As high school draws to a close for senior students, many of them start putting serious thoughts towards the future. For some, pursuing postsecondary education will be their next step. However, there is the question of how to pay for it. As many people know, higher education is expensive. To help students, and parents, better understand the ins and outs of financial aid, the University of Alaska Southeast hosted a workshop at Wrangell High School last week.
"I want you to walk away, even if you're not going to UAS, with some general knowledge about financial aid because it is a really important thing for education," said Carrie Kline, leading the workshop.
The first topic covered in the workshop was just the general cost of attending a school. There is more to paying for higher education than just tuition. The "standard costs" of attendance include tuition and student fees, room and board, and textbooks and other supplies. Kline said that there were also other costs students needed to consider like transportation costs, expenses related to potential disabilities, and other personal expenses. All these costs combined make up the total estimated cost of attendance, Kline said, and students should consider them before pursuing higher education.
Kline also added that there is more to higher education than just college. There are many paths people can choose after high school, such as the workforce or career training, vocational programs, the military, and a variety of different degree programs. The term "financial aid" is a broad topic, as well, which Kline said covers things like loans, scholarships, grants, and work-study programs.
A large portion of the financial aid workshop was dedicated to the FAFSA. The Free Application for Federal Student Aid is one of the first steps a student takes in the financial aid process. This form helps students, and their prospective universities determine what types of financial aid they qualify for. The FAFSA form needs to be re-submitted each year that the student wants to receive financial aid, Kline said , and opens on Oct. 1 of each year. Kline said that, like all financial aid, the best option is to apply as soon as possible. Completing the FAFSA form provides opportunities for numerous grants, work-study programs, and loans.
"This is all federal aid, this is stuff that the Department of Education can provide to you," Kline said. "I mentioned state aid as being one of the things why you need to apply early for your FAFSA, because there are some grants and scholarships that are based on when you apply. Most campus-based aid ... they look at your FAFSA for that information, as well."
FAFSA applications can be completed online, at http://www.studentaid.gov. Kline said this is the recommended application method, but there are options such as a paper form, a downloadable PDF file, or even a FAFSA app.
Loans were another big topic of the workshop. There are many options out there for people considering taking out a loan to pay for higher education, Kline said. Federal loans come from the FAFSA, for example, as well as many non-federal loans offered by states and other organizations.
"There are lots of people that will try to loan you money, so shop around if you do need to get a loan," Kline said.
It is important to read the fine print when taking out a loan, she said. Federal loans have a time period before repayments become required, for example. An unsubsidized loan begins accruing interest as soon as the loan is accepted, while the interest on a subsidized loan is covered by the Department of Education while a student is enrolled, at least half-time, in college. When it comes to paying back loans, there are also multiple options. The biggest piece of advice about loans, however, is to pay it back and avoid defaulting. Defaulting on a loan can lead to one's wages or PFD payments being garnished, damage to credit ratings, and harassment from collection agencies.
"Again, shop around," Kline said. "Always look for those scholarships first."
During the workshop, Kline also explained some of the differences between scholarships and grants, ways students can try to save money, and work-study programs schools may offer.
Reader Comments(0)