In the current gloomy economic
climate, many students
need all the help that they can
get in financing their college
education and are only able to
attend school because of financial
aid support or student
loans. If you are one of these
students, then this article is for
you.
Assistant Director of
Financial Aid, Nicole Young,
recommends that students
needing financial support
check the Financial Aid section
on the Bucks website, which
has a wealth of information
and links to important financial
aid resources.
Young also recommends that
students use two outside websites,
which she describes as
very useful and reputable.
FinAid.org is a free website
devoted to helping students
obtain financial support for
their college education.
FinAid, and its companion,
FastWeb.com, have a number
of remarkable resources that
will make your search for
financial support easier.
First: Fill Out Your FAFSA
In order to be considered for
financial aid or government
student loans at Bucks, it is
necessary to fill out the Free
Application for Federal
Student Aid, commonly known
as FAFSA, which is filled out
online.
FinAid has a page devoted to
FAFSA. It contains links to a
number of key topics, such as:
FAFSA deadlines, documents
needed to complete the
FAFSA, common errors on
financial aid applications,
FAFSA for veterans and many
others. Visiting
FinAid.org/FAFSA
will make completing
your FAFSA much
easier.
Young stresses that
it is still not too late
to apply for financial
aid for 2010-11. If
you plan to do so, fill
out your 2010-11
FAFSA immediately.
For those planning to
apply for 2011-12,
you can fill out that
FAFSA beginning
Jan. 1, 2011.
Young advises filling
out the 2011-12 FAFSA as
early as possible. If you fill
out your FAFSA after the May
31 deadline, your financial aid
and student loans may not be
available yet when the fall
2011 semester begins.
Part of the purpose of the
FAFSA is to allow the government
to figure out how much
you or your family, if you are
still a dependent, can afford to
contribute out of your own
pockets. FinAid has an online
Financial Aid Estimation Form
which will give you an approximation
of what the government
will expect your contribution
to be.
It also has dozens of useful
calculators that will help you
calculate anything from the
cost of your college education
to car loan payments. FinAid
also provides advice on how to
legally maximize your eligibility
for government financial
aid.
Check Out Scholarships
Scholarships are often an
overlooked source of financial
support for education. Young
advises students to check the
financial aid section of the
Bucks website. You can access
information about scores of
scholarships, some of which go
unrewarded because no one
applies for them, says Young.
FinAid’s companion website,
FastWeb.com is a valuable free
resource for finding and applying
for scholarships. You have
to click through about fifteen
screens before you are done
registering, but it is well worth
the effort. Check out FinAid’s
other resources, such as “12
Tips to Help Pay for College.”
Educate Yourself about
Loans
According to a chart found
on the FinAid website,
almost 40 percent
of students at
two-year public colleges
take out student
loans to pay for
their education. For
those of you planning
to go on to a
four-year institution,
the percentage of
students using student
loans increases
to 66 percent.
Bucks Financial
Aid advises students
to explore all other
avenues of financial
support, says Young. If you
are going to need to take out a
loan, government student loans
are typically cheaper than
those obtained through private
lenders.
The FinAid website contains
information about each of the
four major types of student
loans: government student
loans; parent student loans;
private-lender student loans;
and, a consolidation loan,
which allows students to lump
all of their student loans into a
single loan for repayment simplification.
FinAid says that
approximately $100 billion in
federal student loans and $10
billion in private student loans
are issued each year, as well as
$3.4 billion in various scholarships.
A separate page on FinAid
provides information on financial
aid available to discharged
and active duty members of the
armed forces, as well as information
about the aid available
to students thinking about joining
the armed forces in order to
further their education.
If you want information
about military financial aid or
other support, you can also
speak to Matt Cipriano,
Director of Student Life,
whose offices are directly
across from the cafeteria on the
Newtown campus.
There are numerous options
available to finance your college
education. It is wise to
explore all available options.
Taking out student loans
should be an option of last
resort, as you will have to pay
back the loans, with interest.
Contact and other information
from the Financial Aid
Office can be obtained by
going to the Bucks.edu home
page and clicking on the
Admissions tab and then clicking
on the Financial Aid section
of the drop-down menu.
There is also a Student Life tab
on the home page. The two
other sites discussed in this
article can be found at
www.finaid.org and www.fastweb.
com.