Special article brought to you by Stevens-Henager College
Today, paying for college may seem like an overwhelming endeavor. It’s no wonder. Past research shows that the average cost of college for the 2017-2018 school year was $20,770 for public schools (in state) and $46,950 for nonprofit private schools (includes tuition, fees, and room and board). Even accounting for inflation, each year tuition costs have continued to increase.*
Despite these grim statistics, college may be much more affordable than you think. Financial aid is available if you qualify. It may surprise you to know you don’t have to be a straight-A student or down to your last dollar to qualify for financial aid. Many grants and scholarships are awarded to everyday adults, just like you, who want a better life.
The key is finding the right options for you. Each financial aid option may offer both need-based and non-need-based aid, as well as grants, loans, and work-study programs. It’s smart to explore all your financial aid options to get the best chance of receiving all the aid you need to finance your education. The following lists the four basic sources of financial aid:
FEDERAL AID
Federal aid is need-based aid that is regulated by the U.S. Department of Education. Your financial aid will be determined by the information you provide in your FAFSA—Free Application for Federal Student Aid.
STATE AID
State-supported financial aid varies from state to state. Some grants are based on financial need, some state scholarships are based solely on academic achievement, and others offer financial incentives within certain professions to help fill shortages within the state.
INSTITUTIONAL AID
Institutional aid is provided by the institution or school that the student is attending. Examples include school-based scholarships, tuition payment plans, college partnerships, and more.
PRIVATE AID
Private aid is financial assistance that is provided by a private business, group, or individual. This includes aid from community groups, employers, religious organizations, ethnic organizations, private benefactors, and investors. Private aid can be granted based on almost any qualification.
HOW DO I FIND THE FINANCIAL AID I NEED?
It starts with knowing where to look. Our guide, Financial Aid Made Simple (call 801-284-3216 for courtesy e-version), provides valuable details on the financial aid process, including websites where you can search over 600,000 scholarships and get helpful tips. Learn how and where to apply online, and what information will be needed to complete your application.
Call 801-284-3216 to get your no-cost e-guide now. We’ll be happy to answer any questions, and our financial planner can assist you further to find all the financial aid for which you may qualify. As a nonprofit institution, Stevens-Henager College provides this service at no cost or obligation.
- https://www.valuepenguin.com/student-loans/average-cost-of-college
Content for this article is based on information found in the guide, “Financial Aid Made Simple.”