By Vicky Florian ‘14

With close to 200 concerned students and parents filling the cafeteria during Financial Night on January 10, one is able to assume cost is a major factor in the college selection process. The question is whether teens are aware of all the possibilities for financial aid and if they have taken the correct steps.

The financial aid process begins as early as elementary school for some, but as late as senior year for others. There are various forms of financial aid that fall under two main categories: gift aid and self-help aid. Grants and scholarships are examples of gift aid and do not need to be paid back. Self-help aid includes loans, which must be paid back, as well as employment programs.

These different types of aid  come from four main sources: the federal government, state governments, educational institutions and private sources. Each source has different requirements and deadlines, making the process complicated if one isn’t  prepared.

Scholarships are awarded on the basis of merit, skill, unique characteristics and need. There are numerous opportunities for such scholarships, but one must know where to look. “Finding scholarships is a proactive task. I only hear about a small percentage of scholarships so it is up to the student to take time to find scholarships,” said College and  Career Advisor Joe Hock. Certain websites are helpful in a search for in-state scholarships including Fastweb or MHEC.

“Students should look for scholarships based on major, religion, ethnicity, parent employment, clubs, military service, community service, academic common market [paying in-state tuition at out-of-state schools], athletics and last but not least ‘Google’ search,” advised Hock.

Grants are usually awarded on the basis of financial need but can also involve GPA, SAT/ACT scores and other factors. Financial aid experts recommend all students complete the Free Application for Federal Student Aid (FAFSA) in order to receive federal grants and low interest loans. Even if a student does not believe he/she will qualify for the grants, it is still recommended to fill out.

FAFSA is entirely free so students should be sure to avoid scholarship scams. It is not necessary to pay for help finding money for college, and students should investigate the legitimacy of financial aid consultants or scholarship search services by checking with the Better Business Bureau.

Experts also recommend students borrow only what they absolutely need. “Remember that you will have to pay back all the money you borrow … shortly after graduation or if you leave college for any reason,” said Hock.

The rising “cost of attendance,” including tuition, room and board, books, transportation and living expenses, has increased the need for financial aid over the years. Students have even begun changing their college choices due to the high costs.

The topic of debt has most likely been lingering in parents’ minds, but college has now brought it to students’ attention as well. Senior Megan Davidson is already planning for a future as a veterinarian. “I definitely need to keep cost in mind, because I am looking at about eight more years of school,” said Davidson.