Paying for college is always an obstacle that students have to face when pursuing their post-secondary education. However, the price for college should never prevent students from fulfilling their dreams. I am sure you have probably heard that student debt has skyrocketed in the last few years which can discourage you from pursuing a post-secondary education. What you may not know is that many students do not understand basic information about the student financial aid and repayment processes which limits the students ability to access aid (ACT Center for Equity in Learning, 2019).
The average amount of debt for students who borrow money is nearly $40,000 - this has nearly doubled in less than a decade. According to ACT, approximately 20% of high school graduates plan to pay for college on their own and 36% are receiving some financial assistance and do not want to acquire any student debt (ACT Center for Equity in Learning, 2019). So, you may be asking “how do we combat this issue?” Many students and families rely on high school staff and online resources for information about accessing financial aid. Which isn’t bad per say, but college representatives are better positioned to discuss their institutions financial aid process and availability (ACT Center for Equity in Learning, 2019).
One of the most important things students and families can do to help pay for college is filling out the FAFSA - this can be submitted anytime after October 1st of the students senior year in high school. The FAFSA allows the student an opportunity to qualify for:
Grants = free money that doesn’t need to be paid back
Work Study = provides students with a part-time job while in school
Loans = students can borrow money and pay it back at a low, fixed interest rate
Scholarships = provides students with a scholarship search to see what scholarships they qualify for; this is money that doesn’t need to be paid back
It is amazing how many options there are to help students pay for college. One of my favorite stories is about a student who considered it their job to apply for scholarships. She ended up receiving more money in scholarships than it cost her to attend the college, so in the long run she got paid to go to college!
Don’t let money get in the way of pursuing your dreams. If you would like some help and guidance on how to navigate this process contact me and I would be happy to help!
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