Making the decision to go back to school can be overwhelming. The most commonly asked question from potential students is “How do I qualify for financial aid and grants?” while this may seem like a tough question, it’s a fairly easy one to answer. It’s scary to think about having to pay money out of pocket for classes that start next week, but there are several options available that make it so a potential student can get started into classes without having any out of pocket costs. How? Easy! All you need to do is complete your personal Free Application For Federal Student Aid or FAFSA.
Financial aid is not based off of income or credit. It’s solely based on what year you are in school, and every year you are allotted a specific amount that, in most schools, will cover your entire tuition and books. The only requirement is that you have a high school diploma or a GED. The best part? You do not have to pay on your financial aid while you are a full time student! Your financial aid goes into what is called deferment, which means they do not accrue interest and you do not have to pay on them. Even better? You do not have to start paying them back until 6 months after you graduate, giving you ample time to find and start that dream career you’ve always wanted.
When you complete your FAFSA you will also be applying for what is called the Pell grant. THe pell grant is a little different from financial aid. As of July 1, 2016 the full amount of pell you could potentially qualify for is $5815, however that number will be determined based off of your previous year taxes and your financial need. Some students will qualify for the full amount and some could qualify for less. Pell varies from person to person. What makes the Pell Grant so amazing? As long as you finish your program, you do not have to pay that money back! How awesome would it be to have part of your tuition paid for that you will never have to pay back? TO know how much you qualify for, when you complete your FAFSA and you get a confirmation page, it will also give you “a potential award amount.”
Given the most common options available to help pay for school and how easy it is to qualify for, what are you waiting for? It takes 20 minutes and all you need is your previous years tax information. Don’t have that? No problem! FAFSA will link you directly to the IRS website and auto fill your info for you to make it easier.
You’re new future is waiting...are you ready?