As a high school junior, thinking about college can be both exciting and overwhelming. One of the biggest questions students and families face is how to pay for higher education. The good news is that financial aid is available to help make college more affordable. Here’s a guide to understanding financial aid and what you can do now to prepare for the future.
What is Financial Aid?
Financial aid is money provided to help you pay for college. It can come from a variety of sources, including the federal government, state governments, colleges and universities, and private organizations. There are three main types of financial aid:
- Grants: These are usually need-based and don’t need to be paid back.
- Scholarships: Often awarded based on merit (like academic performance, sports, or talent) and do not need to be repaid.
- Loans: Money that must be repaid, typically with interest. These are often offered by the government or private lenders.
- Work-Study: A program that allows you to work part-time during college to earn money to help pay for your education.
When Should You Start Planning?
The earlier you start preparing, the better. As a junior, there are steps you can take now to set yourself up for financial aid success:
- Research Scholarships: Many scholarships are available to students in their junior year or earlier. Start looking for local scholarships, national programs, and merit-based awards that you may qualify for. Websites like Fastweb or Scholarship.com are great places to start.
- Understand Your Family’s Financial Situation: Financial aid eligibility is often based on your family’s income and assets. Take some time to understand how your family’s finances may impact your financial aid options. This can help you anticipate how much aid you may be eligible for when it’s time to apply.
- Keep Track of Important Deadlines: Financial aid deadlines vary by college, but the Free Application for Federal Student Aid (FAFSA) typically opens on October 1 each year. Starting early will help you stay on top of deadlines and avoid missing out on potential aid.
FAFSA – Your Key to Financial Aid
The Free Application for Federal Student Aid (FAFSA) is a form you’ll need to complete in order to be considered for most types of financial aid, including federal grants, loans, and work-study. You’ll fill out the FAFSA your senior year, but it’s a good idea to familiarize yourself with the process now.
Don’t Forget About Your College’s Financial Aid Office
Each college has its own financial aid office that can help you understand what aid is available at their school. Be sure to reach out to these offices for information on scholarships, grants, and the application process. They may also have tips on how to maximize your financial aid package.
Start Early and Stay Organized
Applying for financial aid can be a lengthy process, so staying organized is key. Keep track of your deadlines, required forms, and any documentation you need to submit. The more prepared you are, the smoother the process will be when you’re ready to apply.
As a high school junior, taking the time to research and prepare for financial aid will set you up for success when it’s time to apply for college.
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More about Jodi and College Financial Aid Advisors
Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.