Page 326 - Keys to College Success

■ How much money do I need to make—weekly, per term, per year?
■ What time of day is best for me? Should I consider night or week-
end work?
■ Do I want hands-on experience in a particular field?
■ Where do I want to work, and how would I get to and from my job?
With the information you have gathered and analyzed, look at
what is available on and off campus, and apply for jobs that best suit
your needs. Work–study programs are a good place to start because
they tend to be flexible and nearby. Federal work–study programs are
need based.
Continue to evaluate whether the reward of your job is worth the risk.
Are you staying on top of your schoolwork? Are you making enough
money? Are you getting enough sleep? If the job doesn’t benefit you as
much as you anticipated, perhaps you can renegotiate your job duties and
schedule, or maybe you need to change jobs. Make careful, well-considered
choices that bring you the rewards you need most.

Loans, Grants, and Scholarships
Financing your education—alone or with the help of your family—
involves gathering financial information and making decisions about
what you can afford and how much help you need. First, become
informed about what is available to you. Then be proactive and go out
and get it.

Types of aid
Aid comes in the form of student loans, grants, and scholarships. Almost Many students are able to fit part-time work
all students are eligible for some kind of need-based or merit-based finan- into their schedules if they stay local. Look for
jobs at nearby businesses such as restaurants
cial assistance. and retailers.
■ Student loans. Student loan recipients are responsible for paying
back the amount borrowed, plus interest, according to a payment schedule
that may stretch over a number of years. The federal government administers
or oversees all student loans. To receive aid from a federal program, you must
be a citizen or eligible noncitizen and be enrolled in a program that meets
government requirements. According to the College Board Advocacy and Pol-
icy Center, from 2010 to 2011, approximately 10.3 million students received
Stafford Loans. 8
■ Grants. Unlike student loans, grants do not require repayment. Grants are funded
by federal, state, or local governments, as well as private organizations. They are
awarded to students who show financial need. According to the College Board
Advocacy and Policy Center, from 2010 to 2011, 51% of all undergraduate grant
aid came from the federal government. 9
■ 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.gov.

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