approximately three weeks if filed by paper). The SAR contains the Expected Family Contribution (EFC) as well as initial information about Pell Grant eligibility. Colleges and universities use the EFC to determine student eligibility for federal grants, loans, work-study and other financial aid programs.

How is the Expected Family Contribution Calculated?
Variables that determine a student’s EFC include income and net worth for the student and parents, family size, age of older parent, state and federal taxes and number of family members attending college. As a result, the EFC might change from year to year when the FAFSA is refiled.

Understanding Financial Need vs. College Costs
Each college or university listed on a student’s FAFSA application that accepts that student will determine financial need and present the applicant with an award letter describing the aid offered. “Financial Need” is determined by calculating the Cost of Attendance (COA) minus the EFC determined through the FAFSA.

The EFC will remain the same in a given year (unless an unusual family situation arises) regardless of which college or university the student attends. The amount of aid received cannot exceed the total cost of attendance at a college or university.

Award Letters
Each award letter will include federal, state and college-specific financial aid programs. It is likely that a student’s award letter will include one or more types of loans. These letters often don’t cleanly show which funds offered are scholarship or grant aid (free money) and which are loans (money which must be repaid). To get some tips on understanding award letters, check out our video series here and here.

Avoid Getting Stressed Out Over College Decision With These Tips

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After years of hard work and months of waiting, students are starting to receive acceptance letters from colleges. Those students accepted into more than one college might face some difficult decisions to make when weighing the pros and cons of one school against another.

Three students studying and learning in a coffee shop

“College  fit” means finding the school that best meets at student’s needs for the future, but there is no such thing as a “perfect school.” Students shouldn’t stress themselves out thinking that if they pick the wrong school, their life will be ruined. After all, college is what you make of it. But with a little research and effort, students and families can feel more secure about the school they pick. Here are some tips :

Compare financial aid awards

While cost shouldn’t be the only thing considered when deciding between schools, the financial aid offered can go a long way to giving one school an edge over another. The financial aid award letter often comes after the acceptance letter, and has many things to consider when reviewing. Check out our videos on comparing financial aid award letters for more tips (here and here).

Dig deeper with schools

Students already researched schools before applying, but now is a chance to get more detailed information to get a more complete picture of what a school offers, not only in education, but day-to-day life. Such questions can include:

  • What is the graduation rate? How many students return after their freshman year?
  • Are there work or volunteer opportunities that reflect a student’s major or interests?
  • What do students do for fun?
  • What student support services does the school offer?

Students can talk to college admissions counselors, current students, recent grads or even the college’s official website to research these and other subjects. It’s important to use only trustworthy sources of information and to recognize the difference between fact and opinion. A college’s official website and its admission officers are often the best sources of factual information about that college.

Visit — or revisit — the campuses

Now that a student has been accepted to a school, a college visit becomes even more important. Even if a family has taken a campus visit previously, going back with a more focused approach will help students see if they truly see themselves as a student at that school. Can’t visit a campus? Call or email the admission office with questions, reach out to professors in your areas of interest or ask to connect current students and recent graduates. High school counselors and teachers may also be a good source to recent grads or current students.

Think about it

Research and asking questions can provide the information that students need to make a decision, but asking and answering the important questions can only be done by a student with their family. How did the student feel during their campus visit? Did the school offer both the academic and social aspects that will lead to success? Will they be happy there? These basic questions might lead to some further reflection about each school.

Make your decision

The good news is that schools don’t need to hear back immediately. Many colleges don’t expect a final decision until May 1, so students and families have some time to make up their mind. Lay out the pros and cons and find the school that fits best with financial, academic and career goals. Remember, though, that colleges are serious about reply deadlines. Not sending a deposit by the deadline can lose a student’s place in the incoming class.