Financial aid 101
The average cost of a 4-year college experience has increased dramatically during the past 10 years and financial aid is becoming a hot topic in the college search for athletes. Competition for athletic scholarships is fierce and the majority of student-athletes and families are looking to need-based financial assistance or alternative forms of grants and scholarships to pay the freight. This article takes a simple approach in identifying key components of financial aid.
Financial aid packages are basically split into two simple categories. 1) The total cost of one year of college and 2) How the bill will ultimately be financed and paid. By filling out the FAFSA online at www.studentaid.ed.gov, your college of choice will create an “award package” that may include loans and scholarships. Below is a general breakdown of college costs:
Tuition and fees: These are the costs of your education and they may vary based on your academic program and number of credit hours. Athletes need to be enrolled as full-time students (with rare exception) to be eligible to practice and compete.
Room and board: If you plan to live and eat on campus, these costs will be included. The charges will vary depending on the room and meal plan you choose. If you plan to live off campus, you’ll need to make personal arrangements and estimate these expenses.
Books and supplies: These expenses cover your course related materials.
Indirect costs: These are the costs that don’t show up on the bill. They include books, supplies, travel, as well as personal expenses such as laundry, telephone, and pizza. If you live and dine off campus, your room and board costs will also be considered indirect.
Travel: This will most likely be listed as a rough estimate in the financial aid breakdown. If a figure is not provided, you should determine your estimate based on how often the student plans to travel.
Grants: Earning an athletic scholarship is the ultimate goal for any prospective student-athlete, but in staying on point, this article focuses on alternative options to pay for a college education.
A grant is financial aid that does not have to be repaid once
you receive your college degree and the best way to begin your
search for scholarships and grants is to comb through the files in
the high school guidance counselor’s office. Your advisors
should point you in the right direction, while offering deadlines
and qualifications.
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