Financial Aid

For many people, college can be a very exciting time in life. It represents a milestone in the journey into adulthood and independence from your parents. However, college also can be a very stressful time. When choosing a school, you may focus most on the financial aspect. How much will it cost? Can I afford it? College tuition and expenses are always rising. Attending the school of your choice may cost tens of thousands of dollars over a four-year period. Although you may think of college as a very costly expense—more expensive than most cars—perhaps you would do better to think of it as an investment in your future. The more education you have, the more opportunities you will experience, and the more money you potentially can earn.

If you go to school full time, you may not have time to hold down a job to pay for your education. If so, how can you go about securing the necessary funds? Many parents help with their child’s college expenses. Nonetheless, with the current state of the economy, finding a few extra bucks can be difficult. Financial aid can help in situations such as this one. Financial aid is money given to a student to help offset the cost of his or her education. Financial aid can help pay for tuition, room and board, and textbooks. Financial aid is available in the form of scholarships, loans and grants.

If you need extra money for college, check out the resources on this website.

This website will give you all the information you need to make an informed decision about financial aid. Here you will learn about where to find financial aid, the different options available, the application process, and some tips to help you maximize the amount of money you can receive for your education.

Since college is very costly, you may want to start saving when your child is young. Bonds and savings plans are available to help you save money and earn interest before your child enters college. Most parents start discussing how to pay for college when their child is a high school freshman. Although 82 percent of people believe college is worth the cost, less than half of people feel it is affordable. This makes sense, considering that college tuition increases by 8 percent every year. At such a rate of increase, college tuition will double every nine years. If you’re worried about college costs when your child is young, you can expect to pay double this amount by the time your child actually enters college. Fortunately, many families offset college costs through the help of financial aid such as grants, scholarships and loans.

Don’t feel bad if you can’t afford to pay for college. You are not alone.

Most students—63 percent of students, in fact—receive financial aid for college. If this surprises you, consider the average annual cost of education at the following facilities (not including room and board):

  • Two-year public college: $2,402
  • Four-year public college: $6,585
  • Four-year private college: $25,143

Choosing a private college over a public school can increase your tuition costs exponentially—by up to four times.

College students take advantage of more than $$160 billion in financial aid annually. Most of the aid comes in the form of federal loans and institutional grants, with other types of grants and tax credits used as well. It’s important to know where to find this financial aid and how to apply for it. Although the financial aid process can be confusing and time-consuming, being well informed can help. If you take advantage of the various types of financial aid available, you can save money on your college education.

Last Updated: 06/08/2014

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