For teenagers growing up in poverty, the future can look pretty dismal. Whether entering the workforce before or after high school, the need to survive can leave very little room for young adults to plan for the kind of career and future they want. Instead of finding work they want to do, they find the kind of work they need to pay the bills. For many, the thought of going to college can seem like a far, far away dream. However, a college education can be the ticket out of poverty and into a financially stable life.
Fortunately, there are many resources available for teenagers and young adults whose families cannot afford a college education. The problem is that many young people and their parents do not realize these resources are available. Below I have included some basic info and tips for maximizing the your financial aid options. Let's make that dream a reality!
#1 - Make the grade!
After all, you need to get into college before you can get financial aid! While perfect or stellar high school grades aren't a must-have for getting into college or qualifying for financial aid, good grades certainly open up the door to additional types of funding. Most of my undergraduate financial aid came from need-based grants and scholarships, however I was also able to gain a merit based grant that covered my tuition by itself.
#2 - Fill out and submit your Free Application for Federal Student Aid (FAFSA)
This will be
the most important step you take in securing financial aid as a college student. It takes into account your familial income and calculates the estimated contribution your family would be able to make towards your college education (When I applied, my estimated family contribution was $0 - yikes!). This will be the basis for the types of financial aid you will be eligible for. For lower EFCs (estimated family contribution), the more likely you are to qualify for need based assistance.
NOTE: FAFSA is a
free application that can be found at
https://fafsa.ed.gov/. There are a lot of websites asking for money to submit your FAFSA. Avoid these websites, they are trying to rip you off!
#3 - Decide carefully on a school
Once you are accepted, you will get a financial aid offer. This will likely include a combination of grants, work-study, loans, and (if you are lucky) scholarships. An important thing to keep in mind is that while the amount of financial aid offered may be the same across schools, the tuition, fees, and cost of living may differ. It is important to compare the total cost of attending that school (including tuition, housing, food, transportation, etc.) with the amount of financial aid you are given. Take into account whether or not you can live at home with family, how much rent or dorms cost, how much meal plans cost, whether you need transportation to get to class. These factors can differ dramatically between universities!
Some colleges and universities also offer special programs for low-income students. For example, my university guaranteed that students below a certain income level would have enough financial aid options to cover the entire cost of attendance (including tuition, fees, books, meals, and housing). Check to see if the schools you applied to have these kinds of programs. They can really make a difference!
Although it wasn't my first choice, the university I attended had much lower fees than the others I was accepted to. The cost of living was also cheaper than in the other cities I had considered. Because of that, the amount of financial aid I received was able to cover not only tuition and fees, but also about 6 months worth of rent. At the other schools, the financial aid packages only covered tuition and fees. What I didn't get in financial aid I was able to make up by working part time throughout all 4 years.
#4 - Apply for local scholarships and scholarships within your school or department.
Many counselors recommend students look for scholarships on sites like Fastweb.com. However, because most of these are national scholarships, they are MUCH harder to get. Rather than wasting time applying for the same scholarship as thousands of other students, look for smaller local scholarships or scholarships through your college/university. Universities will usually have scholarships for entering freshmen. While easier than applying for national scholarships, these can also be difficult to secure if you plan on attending a larger school with a large incoming freshman class. If you know your major, you can also check your department for scholarships. This again reduces the number of possible applicants and increases your chances of getting a scholarship.
#5 - Maximize grant, scholarship, and work-study money before accepting loans.
If you get enough financial aid that you don't need student loans, do not get student loans! These are your last resort funding mechanisms for school and living expenses. Even with need-based grants, it can still be difficult to cover ALL expenses. If you are able to work without your grades suffering, work-study programs or other on-campus student jobs can be a huge help to fill the gaps left by financial aid. What remaining expenses you have left can be covered in loans, but this should be your last option.
If you do take out student loans, be sure to get
federally subsidized student loans. These will not gather interest while you are in school and will be cheaper to pay back in the long run. Also, it is very important to only take out what you need! Though you may have been awarded a $5000 student loan, you may only need $1000 to make ends meet. You can accept parts of the loan without accepting the entire thing. So if you only need $1000, only take out $1000. You can always take more out later if you need it. This should minimize the amount of debt you leave college with.
While gathering the money and resources to go to college can be a major pain, it can open the door for many individuals to get out from below the poverty line and make a new future for themselves. The most important thing is to understand that it is possible - the dream of going to college CAN be a reality.
