FAFSA money is available for your college expenses.

FAFSA – Free Application for Federal Student Aid – can be a big help to many students of all ages. With nearly 2/3 of college students receiving some sort of federal financial aid and over $100,000,000,000 (yes, you read that correctly $100 BILLION!) given out for higher education by the US Department of Education alone, it is important that you know what you are signing up for and all details, such as repayment terms, before accepting FAFSA money.

Four Categories of Federal Student Aid Available Through FAFSA

1. Grants – Grants are need based and go to low income students. These do not need to be repaid!
2. Scholarships – These are achievement based, generally for academic excellence. Scholarships also do not need to be repaid!
3. Work Study – Work study opportunities go to students who need to supplement their income in order to pay for education or education related expenses. Students qualifying for and accepting work study are given job opportunities on or close to campus. Money earned through work study does not have to be repaid and can be an excellent way to build a resume while earning tuition money.
4. Loans – Loans are repaid with interest. The interest rates on student loans are among the lowest available. Interest rates are low and fixed  making these loans appealing to many.                                                                                                                  Additionally, there are several ways to lessen the burden of student debt upon graduation if necessary. The federal government offers income based repayment plans, loan forgiveness programs, and deferment options to qualifying students. However, these plans and programs should be viewed as last resort possibility and not as a way to avoid repaying what you owe.  There is no guarantee that these will be available for you or that you will qualify for them.                                                                 Remember that if you take a loan, you are giving your word that you will repay that money. At the very least, how you do so will go a long way toward showing what kind of employee you will be to prospective employers.

FAFSA is Not Your Only Option

Do not make the mistake of thinking federal aid through FAFSA is the only option for scholarship money. Many corporations and small private companies provide scholarship opportunities and should be looked into at this time as well.

Best Buy, for example, is awarding 1200 students in grades 9-12 each $1000 in scholarships. The application deadline for the Best Buy scholarship is February 15th so if you have not submitted your paperwork yet it is imperitive that you be proactive and do so now. My next article “Shopping for Scholarships” will discuss opportunities available for finding scholarships at department stores.

Your future is in your hands.

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Kerri Martin is a NYS certified teacher and college planner. She has helped students get into the colleges of their choice for over 10 years. Stay tuned for more on the FASFA and her next article, “Shopping for Scholarships.”

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