CREATIVE OUTLOOK: HOW TO AFFORD THE COLLEGE OF YOUR CHOICE

by Susan Miller, Dean of Students, Memphis College of Art

Did you know that money is most often the deciding factor in where a student attends college? Often students will not attend their first choice school because they feel they won’t be able to afford it. The truth is that a quality education does cost more. That cost includes not only tuition and fees but also books, supplies, transportation, personal expenses and room and board if you plan to live away from home. The good news is that there are ways to bridge the financial gap to make attending your first-choice college a reality.

There are two types of aid available to students pursuing an undergraduate degree: needbased funds (based on you and your family’s financial situation) and merit-based awards (given to students for academic excellence and/or talent). This assistance can come in the form of grants, loans, scholarships, and work study money from the college, federal governments, and private organizations. Grants and scholarships do not have to be paid back.

Government aid, both federal and state, is need-based, and eligibility is determined according to government regulations. Grants, loans and work study can be awarded. The amount of aid you receive depends on such factors as family income, assets and the number of other family members in college. You will have to complete a Free Application for Federal Student Aid (FAFSA) to determine your family’s need. This form (and help in filling it out) is available at the colleges you are applying to or through your high school guidance office. Information will be required from you and your parent’s income tax forms. Note that some schools have priority processing deadlines, so you will want to complete these applications as soon as possible after January 1 for fall enrollment.

Federal aid consists of Pell Grants of up to $4,000, low-interest subsidized student loans, parent loans and unsubsidized student loans that anyone can qualify for regardless of need and work study money. (Subsidized loans are interest free as long as you remained enrolled in school at least half-time and unsubsidized loans accumulate interest while you are in school.) Work study is given as an allotment that is earned through an on campus job. The hourly wage varies from school to school but is usually minimum wage, and students receive paychecks for the amount they’ve earned. This is a good way to help pay for books, art supplies and even living expenses.

I’d like to mention a few things about student loans. Many students and their parents hesitate to take out loans because they fear accumulating debt. While this is a well-founded concern, low-interest loans are available for students specifically so that they can afford their education. A degree from a prestigious college is something that will last a lifetime, and it will help you gain satisfying employment throughout your life. In addition, these loans do not have to be paid back until after you have completed school. Upon graduation students have a six-month grace period on student loans. This grace period gives you time to find a job before you must begin making payments. Parents may request a grace period on their loan, otherwise they are payable upon disbursement.

Many states provide grant aid for their residents if they attend college, public or private, in their home state. This aid is also awarded by need. The grant amounts vary state to state and usually tie to Pell Grant eligibility. Your state application should be included in your FAFSA packet and turned in along with it for processing. Deadlines are important because some states award their grants on first-come, first-served basis. Once all the money is awarded, even if you qualified for it, you won’t receive it if you miss the deadline. Check with your guidance office for your state’s criteria and deadlines.

Almost all colleges offer meritbased scholarship opportunities for students with academic achievements and/or special talent (determined by the proficiency of your portfolio). You are usually considered for these awards at the same time your are being reviewed for admissions by evaluations of your credentials and portfolio. These scholarships are deducted from tuition, and as much as a full-tuition award might be offered. You will want to find out whether there are renewable awards and if they are tied to other requirements so you can plan ahead to finance your entire education. Some schools may have a separate application process for scholarships, so check with the admissions office for details.

Additional scholarships are offered at some colleges to already enrolled students. Check with your college choices regarding potential for additional aid during your four years of study. Sometimes these scholarships stipulate certain criteria for recipients, such as major area of study or class level (sophomore, junior, senior).

Private organizations, business, clubs, churches and foundations will often assist local students by offering college scholarships. It’s smart to begin by looking for these opportunities through your church, your parents’ employers and any organization that you or your family may be involved in. So often this available money goes unrequested because students don’t know to ask about it. Don’t be afraid to ask! Send letters to all the organizations in your city or town inquiring about available scholarships and grants. Scholarship books/lists can be found at your members of veterans, or to students with certain ethnic backgrounds. Your college financial aid office may have a listing of resources that can help identify scholarships that you could qualify for. This information is available to you free. You should not have to pay for this service.

A part-time job can help with living expenses. Studies show that students who work an average of 20 hours per week managed their time better and performed as well in school as their non-working classmates. Most college placement offices will help their students find part-time work. Check to make sure this is true of the college you would like to attend.

A few other special programs are available through government agencies for students of military families and also students with learning or physical disabilities. If your parents are, or have been, in the military, check with your branch office for information. If you have a disability, inquire at your state’s vocational rehabilitations office. Testing and counseling are free.

Locating the financial resources available to you takes some time and effort. Be sure not to wait until the last minute to start the process. Most importantly, ask for help! Financial aid and admission offices are there to help you find a way to attend the college of your choice. Investing in quality education is an investment in your future.