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Paying for Your Education
Financial Aid Resources for Women
There are a wide variety of colleges, universities, technical schools, and educational programs from which to choose. While some kinds of education lead to a degree or certificate, other courses of study can improve your general knowledge or prepare you for a specific job. It's no secret that additional education can be a tremendous asset, both professionally and personally.
Before you begin trying to finance your education, learn as much as you can about your educational choices. Read the catalogues, talk to others who have attended the programs, and ask lots of questions. And remember the golden rule in financial planning: know what you are paying for.
About Student Aid
Federal Student Aid
Grants and Loans
Resources
Learning About Student Aid
Over 80% of all aid awarded comes from federal and state programs. Another 19% comes from institutional and other sources of aid. You can find out about all of these sources by using the following resources:
- Contact the financial aid administrator at each school. You will find specific information on how to apply for scholarships, fellowships and loans available through the school. Most financial aid offices also have information about other aid available through federal and state governments, local banks and private scholarship programs. Be persistent — financial aid administrators often handle many cases at once.
- Ask the state higher education agency in your home state for information about state aid — including aid from a program jointly funded by individual states and the U.S. Department of Education. Each state has its own name for this program, as well as its own eligibility criteria, award amounts and application procedures. (At the federal level, this program is called the Federal Student Aid Information Center). To find out the address and telephone number of your state agency, call 1-800-433-3243 (se habla español).
- Visit your public library. Information, in the form of school brochures, catalogues, and books about how to plan your career and pay for your education, is often available at your nearest library. If you plan to attend school outside your local area, the library often will have education or telephone directories that list addresses of specific schools so you can contact admissions and financial aid offices.
- Women's organizations and foundations are a good place to contact. Groups such as the YWCA, women's centers, women's clubs, local centers for displaced homemakers, and women's committees of professional societies (such as medical societies or accounting societies) often provide information about educational and career opportunities for women and sometimes offer their own workshops and courses for credit.
- If there is a state or county Commission on Women in your area, its staff members may be able to tell you about educational and career opportunities for women where you live and other places to obtain information. State commissions are usually located in the state capital.
- If you or one of your family members are in the military, the education office at the nearest base can provide many kinds of information regarding educational and vocational opportunities both on and off the base. Information on financial aid is also available there.
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Women's organizations and foundations are a good place to contact to learn about edcuation and training. Groups such as the YWCA, women's centers, women's clubs, local centers for displaced homemakers, and women's committees of professional societies (ie medical societies or accounting societies) often provide information about educational and career opportunities for women and sometimes offer their own workshops and courses for credit.
* Visit your public library. School brochures, catalogues, and books about how to plan your career and pay for your education are often available at your nearest library. If you plan to attend school outside your local area, the library often will have education or telephone directories that list addresses of specific schools so you can contact admissions and financial aid offices.
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Federal Student Aid: What is it?
Federal student aid is available to help you pay for your education. Although grants are available, most financial aid comes in the form of loans, which you have to pay back with interest to the government when you leave school.
How to Apply
You must fill out the FAFSA (Free Application for Federal Student Aid) if you want to qualify for student grants and loans. Schools use the FAFSA to determine how much aid you are entitled to both from federal aid and through the school itself. Typically, you must be a U.S. citizen or eligible non-citizen in order to qualify for aid. The FAFSA can be filled out either electronically or by paper. Electronically, you must first apply for a pin (which you should memorize because you will use the same pin number every year when applying for aid) before filling out the application. When first applying to college, you will send your FAFSA to each school you applied to. Once you are a student at a college or university, you will have to file FAFSA once every school year before the deadline (usually schools set their own deadlines) in order to qualify for financial aid.
Filling out the FAFSA
The FAFSA is a FREE application, so you should never be charged for filling it out. The only way to fill out the FAFSA is through www.fafsa.ed.gov not through www.fafsa.com. Fafsa.com will charge you money to fill out the FAFSA.
The Department of Education has a large website devoted to help students and parents fill out the FAFSA, and answer questions about the process. Click here to visit the web site.
You can fill out the application and read helpful advice at www.fafsa.ed.gov
The U.S. Department of Education currently directs the following major student financial aid programs:
Not all schools take part in all the programs. To find out which ones are available at a school, contact the school's financial aid administrator. To learn more about these programs, and to find out if you are eligible for federal aid, contact the Federal Student Aid Information Center :
U.S. Dept. of Education
Federal Student Aid Information Center
PO Box 84
Washington , DC 20044-0084
1-800-433-3243
www.ed.gov
Grants and Loans
Once you apply for the FAFSA, you are entitled to loans and grants, both through your school and through the government.
Grants
A grant is a type of need-based financial aid that does not have to be repaid. Grants can be provided to you through both the government and your school.
Loans
Loans are more complicated than grants. There are specific loans for students and parents, a variety of loan payment options, and different types of loans- both subsidized and unsubsidized.
