(This is an archive story, please refer to the byline for journalist's name)
By Aimee M.
When breaching the topic of college, an area of apprehension for many is the area of financial security and stability. However, students have many options! A few perhaps, that they don’t even realize are available.
The first method of aid is the F.A.F.S.A. and T.A.S.F.A.- which are usually discussed in senior year. The F.A.F.S.A. is the Free Application For Student Aid. It is completed by both prospective and current college students to determine eligibility for student financial aid. Those eligible for the F.A.F.S.A. include U.S. citizens, permanent residents, and eligible noncitizens. Those not eligible for the F.A.F.S.A. are eligible for the T.A.S.F.A.- The Texas Application for State Financial aid.
The F.A.F.S.A. is a relatively simplistic application method- though the majority of senior students will need parental assistance. If a student is applying for the F.A.F.S.A. this year, they will need their parent’s 2020 tax return and 2020 W-2. If the student themselves worked in 2020, they will need to provide the same documentation. Furthermore, students may need to discuss college options to send the awarded amount to. You can select a total of 10 colleges on the application.
The F.A.F.S.A. opened Oct. 1, 2021- and will close for the 2022-2023 school year June 30.
Many types of aid can be pursued independently, or awarded through the F.A.F.S.A. Through the F.A.F.S.A., you can be awarded grants, subsidized and/or unsubsidized loans. Subsidized loans are loans that do not accrue interest until after the student graduates. Unsubsidized loans accrue interest while the student is attending the accepting institution. Grants are essentially “gifted” funds.
There are also other types of loans you may want to pursue independently, such as Perkin Loans, direct plus loans, or private student loans. Perkin loans are available for graduates and undergraduates with exceptional financial need. Direct loans are available through schools participating in a Direct loan program. And finally, private loans are available through private organizations such as banks- and often come with terms and conditions for repayment.
There are also additional methods of aid such as scholarships! These are often awarded from private organizations, or a student’s selected university.
This is simply the tip of the iceberg, in terms of resources available to students in need.