The lowdown on financial aid
Avoid scams while searching for scholarships
Financial aid, in the context of higher education, can come from various sources both public and private, and may include not only grants (which typically are based strictly on need and normally do not have to be paid back) and loans (which do have to be paid back), but also scholarships (which are based on competitive criteria).
Some sources of student financial aid include the U.S. federal government, the state in which you live, the college that you plan to attend and private donors.
The federal government provides student aid in the form of grants— you may have heard of the federal Pell Grant—loans and work study. This starts with the Free Application For Student Aid, or FAFSA, and even if you think that you won’t qualify for federal aid or believe that you don’t have a need for it, you should fill it out as soon as you can before attending college.
Sometimes college students may get into financial difficulties later because they borrow loan money that they don’t really have to have. Remember that you MUST repay student loans with interest, so be very cautious of loans. Borrow only the minimum amount needed for education-related costs. Review award letters closely, and if you do not want any or all of the loan amount that is offered, contact the college or agency that sent you the award letter.
Federal grants are need-based and have to be repaid only in extreme situations. There are, however, limitations and parameters for federal grants, so learn as much as you can and keep them in mind.
Work study is a federal program through which you earn money to help you pay for school through a job on or off campus.
Deadlines for federal aid vary per college. Check the college that you plan to attend for its specific deadlines. The 2018-2019 FAFSA deadline to start at South Arkansas Community College, for example, this fall is June 1 of this year. To find out more about federal student aid you can visit www.studentaid.ed.gov; to apply, go to www.fafsa.ed.gov.
The State of Arkansas has several financial-aid programs, such as the Arkansas Academic Challenge Scholarship, the Governors Distinguished Scholarship and the ARFuture Grant. Deadline to apply for these state sources of aid is July 1. To find out about state aid, visit www.scholarships.adhe.edu.
Individual colleges have various aid programs. Application deadlines and requirements for these will vary, so check with the colleges that you are interested in. SouthArk’s scholarship deadline this year is March 1.
Many private and non-profit organizations offer aid regardless of the college that students attend. Organizations such as community foundations, corporations and civic clubs are all good sources. There are also various sources of aid for active military servicemen, for veterans and for their families.
Another thing to note: Be aware to avoid scams while searching for scholarships, filling out the FAFSA, applying for and repaying student loans, or giving personal information to schools and lenders. If you have questions about the validity of an application or organization, contact your closest college financial aid office for assistance.
A Guided Path is a monthly column that provides information about transitioning to higher education, written by the staff of South Arkansas Community College in El Dorado. Veronda Tatum is the director of financial aid at SouthArk.