College Readiness - Financial Readiness

While finances should never get in the way of a college education, money does matter! The two main financial considerations for higher education are tuition fees and living costs, and these can vary vastly from college to college. Careful research and preparation can help you find financial aid from many sources: the government, grants, scholarships, and the universities themselves.

While considering a college, ask yourself:

Can my parents afford to pay for any or all of my college experience?
What grants, loans, and scholarships am I eligible for?
How do I apply for a student loan?
Should I consider a private or public college?

Many students need financial help to some degree, whether from parents or outside sources. Blue Valley’s Financial Readiness page has resources to help you best handle the financial burden of university life.

Where's the Money?

Grants and Scholarships: People call this "gift aid" because it doesn't have to be paid back. Grants and scholarships can be based on need or merit.
Work-Study: This is a federal program in which students work 10-20 hours per week to help pay educational expenses.
Parent/Student Loans: Most financial aid is in the form of low-interest loans with no repayment or interest required until after graduation.

Midwest Student Exchange Program was established by the Midwestern Higher Education Compact to increase interstate educational opportunities for students in the member states. The program enables residents of Kansas, Michigan, Minnesota, Missouri, Nebraska and North Dakota to enroll in the institutions and programs designated at a reduced tuition level. Please view this Web site for additional information regarding the colleges and universities that participate in the program.

Simple Tuition is a free resource that helps families understand college financing options. Borrowers can compare and apply for federal and private student loans online. Check it out at www.simpletuition.com

First Steps to Financial Readiness

Financial Terms

Tuition Calculators

FAFSA

FAFSA Homepage

The FAFSA is used to apply for state, federal and college specific financial aid that includes2 grants, scholarships, campus work, and loans. The application process begins in January when you start gathering the required information. You will need the following for you and your parent(s):

Most recent W-2s
Driver's license and social security number
Record of untaxed income received during the previous tax year
Value and debt of business and/or farm (excluding a farm on which you live)
Value of investments, excluding retirement accounts and home equity
Completed tax returns
A PIN number (you each need one). You must get one from www.pin.ed.gov at least a week before the deadline to act as your electronic signatures
Some sources of financial aid are deadline driven, so you should annually complete the FAFSA by March 1. Check with the colleges and universities you are sending FAFSA results to determine their specific application deadlines/priority dates requirements.

Student Loans

Low-interest loans offered by the federal government.

Military Scholarships

Higher education funds available to ROTC students and current military dependents.

Scholarships

Funds awarded by colleges, universities, government, or outside sources on the basis of academic merit or financial need. Scholarships are generally used to waive tuition or fees.

Education Savings Plans

Savings plans operated by a state or educational institution designed to help families save for college. Participants may receive tax benefits if basic plan requirements are met.

Grants

Monetary aid for higher education that does not have to be repaid.

Work-Study Programs

Jobs (on or off campus) provided by the federal government for eligible college students with financial need.

Federal Work-Study Program

Financial Information for Parents

Financial advice from National Association for College Admission Counseling

Guide for Parents