By Andrea Emmons
From the Desk of: Amanda Rawson
With the school year coming to a close it is important to consider financial aid and how it affects your college decision. If you seek additional funding to support your college education, the financial aid office is where you will find it! Very few athletes are fully-funded by an athletic scholarship, so it is vital to understand the financial aid basics. Those who properly take advantage of financial aid can maximize their financial package.
Most financial aid award letters arrive shortly after a student has been accepted to a college/university. The award letter will most likely be a combination of several types of financial aid. The most important detail to recognize is need-based vs. non need-based aid.
Need-based aid includes grants, loans and work study. A grant is a gift given because of financial need that does not need to be repaid. By completing the Federal Application for Student Aid (FAFSA), you are automatically considered for grants from the federal government, state and often the college/university itself. Student loans allow students to borrow money at low interest rates to help pay for their education. Work study jobs may also be a good option, but can be time consuming from an athletic standpoint.
To receive an estimate of what you might be eligible for in regards to need-based aid, use the financial aid calculator available at finaid.org before you file the FAFSA. If the number you are expected to pay for college is less than the college you are looking at, you have need! Almost every institution has its own financial aid website with detailed information as well. Do your research and learn what each college/university offers. Grants are by far the best form of aid because they do not need to be paid back. Focus on institutions that give grants over student loans if financial aid is an issue.
Non need-based aid includes athletic scholarship, merit awards and outside scholarships. There is constant buzz about athletic scholarships, but many people do not realize that merit awards can be just as lucrative, or more so. Merit-based funds are awarded based on academic achievement, community service, school involvement, religious affiliations, ethnic or racial heritage, artistic talents, desired major and special interests. These awards do not need to be repaid and are generally pretty easy to maintain through college.
Many Division III colleges/universities have large endowments dedicated to merit-based aid. Most freshmen are automatically considered for some of these awards upon acceptance. Many institutions also offer additional scholarships that students may apply or interview for. Always investigate scholarships and grants that pertain to your situation or background.
Every year millions of dollars are put into outside scholarships as well. Sources include local foundations, community agencies, corporations, clubs, civic, social and fraternal organizations, parents' employers and other groups. Ask your high school guidance counselor about some possible scholarships that apply to you. Think about your special talents or abilities and put them to good use!
Keep in mind that an expensive, out of state, private institution could end up costing the same amount of money as an in-state public university if the financial aid process is negotiated properly. It is important to remember that you CAN afford a good education. Do not assume you are not eligible for financial aid because your family has a certain income level. Many factors besides income are used to determine your total financial aid package. Educate yourself about the process and understand where your financial aid options lie.
