Financial Aid Goal List

Before you begin to look at schools you may like to attend, it’s important that you prepare. Set yourself some goals. They don’t need to be complex, but they do require your time and effort.

Many of the things that can help you get into college will also qualify you for additional aid. While most federal aid is based on financial need, and other loans are based on your credit rating, many scholarships are awarded for other reasons. You can maximize the amount and variety of aid available to you by taking Advanced Placement courses, participating in extracurricular activities like volunteer work and athletics, having strong letters of recommendation, and building a good portfolio of work in art, design, or science.

Then there are the goals directly related to managing the cost of your education:

• – Get advice from parents and counselors
• – Understand college expenses
• – Balance work and school
• – Save money
• – Establish good credit to qualify for Grad PLUS Loans
• – Use ASA’s tools

Get Expert Advice From Parents and Counselors

If you are filling out your first FAFSA application, you will need assistance from your parents. Ask them ahead of time to make their tax returns available to you, and remember that you will need a parental signature to complete the form. This process can be completed online. Your guidance counselor should be able to help you as well.

If necessary, your parents may want to find out more about Parent PLUS Loans as a way to help you meet the full cost of tuition. School guidance counselors can also help you find money for college.

Understand College Expenses

Knowing what you’ll be expected to pay makes it easier to plan. An important goal is to learn what college costs, and why.

The most common college expenses and what they cover are as follows:

• – Tuition is the actual cost of your education. Sometimes people use the term “tuition” to refer to all college expenses, but strictly speaking it covers only the costs associated directly with your learning at a college or career school—the costs of classes and workshops
• – Room and board refers to the cost of living space, food, utilities, and travel expenses. It’s important to know that room and board expenses can add significantly to your overall financial need when you go to school. Certain colleges list room and board expenses along with your tuition and other fees. The total figure is sometimes referred to as the cost of attendance (COA)
• – Books and other media needed for the classroom are an important part of your college experience. According to MakeTextbooksAffordable.org, students entering college in 2007 were expected to pay an average of $900 a year on textbooks
• – General student fees cover the administrative costs of your applications and other paperwork. Usually, these fees are paid annually
• – Materials fees account for the many different tools, supplies, and gadgets that you’ll need in certain fields. For example, a career school that specializes in beauty and health may require you to pay for scissors, makeup, and brushes, while a mechanical engineering school can charge for metal, wood, plastic, and tools
• – Lab fees are paid to certain departments of your school to cover the costs of resource usage. For example, computer science or chemistry students may be charged extra for lab maintenance

Balance Work and School

Some students will want to take on a rigorous workload of academics that leaves little room for a part-time job. Others, particularly those in the Federal Work-Study program, will work a few hours a week on campus while carrying a full course load. And there will be students who will balance part-time work and part-time classes.

Make this decision before you choose a school and before you plan your finances. Also, be aware that if you select a college schedule that brings your course load below half-time status—and note that such status will differ from school to school—you will not be eligible for federal financial aid.

Save Money

Saving money is the best way to fund your education, but you need to set and keep realistic goals. These days, it would be difficult for you to save enough from a part-time job during high school to cover all your college costs, but even a little savings will help pay for things like books and pizza.

Establish Good Credit to Qualify for Grad PLUS Loans

Graduate students can now borrow money for their education through the Grad PLUS Loan program. Through this program, independent students in graduate programs can borrow funds that cannot be covered through Stafford Loans.

Grad PLUS Loans, like Parent PLUS Loans, require a credit check. It is important to establish and maintain good credit so that these loan options are available to you should you return to school.

Graduate students will find that teaching assistant (TA) appointments are a great way to fund education costs. These positions not only function as reliable part-time jobs but also afford excellent opportunities to gain valuable teaching experience. Each university has a different TA program, and compensation differs based on the school and its location. Graduate students are well advised to consider working as TAs as part of their education finance goals.

Use ASA’s Tools

To help you plan the management of your education debt, the ASA Toolbox offers a variety of calculators that cover all the different methods of loan repayment.