Rosedale Bible College : Finances : Paying for College

Funding your college education can be as challenging as finding the right schools and completing the requirements for a degree. Here is some good advice and an introductory glossary of terms you will encounter if you need to search for financial aid.

Start Early
The optimum time to begin saving for college is the day you get your first paycheck! The optimum time to begin applying for public and private scholarships is as early as your junior year of high school. Applications for many sources can be made at that time. Collecting information and organizing a calendar to keep track of application deadlines can be started even earlier. Don’t be the one who gets the notice that the grant for which you qualified has already been awarded!

Fill Out the FAFSA
The only way to apply for student aid from the federal government is through the Free Application for Federal Student Aid. The information supplied by students on the FAFSA is essential for many other aid programs and may even be required.

Look Near as Well as Far
Many local civic clubs encourage local students to pursue higher education by providing scholarship programs. There may also be memorial scholarships provided in the name of an illustrious citizen. The guidance office in area high schools may be able to connect you with local scholarship possibilities.

Scan for Scams
Hard as it may be to believe, there are people out there only too willing to take advantage of college freshmen and their parents. Here are some commonly identified warning signs:

Processing Fees. This includes fees which are supposedly refundable. The whole point of a scholarship is to give a gift, not generate income to run a criminal—or even a charitable—organization.
Rewards without Entries. What responsible entity is so eager to be rid of its money that it gives scholarships without so much as an application?
Guarantees. For scholarships? Not in the real world. Guaranteed scholarships are nearly guaranteed to never materialize.
Free Seminars. This scam lures students and parents into a marketing presentation which often combines fees with guaranteed awards. Any useful information provided will be available from other sources without charge.

Suspicious about an organization? Call the Better Business Bureau or visit their website.

Glossary of Financial Aid Terms

Scholarship — Gift aid usually awarded for merit or academic achievement. A scholarship does not have to be paid back.

Grant — Gift aid often awarded to a class of student meeting a specific criteria. A grant does not have to be paid back.

Loan — Borrowed money which must be repaid. Good student loans have favorable interest rates and repayment provisions designed especially for students.

Federal Work Study (FWS) — A federally subsidized program administered by colleges which provides jobs enabling students to earn a portion of school costs through employment at the institution.

Need — the term “need,” as used in financial aid, usually refers to the difference between the resources available to the student and the cost of attending the student's selected college. The process of determining “need” is often referred to as a “need analysis.”

Family Contribution — the combined contribution reasonably expected during the enrollment period from the student (and spouse), as well as from the student’s parents if the student is a dependent.

Free Application for Federal Student Aid (FAFSA) — a free form distributed by the U.S. Department of Education to collect information used to determine a student’s need for federal financial aid.





	P A Y I N G F O R C O L L E G E Funding your college education can be as challenging as finding the right schools and completing the requirements for a degree. Here is some good advice and an introductory glossary of terms you will encounter if you need to search for financial aid. Start Early The optimum time to begin saving for college is the day you get your first paycheck! The optimum time to begin applying for public and private scholarships is as early as your junior year of high school. Applications for many sources can be made at that time. Collecting information and organizing a calendar to keep track of application deadlines can be started even earlier. Don’t be the one who gets the notice that the grant for which you qualified has already been awarded! Fill Out the FAFSA The only way to apply for student aid from the federal government is through the Free Application for Federal Student Aid. The information supplied by students on the FAFSA is essential for many other aid programs and may even be required. Look Near as Well as Far Many local civic clubs encourage local students to pursue higher education by providing scholarship programs. There may also be memorial scholarships provided in the name of an illustrious citizen. The guidance office in area high schools may be able to connect you with local scholarship possibilities. Scan for Scams Hard as it may be to believe, there are people out there only too willing to take advantage of college freshmen and their parents. Here are some commonly identified warning signs: Processing Fees. This includes fees which are supposedly refundable. The whole point of a scholarship is to give a gift, not generate income to run a criminal—or even a charitable—organization. Rewards without Entries. What responsible entity is so eager to be rid of its money that it gives scholarships without so much as an application? Guarantees. For scholarships? Not in the real world. Guaranteed scholarships are nearly guaranteed to never materialize. Free Seminars. This scam lures students and parents into a marketing presentation which often combines fees with guaranteed awards. Any useful information provided will be available from other sources without charge. Suspicious about an organization? Call the Better Business Bureau or visit their website. Glossary of Financial Aid Terms Scholarship — Gift aid usually awarded for merit or academic achievement. A scholarship does not have to be paid back. Grant — Gift aid often awarded to a class of student meeting a specific criteria. A grant does not have to be paid back. Loan — Borrowed money which must be repaid. Good student loans have favorable interest rates and repayment provisions designed especially for students. Federal Work Study (FWS) — A federally subsidized program administered by colleges which provides jobs enabling students to earn a portion of school costs through employment at the institution. Need — the term “need,” as used in financial aid, usually refers to the difference between the resources available to the student and the cost of attending the student's selected college. The process of determining “need” is often referred to as a “need analysis.” Family Contribution — the combined contribution reasonably expected during the enrollment period from the student (and spouse), as well as from the student’s parents if the student is a dependent. Free Application for Federal Student Aid (FAFSA) — a free form distributed by the U.S. Department of Education to collect information used to determine a student’s need for federal financial aid.