A loan is a type of financial aid that has to be repaid with interest. According to finaid.org, two-thirds (65.6%) of undergraduate students graduate with some debt; the average per student is $19,202.
The main student loan is called the Stafford Loan and it can be either subsidized (the government pays the interest while you are in school) or unsubsidized (you pay all the interest, although you can have the payments deferred until after your graduation). To receive a subsidized Stafford Loan, you must demonstrate financial need which is not true for an unsubsidized Stafford Loan (but you must still fill out the FAFSA in order to qualify). Repayment of Stafford Loans begins six months after the student graduates or drops below part-time enrollment. The standard repayment term is 10 years.
The Perkins loan is awarded to undergraduate and graduate students with exceptional financial need. It is a campus-based loan program, meaning that the school acts as the lender. It is a subsidized loan with its interest being paid by the federal government during the in-school and 9-month grace periods. The program limits are $4,000 per year for undergraduates and $6,000 per year for graduate students. There is a 10-year repayment period.
The Federal Parent Loan for Undergraduate Students (PLUS) lets parents borrow money to cover any costs not already covered by the financial aid package. PLUS loans are either provided by private lenders, such as banks, or through the government. The parents must undergo a credit check to determine whether they qualify for the loan. If the parents are denied, the student becomes eligible for increased Stafford Loan limits. Parents do not need to fill out the FAFSA to apply for a PLUS loan, instead, the parent must submit a loan application and sign a master promissory note.
Note: Starting in July 2006, Graduate and Professional students will be eligible for PLUS loans as well.
Resources
www.adultstudentcenter.com - This site is a comprehensive source of information for first-time and returning students, including articles and support.
www.collegeconfidential.com - Use this site for all kinds of resources, including links to state organizations that provide educational funding.
www.fastweb.com - Find a school that's right for you, and figure out how to finance it. FastWeb also includes online applications for more than 700 schools, as well as articles and tip sheets.
The following sites are search engines for scholarships, grants and loans for students with a variety of needs and interests. Some ask for a detailed profile of your interests and goals; remember that being more specific can sometimes limit your options. Be careful to avoid being added to mailing lists by clicking the "No" option when asked.
www.college-scholarships.com
www.scholarships.com
www.careersandcolleges.com
www.scholarsite.com
Check Your Local Library for Free Use of the Following Financial Aid Resources
While many financial aid resources can be purchased, most can be found for free at your local public library. More recent editions may be available.
Directories of Financial Aid for Women 2001-2003 , Gail Ann Schlacter. Reference Service Press. March 2001, 568 pages ($45.00)
Financial Aid for Minorities (4 Volumes), Gail Ann Schlachter and R. David Weber. Reference Service Press.
-Aid for African Americans, 516 pgs
-Aid for Asian Americans, 346 pgs
-Aid for Hispanic Americans, 484 pgs
Peterson's Scholarships and Loans for Adult Students: The Only Guide to College Financing for Students 25 and over (Scholarships and Loans for Adult), 398 pages, December 1999 ($19.95)
Higher Education Opportunities for Minorities and Women: Annotated Selections, Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402 ($4.25)
Scholarships 2002, Gail Schlachter, R. David Weber, Douglas Buchner; Kaplan, Sept. 2001, 608 pages. Scholarships of at least $1,000, not restricted to particular school. ($25.00)
Get Free Cash for College, Kelly Y. Tanabe, Gen S. Tanabe; Supercollege, L.L.C., Apr. 2001, 432 pages. More than 400,000 scholarships listed, sorted by category. ($26.95)
Chronicle 2-Year College Datebook 2001-2002, Chronicle Guidance Publications, Aurora Street, Maravia, NY 13118 . Oct. 2001 ($31.21)
Loans & Grants from Uncle Sam: Am I Eligible and for How Much?, Anna Leider; Octameron Associates, P.O. Box 3437, Alexandria, VA 22303. 9th Edition, Sept. 2001 ($6.00)
The College Board Guide to Going to College While Working: Strategies for Success, Gene Hawes, College Board Publications, Box 886, New York, NY 10101. 1985 ($9.95)
New Horizons: The Education and Career Planning Guide for Adults, William C. Haponski and Charles E. McCabe. Peterson's, P.O. Box 2133, Princeton, NJ 08543 ($8.95)
AFL-CIO Guide to Union-Sponsored Scholarships, Awards & Student Financial Aid, The Pamphlets Division, AFL-CIO, 815 16th Street, NW, Washington, DC 20006. (Free to union members, $3 to others)
Big Book of Minority Opportunities: Directory of Special Programs for Minority Group Members, Elizabeth Oakes. 7th Edition, May 1997, 630 pages. A listing of more than 4,000 organizations with special programs to help African, Hispanic, Asian, and Native Americans meet their educational and career goals. ($39.95)
Foundation Grants to Individuals, Phyllis Edelson; Foundation Center, New York, 12th edition. Comprehensive and accurate list of scholarships and fellowships. July 2001 ($90.50)
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