Top 7 Facts About College Financial Aid
What You Need to Know About Financial Aid in Milwaukee
Did you know that you may be eligible to receive financial aid in the form of scholarships, grants or loans? According to a study by Time Inc., many high school graduates do not apply for financial aid either because they think they are ineligible or because they simply don’t understand what it is. Because so many students fail to file for FASFA, billions in student financial aid go unrewarded.
Learning everything there is to know about college financial aid may be daunting, but there are some basic facts that you can learn that will help you through the college financial aid process. Here are the top 7 facts to know about college financial aid.
#1 FASFA stands for Free Application for Federal Student Aid. FAFSA is the form you are required to complete every year prior to receiving any federal funding for college. You can fill this form out here. You will need to provide your most recent income tax return, bank statements, and W-2s. Each state has its own deadline, so check with your school to make sure you don’t miss the deadline. It is recommended to apply quickly because some states run on a first-come, first-served basis.
#2 EFC stands for Expected Family Contribution. Students and their families are required to contribute to the cost of college as much as they can. Financial aid is then available if you are unable to afford the total amount.
#3 An Award Letter is a letter which details what financial aid opportunities are available to you once you are accepted into college. The letter will provide steps on how to accept or decline the funds offered to you.
#4 Grants are free money. Grants may also be referred to as “gift aid” because they do not have to be repaid. Yay, free money! The U.S. Department of Education offers a variety of federal grants to people attending community colleges and career schools. Some of those grants include Federal Pell Grants and FSEOG.
Federal Pell Grants are typically given to undergraduate students and do not have to be repaid. According to Federal Student Aid, currently, the maximum amount you may be rewarded is $5,920. However, the amount you receive will be based on financial need, cost of school and full or part-time attendance.
#5 FSEOG stands for Federal Supplemental Educational Opportunity Grant. It is rewarded to students with exceptional financial needs. Also according to Federal Student Aid, students may receive anywhere from $100 to $4,000 a year based on financial need and how much other aid you’ve received.
# 6 Scholarships are also considered “gift aid” because students are not required to pay it back. However, rather than being based on financial need, they are merit-based. Students must fulfill certain requirements in order to be eligible to receive the scholarship. Scholarships may be rewarded by the school, non-profit organizations or other third parties. Check with your school to see available scholarships.
#7 Loans are the last type of financial aid available to students. Sadly, unlike the others, loans are not free money. Students are required to repay these loans six months after graduation or when they stop attending college. So yes, if you leave school before obtaining your degree, you still have to pay your loans back. When a student takes out a loan, they are going into debt. A downside to loans is that they also accrue interest over time.
There are two types of federal loans a student can receive: subsidized vs. unsubsidized. With subsidized loans, the government pays the interest while you are attending school. However, with unsubsidized loans, the interest will continue to accrue while you are in college and will be added to the total amount to be repaid when you graduate.
You can go to Milwaukee Career College
No matter what your current financial situation is, don’t rule out going to college as a feasible option. You at least owe it to yourself to find out if you are eligible to receive financial aid!
Milwaukee Career College participates in a variety of financial aid programs to help assist our students in paying for their career training. For more information on our financial aid services and available scholarships, check out MCC’s Financial Aid.
If you would like more information about becoming a college student in Milwaukee, Wisconsin or you would like to learn about how you could begin the process of training for this career, reach out to a Milwaukee Career College advisor. We would love to help you change your life and get your education.