Ep. 58 Didn’t Get Enough Financial Aid? Here Are Your Other Options + Delaware Goes To College

didnt-get-enough-financial-aidWe want everyone who resides in the State of Delaware to know that Gov. Jack Markell cares deeply about  students going to college offsetting the high cost of a the education.  The State Department of Higher Education has partnered with several local high schools to present workshops for parents and students:

  • FAFSA Submission Workshop for Seniors – Thursday Oct. 13th 5-7pm @ Indian River High School
  • College Scholarship Workshop & Fair – Wednesday Oct 26th 6-8pm @ Indian River High School

Visit their website HERE for other schools that have events planned.

Also note that several Community Colleges in the State of Delaware are waiving the cost of college applications from October 17th through November 18th for Delaware residents.  This is a great cost savings. Visit the website for more information: delawaregoestocollege.org

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This episode is about what you can do when your financial aid runs out.  I came across an article from USATODAY that gives some guidance on this issue. There are many parents and students that we have talked to since starting this business and podcast that are in this troubling position in which they did not get their financial aid package renewed or the amount they received did not cover anywhere near the cost of their college.  You might be wondering what can you do at that point?  Here are 3 suggestions of how to deal with the gap between what the school costs and what you can afford:

1.       FILL OUT THE FAFSA NO MATTER HOW MUCH YOUR FAMILY EARNS – the FAFSA creates doors of opportunity for you to qualify for need-based aid, work-study assignments and institutional scholarships

2.       SPEND TWO HOURS A WEEK (MINIMUM) APPLYING FOR SCHOLARSHIPS –  We advocate looking for scholarships consistently and with an intensity as if it were a part-time job.  Don’t waste your time on sweepstakes, scams or other contests.  Invest in a specific plan to outline your skills, objectives and match them with the offers available online.  Ask your parents if their employer offers scholarships, start locally with non-profits and foundations.

3.       BORROW STUDENT LOANS WISELY – It pains me to even write this – BUT, If you have to take out student loans, READ THE FINE PRINT! Understand what you are signing.  Federal loans should be your first option, those that are subsidized don’t accrue interest while you’re in school and have flexible payment options. Then there are private loans, unsubsidized federal student loans or PARENT PLUS loans which have high interest rates and additional fees.

Links mentioned in this episode:

JOIN OUR FACEBOOK GROUP – The College Money Maze Community

State of Delaware Scholarship website

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