Living a Better Life
(featured column... from the editor's desk)

Financial Aid for College

by Michelle Jones

With our oldest just beginning high school this year, friends have already started asking us which college(s) we've picked out for our children to attend.  Thankfully, we still have plenty of time to study our options because we're not even sure where to start.  Good grief, our youngest child is only in Kindergarten!

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One thing we do know for sure is that it's very likely we're going to need financial assistance.  That is, unless we win the lottery or something like it.  And since we don't even play the lottery it's not looking very promising. 

We've always encouraged our children to work hard and make good grades, and this may help when it comes to being accepted at a college of their choice and hopefully getting scholarships and grants.  However, with the cost of colleges and universities skyrocketing every year we feel it's inevitable that we will still need to apply for financial aid and student loans... if not for all 4 of our children, at least 2 or 3 of them.

I could be going out on a limb here, but I'm pretty sure we're not alone in this college funding dilemma.  (For those of you who have been able to sock college funds away from the time of your child's birth, that's wonderful.  Make sure your child does not take that for granted when the time comes--it can be such a blessing.)  

So, what are the rest of us going to do?  Well, I've searched the Internet to get us started and I found some great resources to help us learn more about financial aid.  I hope they will help!  

(If you have any information or resources you'd like me to add, please contact me.)

Resources for Financial Aid and Student Loans:

FAFSA (Federal Application for Student Aid)
Opens the door to the federal student aid process.

International Education Financial Aid (IEFA)
A great resource for financial aid, college scholarship and grant information for international students wishing to study abroad. 

PLUS Loan for Parents of Undergraduate Students
As low as 2.22% interest.

Other Types of Aid
In addition to the primary sources of financial aid (loans and scholarships), other kinds of aid are available to many students. These other types of aid fall into eight broad categories:

1. Free Scholarship Lotteries 
2. Federal and State Government Aid 
3. College-Controlled Aid 
4. Student Profile-Based Aid 
5. Aid for Graduate and Professional School 
6. Aid for Elementary and Secondary School 
7. Aid for Specific Activities 
8. Innovative Programs 

Repaying Student Loans
What you need to know about repaying student loans... After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This "grace period" will be six months for a Federal (FFEL) or Direct Stafford Loan, and nine months for Federal Perkins Loans.

NC College Resource Center - CFNC.org
Learn why college is an important and affordable investment, and how the financial aid process works.

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Copyright © 2004 by Michelle Jones

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