Finding Financial Aid
Even with millions of dollars in available financial aid, tapping into those funds and putting them to work can be difficult. Fortunately, there are a number of resources that make it easier to find financial aid for college.
First Things First
There’s simply no way to get the ball rolling on significant financial aid without first filling out the Free Application for Federal Student Aid (FAFSA). Go to bju.vfao.com and start with step 1 - completing the FAFSA. BJU uses the FAFSA to determine a student’s level of financial need before offering any scholarships or grants. So if you don’t fill it out, you will limit your possibilities.
After you have completed the FAFSA and submitted it, you will immediately receive a confirmation report that shows your Expected Family Contribution (EFC). But you still have another step – go to bju.vfao.com and fill out the Online Interview. BJU will then send you a letter outlining all the government and school assistance available to you.
The U.S. Department of Education and your state department of education offer a vast amount of money to students pursuing undergraduate degrees—mostly through grants and loans. Grants are awarded based on financial need, and scholarships are mostly based on academic merit. Neither requires repayment. Government loans, which usually have good interest rates (6 percent or lower), can help cover your school bill and allow you to delay repayment until 6 months after you graduate. The most common federal student loans are the Stafford Student Loan and Parent PLUS Loan. Some families may also qualify for tax credits, such as the HOPE Credit and the Lifetime Learning Credit.
Private organizations and funds offer financial aid, but it pays to know where to look.
Fastweb.com and careersandcolleges.com provide powerful search engines that find need- and merit-based scholarships. You might find one that fits your particular situation. These sites allow you to save your search results for future reference and help you keep track of deadlines. Fastweb.com will even send you emails alerting you to new opportunities you might want to consider.
There are countless other possibilities available to students willing to knock on doors and make some phone calls. Hot prospects include community organizations and associations involved in your particular area of academic interest. By showing an organization how its financial support would be an investment, students will see their efforts pay off.
Also, it’s definitely worthwhile to meet with your high school guidance counselor. He or she is probably familiar with local financial aid opportunities and knows what students just like you have found most helpful. Finally, a trip to the public library to peruse resources such as The Scholarship Book, published by Prentice Hall, might provide some additional insight.
Never pay for financial aid services. There are websites that charge a “small fee” to help you find money for school or to submit the FAFSA for you. These are usually, if not always, scams designed to prey on the frustrated and inexperienced. You can always find sources for financial aid without having to pay a dime.
Application deadlines can creep up rather unexpectedly causing you to waste countless hours and miss out on the best opportunities. Write the different deadlines in your calendar. Consider beating each deadline by at least a week in order to avoid complications such as having your application get lost in the mail.
When trying to determine how much money you’ll need for college, there’s more to keep in mind than just tuition and room and board. You will also need to pay for program fees, books, supplies, transportation and basic living costs. Fortunately, most financial aid can be used for these kinds of things. Check the guidelines to make sure the money can cover “education-related expenses.”
Financial aid is just one way God might choose to provide for your college education. If you believe He wants you to go to college but you keep running into dead ends, don’t lose heart. Pray that God will provide for you another way, and trust in His unfailing care.
