Choices Regarding Financing Options and Financial Aid
Posted by Sharon Cece on December 8th, 2008
The first thing I did after I was accepted to the Distance Learning program in 2004 was celebrate with a huge hot fudge sundae. The second thing I did was to sit down and research financial aid programs. There were two programs I focused on: financial aid specific to my college (academic in nature) as well as FAFSA, or Free Application for Federal Student Aid (financial in nature).
My situation was the following: married, two children, one income. Since I had been away from FSU for a number of years (I had originally attended on campus from 1987-89), the FSU financial aid academic aid would not have been applicable to me until I received grades for my first semesters. Therefore, I directed my attention to the FAFSA, which I completed immediately and strongly encourage all students to do so. Since everything is done online, it is very easy to track your financial aid status once you complete all the required online forms and receive your PIN.
Based on the FAFSA report, I was eligible for the Undergraduate Stafford Loan. There are two kinds of Stafford Loans, Subsidized and Unsubsidized. Subsidized are based on financial need and interest does not accrue on the loan as long as you are in school at least half time until six months after graduation. Unsubsidized loans accrue interest from the time the loan is dispersed to the school.
Once I started to build a transcript of grades I was then able to pursue academic-based financial aid through my college. Thus, in addition to receiving the Federal Stafford Loan, I also received an academic grant through FSU. This helped quite a bit in paying for supplies and the added expenses germane to the distance learning student.
Though I did worry at first about paying for college, there are financing options available for most college students regardless of status. As well, there are scholarships available in addition to federal and state college assistance. Your academic advisors can point you in the right direction to get you started. More importantly, research is your best friend. Look into all financing options to make the best choices for you and your financial situation. It might also be prudent to consider one final piece of advice: always eat dessert before dealing with finances.
