November is financial aid awareness month. So what does
being aware of financial aid mean? It means clicking off the to-do’s on your
list of ways to pay for college.
If you aren’t a senior yet you can’t apply for very much, so
your main focus should be on building up the things that will qualify you for
scholarships and grants. Focus on your grades and the classes you are taking,
and focus on your extra-curricular and community service projects. You can earn
scholarship money for both. You should also be putting every dollar you can
into a savings account for college – every penny counts when we’re talking
about the ins and outs of college costs.
If you are a senior your list is a little bit longer. In
addition to the three main points discussed above:
- Grades
- Extracurricular/Community Service
- Savings
You also need to be working on your actual applications and
determining a budget for college. Let’s start with applications. The biggest
and most important applications you need to complete is the FAFSA. The Free
Application for Federal Student Aid (FAFSA) is the first step towards earning
federal and state aid, and in many cases the FAFSA is required for scholarships
and aid provided by the college you attend. Visit www.FAFSA.gov
to file the FAFSA. If you want help, you can take part in a FAFSA Ready Iowa
event (www.icansucceed.org/fafsareadyiaevents),
which provides free assistance in completing the FAFSA. You can also schedule a
free appointment and an ICAN center by visiting www.icansucceed.org/apt. To make sure
you are prepared, download a list of the documents you need to complete a FAFSA
at www.icansucceed.org/whattobring.
Following the FAFSA, you need to be working on scholarship
applications. As a senior you should talk to your school counselor about local
scholarship applications. Also check with each college you have applied to
about their scholarship process. Some colleges have a separate application for
each scholarship; some have one form for all their opportunities, and some make
the admission application the scholarship application as well. So you need to
clarify what additional steps you need to take at the colleges you are
considering to make sure you take advantage of every opportunity available.
After local and institutional scholarships it’s time to
start hitting the web. Visit www.icansucceed.org/scholarships
to explore our online database and to take a look at a list of recommended
scholarship search sites. You should also register for Raise.Me, which provides
micro-scholarships to different colleges based on things you’ve done throughout
high school such as taking certain courses, participating in extra-curricular
activities, or attending an ICAN event.
So – the last and perhaps most important aspect of preparing
for college financially is creating a budget, or determining how much you can
afford based on current circumstances as well as your future potential
earnings. Your future career’s starting salary is your budget for student debt.
You should not borrow more than you will make in your first year. Keeping this
figure in mind as you explore colleges and evaluate prices and award packages
will help keep you on the right track for a successful, financial future.
Well, this has been a lot of specific information about a not-so-fun topic. I promise to make my next entry more fun. Until then...
Brittania - ICAN Hiawatha Center