How Do I Pay for my Education?

Financial Options and Considerations

Education can be expensive, but should not discourage anyone from pursuing a higher degree. The government has made it more feasible for individuals to attend secondary education by providing financial assistance. It is important that the student is aware of all the potential resources for him / her during the financing process.

Students can receive funding through grants and scholarships that can reduce the amount they may need to borrow. In order to understand the types and amounts of federal funding available, the student should fill out a Free Application for Federal Student Aid (FAFSA) - http://www.fafsa.ed.gov/. Please visit this site for FAFSA rules and verify that the deadline for submission has not expired for the year. The FAFSA form is primarily for federal funding, but it will also forward the information to state departments that may have supplemental sources to help fund the education.

Important: The Department of Education has recently released a Financial Aid Estimator Tool – FAFSA4caster (www.fafsa4caster.ed.gov). This tool will help the student estimate their eligibility for financial aid and reduce the time to complete the FAFSA.

In addition to filling out the FAFSA, be sure to fill out the school’s financial aid forms. Each school may have specific grants, scholarships, etc. that are available only to its students. Additionally, there are special financial aid options for veterans located at www.va.gov.

Finally, if currently employed be sure to speak with your employer regarding potential scholarships. Earning a higher education degree is beneficial for both the student and the company as it increases the value of the employee. As such, many companies may encourage further education for its employees and may provide tuition assistance.