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Some people think this time of year is about enjoying the snow — or dreaming of spring.
But smart high school seniors and their parents know it's financial aid season. This is the time to be searching out sources of financial aid and scholarships for going to college next fall, funds that can help you reach your dream of earning an associate or bachelor's degree.
According to the College Board Web site (www.collegeboard.com): “Financial aid is intended to make up the difference between what your family can afford to pay and what college costs. Over half of the students currently enrolled in college receive some sort of financial aid to help pay college costs.”
There are three main kinds of financial aid: grants and scholarships, loans, and work.
Grants and scholarships are gifts that don't need to be repaid. Grants come from federal and state sources, and some individual colleges. Scholarships are usually based on merit, such as a student's grades, SAT or ACT test scores and community or school involvement.
Loans are the most common type of financial aid, and need to be repaid over time. Most college loans are sponsored by the government.
Students can also receive help in the form of federal/state work study, in which they work at on-campus jobs.
To learn how much financial aid you qualify for, start by going to www.fafsa.gov and filling out the application. The form has been revised this year to be easier to complete online.
If you think your son or daughter might be a candidate for a scholarship, look on www.fastweb.com. Also, ask their high school counselor about searching and applying for local scholarships (in Summit County, the deadline has already passed for most of these).
When you apply for admission to a college, research the kind of financial support and scholarships they offer. Look on their Web site; you may be surprised how much help is available.
Federal Pell Grants for the 2010-11 academic year will be increasing to a maximum of $5,550.
Loans are also an option. Interest charged on the Stafford Loan for 2010-11 is dropping nearly a full percentage point, to 4.5 percent. The Federal PLUS loan remains at 8.5 percent.
In addition, the CMC Foundation has close to 80 scholarships to attend Colorado Mountain College. You can find out more at www.cmcfoundation.org. For more information about financial aid at CMC, call your local campus or the college's district office in Glenwood Springs at 800-621-8559.
Gary Lewis is the director of financial aid for Colorado Mountain College. If you have any questions about obtaining financial aid for
college, please contact him at
800-621-8559.
But smart high school seniors and their parents know it's financial aid season. This is the time to be searching out sources of financial aid and scholarships for going to college next fall, funds that can help you reach your dream of earning an associate or bachelor's degree.
According to the College Board Web site (www.collegeboard.com): “Financial aid is intended to make up the difference between what your family can afford to pay and what college costs. Over half of the students currently enrolled in college receive some sort of financial aid to help pay college costs.”
There are three main kinds of financial aid: grants and scholarships, loans, and work.
Grants and scholarships are gifts that don't need to be repaid. Grants come from federal and state sources, and some individual colleges. Scholarships are usually based on merit, such as a student's grades, SAT or ACT test scores and community or school involvement.
Loans are the most common type of financial aid, and need to be repaid over time. Most college loans are sponsored by the government.
Students can also receive help in the form of federal/state work study, in which they work at on-campus jobs.
To learn how much financial aid you qualify for, start by going to www.fafsa.gov and filling out the application. The form has been revised this year to be easier to complete online.
If you think your son or daughter might be a candidate for a scholarship, look on www.fastweb.com. Also, ask their high school counselor about searching and applying for local scholarships (in Summit County, the deadline has already passed for most of these).
When you apply for admission to a college, research the kind of financial support and scholarships they offer. Look on their Web site; you may be surprised how much help is available.
Federal Pell Grants for the 2010-11 academic year will be increasing to a maximum of $5,550.
Loans are also an option. Interest charged on the Stafford Loan for 2010-11 is dropping nearly a full percentage point, to 4.5 percent. The Federal PLUS loan remains at 8.5 percent.
In addition, the CMC Foundation has close to 80 scholarships to attend Colorado Mountain College. You can find out more at www.cmcfoundation.org. For more information about financial aid at CMC, call your local campus or the college's district office in Glenwood Springs at 800-621-8559.
Gary Lewis is the director of financial aid for Colorado Mountain College. If you have any questions about obtaining financial aid for
college, please contact him at
800-621-8559.
