{"id":14840,"date":"2025-02-07T03:30:52","date_gmt":"2025-02-07T08:30:52","guid":{"rendered":"https:\/\/dev.xello.world\/?p=14840"},"modified":"2025-05-26T08:42:35","modified_gmt":"2025-05-26T13:42:35","slug":"financial-aid-resources-for-students","status":"publish","type":"post","link":"https:\/\/dev.xello.world\/en\/resources\/blog-posts\/financial-aid-resources-for-students\/","title":{"rendered":"Financial aid resources for students"},"content":{"rendered":"

Help your students access the wealth of financial aid resources available to them with this comprehensive guide.<\/em><\/h2>\n

While some seniors are focusing on grades, SAT scores, and recommendation letters to help them get into college, others can\u2019t get past the potentially insurmountable cost associated with higher education.<\/span>
\n<\/span>Cheryl Rapp, <\/span>College Investment Program Finance Officer <\/span>for the Wisconsin Department of Financial Institutions, isn\u2019t surprised.<\/span>
\n<\/span>\u201cI tell students to be prepared for sticker shock. It\u2019s staggering when you see that the cost of college for one semester could be $40,000. [Once they learn the cost], a lot of people believe they\u2019ll never be able to afford it. And that\u2019s not true because everybody is going to qualify for some type of financial aid. Don\u2019t be shocked with the price because it\u2019s not the true cost of what you\u2019re going to be responsible for when you do actually go to college,\u201d she shared in an<\/span> Xello\u00a0 remote roundtable<\/span><\/a> on the subject.<\/span>
\n<\/span>Rapp is right. There is an abundance of financial aid available to students who need it. But figuring out where to find it and how to apply may not be so easy. That\u2019s why we\u2019ve compiled this ultimate list of financial aid resources for educators to share with students and their families as they prepare for the cost of college.<\/span><\/p>\n

Free Application for Federal Aid (FAFSA)<\/h3>\n

This is where to start: The<\/span> FAFSA<\/span><\/a> is a form that any US high school or college student can fill out to find out if they\u2019re eligible for federal financial aid. And there\u2019s a lot of it to go around \u2013<\/span> $150 billion<\/span><\/a> was available for the 2022-2023 year alone. The form \u201copens\u201d every year on October 1st and students are advised to fill it out early because schools often distribute student aid funds on a first-come, first-served basis.<\/span>
\n<\/span>According to the<\/span> Education Data Initiative<\/span><\/a>, although 83.8% college students benefit from some form of financial aid, public aid programs are usually underused. In one academic year, more than $2 billion in federal student grants go unclaimed.<\/span>
\n<\/span>For information and help with FAFSA, students and families can call the FAFSA hotline 800.4.FED-AID. And Arizona educators should also know about<\/span> Ask Benji<\/span><\/a>, Arizona\u2019s FAFSA digital assistant, a text-message based chatbot programmed to respond to FAFSA and Financial Aid questions 24\/7.<\/span><\/p>\n

State student aid<\/b><\/h3>\n

If your students don\u2019t meet the eligibility requirements for FAFSA,<\/span> state student aid<\/span><\/a> may be available to help them reduce the costs of education. Every state has its own funds and process for allocating financial aid, mostly in the form of grants and scholarships.<\/span>
\n<\/span>It\u2019s important to note that some states only require that a FAFSA form is filled out, while others ask families to complete a separate application. The Federal Student Aid Office suggests contacting your<\/span> state grant agency<\/span><\/a> for more information, and to do it early in the school year.<\/span><\/p>\n

Federal work-study program<\/b><\/h3>\n

Students can plan to<\/span> work a part-time job<\/span><\/a> to help them pay for the cost of tuition while going to college. Jobs may be on or off campus and many of them are relevant to students\u2019 course of study.<\/span>
\n<\/span>To find out if they\u2019re eligible, students are advised to check with their college\u2019s financial aid office.<\/span><\/p>\n

Federal student loans<\/b><\/h3>\n

The William D. Ford<\/span> Federal Direct Loan<\/span><\/a> program allows students in need to borrow directly from the US Department of Education. It\u2019s available at select schools across the country. Interest rates are fixed and lower than what\u2019s typically offered in a private loan and you don\u2019t have to start paying it back until you\u2019ve left college or reduced to below half-time. The government even pays for interest on some loan types if you demonstrate financial need and you might have some portion of your loan forgiven if you meet specific criteria.<\/span><\/p>\n

Private loans<\/b><\/h3>\n

A loan from a financial institution is often a last resort for students because they carry interest and may take many years to pay off.<\/span> Here\u2019s a list<\/span><\/a> of private loan providers to consider.<\/span>
\n<\/span>Individual financial institutions also scholarships that are worth looking into, including:<\/span><\/p>\n