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.