Ep. 9 Financial Aid 101
Today’s episode is a brief talk on Financial Aid 101. What is Financial Aid and how can it help YOU? Financial aid is a source of money that can help you pay for college. Some forms of financial aid needs to be paid back or earned and some aid is a gift. We discuss the process of applying for Federal Financial Aid through the FAFSA form and submitting it. This is a FREE form and it is the gateway to the type of aid available:
Grants & Scholarships (money you don’t need to pay back)
Work-study jobs – paid, part-time work, usually on campus
Loans – money you DO need to pay back, can be deferred until you graduate
The college admission process can be quite complex and the confusion usually starts right here with financial aid. You only need to apply once per year and your take the results to the school(s) that you will be attending in order to calculate your TOTAL COLLEGE COSTS. The prior College Money Maze episode discussed all of the various factors that can make up the TOTAL COLLEGE COSTS. Check it out here.
Another source of financial assistance that is provided by the State of New Jersey (and other state departments of higher education) is the Education Opportunity Fund (EOF). This is a need-based grant awarded to students from economically disadvantaged backgrounds who attend colleges and universities on the undergraduate and graduate level.
Since we are originally from NJ, we also discuss many of the schools in NJ, how they are categorized and use them as examples. We have a lively discussion about the different TYPE of colleges and universities in NJ and how they are characterized. I am also providing a link to an article by CNN about the University of Phoenix who is under a federal investigation.