So you’re starting college soon and you barely have enough to pay for
the first two months of class. First things first: Don’t panic! It’s
going to be okay, so get down off that ledge! Please!
There are still plenty of ways to raise some funds for college even if
you were just handed your diploma and none of your scholarships came
through. Ideally, students should start thinking about and applying for
scholarships in the ninth grade, but sometimes the selection process
for such funds can be rigorous and even though you were up to snuff,
there might have been some Poindexter out there who had just a few more
hours of volunteer work at Good Samaritan Hospital. It’s all right.
The most important thing to remember is not to panic and not to allow
yourself to get depressed and as a result, ignore the problem at hand.
Ignoring this problem won’t make it go away – in fact, chances are, it
will make it worse. You need all the time you can get trying to pull
that spare change out of the couch cushions, so brush it off and forge
onward.
Uncle Sam, Can You Spare a Dime?
You might find it beneficial to hire a financial planner. This person
will take a look at your family’s assets and holdings – savings
accounts, real estate holdings, investment funds, stock options, etc –
and help determine a financial plan for paying for a college education.
Similarly, you might visit your local bank and apply for a student
loan.
During your senior year of high school, before graduation, you will
want to fill out the FAFSA. Filling out your FAFSA is kind of like
filling out your tax forms but nowhere near as scary. The FAFSA form
will ask you to provide basic information such as your name, address,
and the school you will be attending. It will also ask you to provide
your W-2 information if you work, and it will ask you to fill out your
parents’ W-2 information if you do not. The questions are generally
simple, stated clearly, and easy to answer. Sometimes there are helpful
pictures. (No, there aren’t. But it would be nice.)
The FAFSA is not at all daunting, and you can do it all online, either
in one sitting or in several (just remember to save your information so
it doesn’t all disappear when you exit the browser). In fact, the IRS
people could learn a lot from these FAFSA guys. (No, they couldn’t! The
IRS guys are awesome, and they have an unparalleled sense of humor!
They’re the most loved individuals in this country! And a boy with a
nametag reading, “Internal Revenue Service” was certainly NOT the
winner of Most Scary Costume during my high school’s Homecoming Week
celebration! OmigoshPleaseDontAuditMeIWillHaveYourChildPlease!)
Perhaps it is best not to draw any comparisons.
The bottom line is that the FAFSA is very helpful for both you and your
college or university, so much so that it is now required as part of
the admissions process. It allows the government to assess your
personal net wealth (or your family’s, if you file with your parents’
information) and send the information to your college or university as
well. Based on this information, you may be awarded a certain amount of
money in federal grants or subsidized loans. There is a question on the
FAFSA form about how much money you currently have in any savings
accounts or checking accounts; if that amount is lower than a certain
state-issued amount, you qualify for additional grants, so keep that
under advisement. (This is in no way a call to arms to cheat by moving
funds around to different accounts; we’ll leave that up to American
CEO’s, thank you very much.)
Additional Ways To Work Hard For the Money
If you plan on paying for college, you’ll have to plan well, pull out
all the stops, and spend a considerable amount of time plugging away at
it. Sadly, you cannot rely on your college or university’s financial
aid office to help you out. Though these departments are generally
helpful in their own right, you must remember the sheer volume of
students each department has to work with and cater to. There’s simply
not a lot of room (or funds) for individual attention.
Here are a couple additional suggestions to help you put yourself through college:
- Look specifically into the rules and requirements for the Pell
Grant Program and the Supplemental Educational Opportunity Grant (SEOG)
Program. These are the two largest higher education grant programs
funded by Uncle Sam. These are designed for the most financially needy
students and can be a tremendous help (this coming from a former
recipient of the Pell Grant).
- Work/study programs are an excellent way to attain some funds.
Students can earn money while in college by working on campus. These
programs are sponsored by the college and the local, state, and federal
government. Personally, I was fortunate enough to secure a job at both
my campus’s radio station and Writing Center during my undergraduate
days. Though you can only be expected to be paid minimum wage in most
cases, it is a very convenient way to make some money without venturing
off campus. Consult the financial aid office at your college for more
information about the specific work/study programs available to you.
High school graduates can earn education awards through a program
called AmeriCorps National and Community Service by working while in
school. Call (800) 942-2677 for more details.
- The Federal Stafford loans come from the federal government and
carry fairly low interest rates, making them ideal for undergraduate
and graduate students attending accredited American schools as both
full and part-time students. These are determined according to
financial need and if the loan is subsidized, the student is not
responsible for interest during in-school or deferment periods. This
does not hold true for unsubsidized Stafford loans, which you can get
if you do not qualify for the subsidized loans. Federal PLUS loans and
Federal Perkins loans are also available to students; be sure to
consult with the financial aid office.
- Look into Sally Mae (no relation to Fannie), a financial services
corporation that funds educational endeavors. It has servicing centers
nationwide and is based in Washington, D.C.
- Check out the ROTC program from the United States military (Army, Navy, Air Force, and Marines).
- Be careful about your assets. If you receive a large amount of
money as part of an inheritance settlement, for example, you might
consider asking for it not to be allocated in your name because this
will severely impact the amount of money you receive.
Remember, there are always solutions to the great capitalist problem of
never having enough money. Even if you didn’t get the scholarships you
had been hoping for, that is no reason to panic. There are many options
available for you out there; you just have to understand the system.
Preferably, you will have researched the system, found the money, and
started the application process early, but do not think that just
because you jumped into the game a little late that you won’t be able
to make ends meet for college.
Also, everyone loves the IRS. We really, really do. It’s definitely the
best government agency in the history of ever. (So are we cool now? Or
do I still have to flee the country?)
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