PAYING FOR COLLEGE

FINANCING YOUR EDUCATION

There are a variety of ways to secure financial assistance to help fund your postsecondary education, ranging from grants to loans to scholarships. But navigating the unfamiliar landscape and figuring out what is best for you can be intimidating.

Loans are the most common way to finance your education and can come from reputable sources like the state or federal government, but they must be repaid. The decision to take on such debt is a big one, but there are also other ways to defray the cost of an education.

Grants and scholarships — given by the federal government, the state, one’s school of choice or outside organizations — are based on both merit and need and do not need to be repaid. It all can seem daunting, but there is a clear starting point on this path.

“The very first step for every student should be filling out the FAFSA,” says Tamika Braswell, director of the office of financial aid for the Ohio Department of Higher Education, referring to the Free Application for Federal Student Aid. “Students must complete that to qualify for federal, state and sometimes institutional aid, including the Pell Grant and work study.”

Depending on the school they choose to attend, students often receive an award letter to let them know what they are eligible to receive. That’s the basic overview of college financial aid, but there are, of course, many nuances to it.

“In some situations, if certain criteria are met, loans can be

Getting accepted to forgiven,” Braswell says. “For example, with a nursing loan, if you agree to work in Ohio, college is the first step, a certain portion may be forgiven.” Just be sure to familiarize yourself with but it immediately raises any requirements that come with loan forquestions about how to pay giveness to make sure you are meeting the necessary conditions. for it. Here is how to figure There are also many different avenues for seeking scholarships. You may have out what kind of aid is heard stories about scholarships being ofavailable to you. fered to people with certain interests or who play a particular musical instrument, BY RUTH CORRADI BEACH and some of these quirkier scholarships require a student to do some research to find and apply for them. “There really isn’t a one-stop shop to find everything you’re eligible for,” Braswell says, adding that students should research any organization offering a scholarship to ensure it is legitimate. Students should also check to to see what groups in their community offer scholarships. Churches and local organizations often do, as do community foundations. Some scholarships are awarded in memory of someone and are given to a recipient with similar interests or background. Even if the scholarships seem small in dollar value compared to the total cost of an education, such financial assistance adds up. “Five hundred dollars here, $1,500 there,” Braswell says, “every little bit can count.” To complete the Free Application for Federal Student Aid, visit studentaid.gov. For more information, visit itsforyou.org.