Paying for the dream: Simple steps solve financing puzzle
Paying for the dream: Simple steps solve financing puzzle
Paying for school is as easy as 1, 2 ...
Actually, just two steps are required to get started paying for your education.
First you must complete the Free Application for Federal Student Aid form (FAFSA). You may access the FAFSA form and codes for educational institutions through the College Foundation of North Carolina’s Web site, www.cfnc.org.
The FAFSA determines the amount of aid for which a student is eligible, and results are sent to the schools an applicant is interested in attending.
The second step is to visit the financial aid office at your college, university or community college.
Financial aid is available to community college students, which is important to note as “a lot of people are going back to community colleges now to change careers,” said Ben Kittner, a spokesman for CFNC, based in Raleigh.
Kittner has seen an overall increase in traffic to the CFNC Web site. Calls to the organization’s 800-number are up 15 percent from the last fiscal year, and there’s been a 20-percent jump in the number of potential students filling out FAFSA forms.
He advised adult learners to weigh all the choices when selecting where to attend classes and compare financial aid packages.
“You might be surprised,” he said. “Some private schools have very good endowments, which make them competitive with a public institution. You definitely want to compare what your options are.”
Most adult learners, Kittner said, go back to school by using a combination of scholarships, grants and loans, and supplementing with part-time or full-time work.
Financial aid staffers can quickly help you determine scholarships and grants for which you are eligible.
“Do it now,” Kittner said of seeking aid. “Don’t wait. Things start to get busy in financial aid offices with students coming in the fall.”
And take care to fill out the forms completely.
Lisa Koretoff, financial aid director at GTCC, said it’s important to list current income on the FAFSA because an applicant’s earnings can change as the result of a layoff.
“We have the ability to make an adjustment” because of income changes, she said.
Her office has seen a huge increase in FAFSA requests. And enrollment at GTCC is growing by leaps and bounds. “We’re anticipating our largest enrollment ever this fall,” Koretoff said.
As of late July, 13,000 students were expected when classes begin Aug. 17, an increase of 13 percent to 15 percent over last year, also a record year.
The community college, she said, is ideal for students who can attend school only part-time.
“We have all sorts of financial aid,” she said.
For example, Pell Grants, previously valued at $4,731, have increased $619, she said, with more students than ever qualifying. A Pell Grant is a need-based federal grant for low-income undergraduate and certain postbaccalaureate students to promote access to postsecondary education.
Other federal programs include the Perkins Loan, a low-interest (5 percent) loan for undergraduate and graduate students with exceptional financial need as determined by FAFSA. There’s also the Stafford Loan, which is 6 percent for subsidized loans (based on financial need) and 6.8 percent for unsubsidized loans (not based on financial need).
Returning to school takes creative planning and financing, Koretoff said. “Don’t wait until the last minute. Come see us as soon as possible. If this were going to be in the paper tomorrow, I’d say, come see us tomorrow.”
Deborah Tollefson at UNCG agreed about the urgency of settling finances.
The biggest challenge of returning to school for an adult learner is supporting his or her family while taking classes, said Tollefson, director of financial aid at UNCG.
“Financial aid is designed to support the student, not the student’s family,” she explained. “That’s a big challenge. Returning students need to figure out how to support their dependents and go to school. You’ve really got to want to do it. I did.”
Tollefson returned to school for a master’s degree when her daughter, now 27, was a toddler.
The rewards are worth the effort. “You can get more stability in the workplace and more earning potential so you can better provide for your family overall,” Tollefson said of returning to school.
