FAFSA and Financial Aid

Paying for college is often the biggest barrier separating people from a degree. At TEAM we teach the students about the various forms of aid available to them so they know that college is attainable for all. Through FAFSA and financial aid, the US government, states, and colleges themselves  make college affordable for students from every background.

 

FAFSA stands for Free Application for Federal Student Aid. The application can be found and completed easily online.  It is the form that students must submit to determine need analysis based on their family’s financial information. Through this application, examined by federal processors and sent to the student’s chosen colleges, the colleges will then determine eligibility for state, federal, and college financial aid.

 

Financial aid comes in a number of forms:

·         Grants and Scholarships: The preferred form of aid would be grants and scholarships because they do not have to be paid back. Grants are awarded solely on the basis of financial need. Scholarships on the other hand can be awarded based on need, academics, interests, service, area of study, and various other measures. In each case, an institution simply gives the student money to finance their schooling.

·         Loans: Another form of aid that allows students to earn college degrees is student loans. These loans can be either federal or private, but regardless, must be paid back, and often with interest. Loans require the individual to enter into a binding contract in which he or she promises to repay the borrowed money after a specified amount of time, generally in the years following graduation.

·         Work Study: The final form of aid available through the FAFSA application is known as work-study. This program provides part-time employment for a student at their college to help them finance their education.

College is expensive, there is no denying that. It is important that high school students learn that through scholarships, grants, loans, and work-study, financing such an endeavor is possible for all. The education one gains at the college level will create opportunities that make obtaining a degree worth every penny.