Page 323 - Keys To Community College Success

talk risk and reward . . .

Risk asking tough questions to be rewarded with new insights. Use the following ques-
tions to inspire discussion with classmates, either in person or online.
■ What obstacles, reasonable or not, have kept you from applying for financial aid?
Identify a risk you can take today to earn the reward of overcoming one or more of
them.
■ How good are you at differentiating between needs and wants? At prioritizing needs?
■ Everyone has coping strategies that involve spending: some people like new clothes,
others like expensive restaurants. What can you do to make the reward of saving
money seem worth the risk of feeling deprived?
CONSIDER THE CASE: Torian had a sudden change in his finances when he lost his
athletic scholarship. Are you prepared to handle a sudden drain on your bank account or
loss of financial support from your family? What could you do to be ready? If you have
experienced a financial crisis, how did you get through it?

■ Scholarships. Scholarships are awarded to students who show talent or ability in
specific areas (academic achievement, sports, the arts, citizenship, or leadership).
They may be financed by government or private organizations, employers (yours
or your parents’), schools, religious organizations, local and community groups,
credit unions, or individuals. They do not require repayment.
Key 11.5 lists federal grant and loan programs. Additional information about each
is available in various federal student aid publications, which you can find at your
school’s financial aid office, request by phone (800-433-3243), or access online at
http://studentaid.ed.gov.

Looking for aid
Now that you understand the different types of financial aid, consider how to go about
getting that aid. First you will need to find out what aid is available. Here are five
actions to take in your quest to pay for college. 10
■ Ask, ask, ask. Visit the financial aid office regularly. Ask what you are eligible for.
Alert the office to any change in your financial situation. Search libraries and the
Web, including your school’s website, for information on everything that is possible.
■ Seek government aid. Fill out the Free Application for Federal Student Aid (FAFSA)
form electronically. The form can be found through your college’s financial aid
office, the FAFSA website (www.fafsa.ed.gov), or the U.S. Department of Education’s

KEY 11.5 Understand federal loan and grant programs.

GRANTS LOANS
■ Pell. Need-based, available to undergraduates with no other ■ Stafford. For students enrolled at least half-time. In 2010–2011,
degrees. In 2010–2011, approximately 9.1 million undergraduates approximately 10.3 million students received Stafford Loans.
received Pell Grants. ■ Perkins. For those with exceptional financial need.
■ Federal Supplemental Educational Opportunity (FSEOG). ■ PLUS. Available to students claimed as dependents by their parents.
Need-based, only available at participating schools.
■ Work–study. Need-based, pays an hourly wage for selected jobs.
Sources: “Student Aid on the Web.” U.S. Department of Education, January 31, 2012. From http://studentaid.ed.gov/PORTALSWebApp/students/english/index.
jsp; and College Board Advocacy and Policy Center. Trends in Student Aid 2011. New York, NY: The College Board, 2011, p. 3.
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