Let’s face it: college is expensive. Yes, families could set aside money for their child and a student could work to have a steady flow of income, but most people do not bring in enough money to cover the total cost of education. Thankfully, there are ways to alleviate college expenses, such as applying for financial aid. Here are five factors to take into account when considering financial aid as an option.
- Determine your financial situation. Will you or your family be able to pay for tuition?
Financial aid offers need-based aid, which only takes into consideration you or your family’s ability to pay for college expenses.
- Educate yourself on the difference between loans, grants, and work studies.
Need based financial aid comes in these three different forms:
Loans: A need-based financial aid that requires repayment after you are no longer enrolled. (Federal loans are better than private because they offer flexible payment terms after college.)
Grants: A need-based financial aid that does not require repayment.
Work-study: A work-study program offers part-time employment for a student with financial need.
- Once you understand the terms above, complete your FASFA! You can file it here.
You will need either your own financial information or whoever provides you with financial support’s financial information. Fill this out as early as possible to ensure you will receive aid. At IU, the application becomes available October 1st!
- Higher earners can still receive some aid.
Some aid is awarded without financial need. Financial aid also offers merit-based aid. This is can be given for academic achievements in high school, or even if a student has a unique skill or talent.
- IU wants to help!
For any and all questions, you can visit the Student Central’s website. You can also visit Student Central at 408 N Union or call at (812) 855-6500.