Financial Aid Awareness Month: Making College Affordable

Navigating the cost of higher education can feel overwhelming, but financial aid can make pursuing a degree more accessible than ever. From grants and scholarships to work-study programs and federal loans, financial aid helps students and families cover college expenses and open doors that might otherwise feel out of reach. This Financial Aid Awareness Month, we’re breaking down the essentials, from the FAFSA and common misconceptions to tips for staying organized, so students can confidently take the steps toward funding their education.

What Is Financial Aid?

Grants, scholarships, loans, and work-study programs are all different types of financial aid. These programs help fund higher education. Kolten Pingeon, Portfolio Banker at Coulee Bank in St. Paul, says, “Financial aid can help open the door to more choices and can make attending a school that may otherwise feel out of reach.”

To receive financial aid, students complete a form called FAFSA, or Free Application for Federal Student Aid. The FAFSA helps determine a student’s eligibility for federal financial aid. High school seniors and current college students renewing aid should complete the FAFSA.

It’s important to apply as early as possible. Pingeon says most aid is given on a first-come, first-served basis. Be sure to complete the FAFSA with the correct information. Incorrect applications could impact and delay Federal student aid.

Common Misconceptions About Financial Aid

Pingeon notes that common misconceptions can discourage students from completing the FAFSA, but he encourages them to explore trusted resources like Federal Student Aid at the U.S. Department of Education (www.studentaid.gov). Some of these misconceptions include:

1. My family makes too much money, so I won’t qualify.
   • Federal aid eligibility considers more than income, including family size and number of students in college.
2. I won’t receive aid if my grades aren’t perfect.
   • Many grants and scholarships are based on financial need, not just academics.
3. Expensive schools are out of reach.
   • Financial aid can make higher-cost schools more affordable than you might expect.
4. The process is too complicated to bother.
   • Staying organized and following deadlines makes applying manageable and worthwhile.

Financial Aid Breakdown

“Financial aid includes a variety of programs and resources,” Pingeon states.

• Grants are often the first applied toward college costs and usually don’t need to be repaid.
• Work-study allows students to earn money while enrolled, helping cover ongoing costs like books, transportation, and living expenses.
• Federal loans typically fill the remaining gap that isn’t covered by grants or work-study programs.

Pro-tips:

1. Stay organized. Keep all documents for the FAFSA in one place, so they are easily accessible when it’s time to apply.
2. Try not to get overwhelmed. Break down each task into small steps and keep track of important deadlines for the application process.
3. Bookmark trusted resources like www.studentaid.gov. You can also work with guidance counselors to find your state's financial aid programs. 🥚