Federal Student Aid

 There Is No Getting Around It – College Is Expensive!

We did a post last May that reported here, in Connecticut, yearly college costs varied from twelve thousand dollars at Charter Oak State College to over 61 thousand dollars at Yale. Very few families have the financial resources to cover those kind of expenses without help.

According to USA Today:

More college students are receiving loans, grants and other financial aid than at any time since the debut of the GI bill after World War II, new data show.

Seventy-one percent of all undergraduate students received some type of financial aid in the 2011-12 academic year… Most of the increase in student aid is coming from federal sources.

So, since most of the financial aid is coming from the U.S. Government, let’s take a quick look at Federal Student Aid:

According to the Federal Student Aid web site, Office of the U.S. Department of Education:

The U.S. Department of Education awards about $150 billion a year in grants, work-study funds, and low-interest loans to more than 15 million students. Federal student aid covers such expenses as tuition and fees, room and board, books and supplies, and transportation. Aid also can help pay for other related expenses, such as a computer and dependent care. Thousands of schools across the country participate in the federal student aid programs; ask the schools you’re interested in whether they do!

Financial aid is available from a variety of sources for college, career school, graduate school, and professional school.

Financial aid is money to help pay for college or career school. Aid can come from

Besides financial aid, you also should think about what you can do to lower your costs when you go to college.

Here’s a short video  from Federal Student Aid Office that offers a quick overview (2:14 minutes).

The Federal Student Aid web site provides a wealth of information and advice. There are links to many other sources of useful and valuable information. Visiting this web site is a must for anyone who will be facing college bills in the next few years.

And don’t forget, the Tri-Town Teachers FCU offers scholarships to members and their families. Admittedly, this won’t cover your expenses at Yale, but hey, every little bit  helps.

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Federal Educational Financial Aid

To say the cost of higher education is daunting is an understatement. Here in Connecticut, the yearly sticker prices for a sample of schools range from $12,535 at Charter Oak State College, to $61,333 at Yale (source: CNNMoney). Help is available and since the Federal Government is responsible for much of the financial assistance, a good place to start looking is the U.S. Dept. of Education.

The material below is reprinted from the U.S. Dept. of Education, Federal Student Aid web site. Read it for a quick overview and links to a number of  web sites and documents to assist your search for financial aid. But be sure to visit the source web site for the complete story on what financial aid might be available to help YOU.

 

Aid and Other Resources From the Federal Government

The federal government offers a number of financial aid programs. Besides aid from the U.S. Department of Education (discussed below), you also might get

The U.S. Department of Education awards about $150 billion a year in grants, work-study funds, and low-interest loans to more than 15 million students. Federal student aid covers such expenses as tuition and fees,room and board, books and supplies, and transportation. Aid also can help pay for other related expenses, such as a computer and dependent care. Thousands of schools across the country participate in the federal student aid programs; ask the schools you’re interested in whether they do!

Federal student aid includes:

  • Grants—financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund)
  • Loans— borrowed money for college or career school; you must repay your loans, with interest
  • Work-Study—a work program through which you earn money to help you pay for school

Use FAFSA4caster to get an estimate of how much aid you might receive from the U.S. Department of Education.

Apply for federal student aid using the Free Application for Federal Student Aid (FAFSASM). And remember, the first F in “FAFSA” stands for “free”—you shouldn’t pay to fill out the FAFSA!

Was This Helpful?

We hope this post helpful. Let us know, leave a comment. Tell us what topics would most help you. We’d love to hear from you.

Thank you for reading the Tri-Town Apple.