Paying for collegeWhile going to college is definitely worth the expense and effort, it is costly. Financial aid can help curb and/or defray some of the expenses associated with higher education. The more you know about financial aid, the better suited you will be to make smart decisions about financing a college education.
Why is there student financial aid?The intent is to insure that all students have the opportunity to obtain a post-secondary education, even if they can’t afford the cost.
Where does the student financial aid come from? There are three primary funding sources. These sources are: federal government, state government, institutions (colleges and universities) and private sources (associations, foundations, employers, unions, private scholarship, funds, etc.).
Who qualifies for financial aid?In short, everyone qualifies for some form of financial aid as long as the applicant meets some basic requirements. Applicants must be: - A U.S. citizen or qualified legal resident
- In good standing on any previous federal loans
- A student at an eligible school in an eligible program
The term "financial aid" can be confusing as some people only associate free money as financial aid. In fact, financial aid refers to all forms of aid that help support a student's education costs. The first step in qualifying for any type of financial aid is completing the FAFSA (Free Application for Federal Student Aid). Even if an applicant is denied grants or work-study, he or she may qualify for federal student loans which have below-market interest rates and deferred and extended repayment options.
How much do I qualify for?The FAFSA results help colleges determine the amount of financial aid available to a student. Money is distributed starting in the spring of the preceding school year. Students should go through the application process early to ensure that all of their information is received and processed by the time the school begins distributing funds. Through the financial aid application process, the school is able to determine the amount of the student's financial aid need, which it then attempts to meet though a combination of scholarships, grants, loans, work-study programs and family contributions.
Learn more from the SC4 financial aid website Our local community college, SC4 (St. Clair County Community College), provides additional information about the financial aid process on their website. Financial AidFAFSA SC4 State of Michigan Student Aid
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