Paying for college

I would like to finish my degree but frankly, I worry about the expense. It seems like tuition is really high and I don’t think I can afford it. Is there a way I can return to school and pay attention to my coursework without being distracted by financial worries?

Commit this acronym to memory: FAFSA. That stands for Free Application for Federal Student Aid and this is where the road to paying college tuition all begins. You will need to complete a FAFSA form to apply for financial aid. Go here to do that: www.FAFSA.ed.gov. It looks overwhelming but the site is very thorough, user friendly and easy to navigate. Plus, as the name says, it is free. Do this as soon as you are admitted to a college or university. The earlier you apply, the better your chances for receiving assistance.

Did you know that federal student aid programs are the largest source of student aid in the United States? These programs provide more than $80 billion a year in grants, loans and work-study assistance. Financial aid means lots of things and covers a variety of options, not just loans that have to be paid back. At the University of Oklahoma, 70 percent of its students receive some kind of financial aid.

Types of financial aid include:
1. Grants. These are gifts that do not need to be repaid and come from either governmental or private sources. The amount is based on criteria.
2. Scholarships. Funds given based on academic excellence or talent; scholarships are also awarded based on field of study, ethnic background or financial need. Like grants, scholarships do not need to be repaid.
3. Fellowships. Available to graduate and post-graduate students, fellowships are awarded by private organizations, institutions or the government and are awarded based on merit, need, or the institutional or faculty’s grant. Sometimes you will need to be recommended by a faculty member in order to receive a fellowship and it does not need to be repaid.
4. Assistantships. Similar to internships or work-study programs, typically you are required to work as a teaching or research assistant.
5. Loans. Money awarded based on need from either governmental or private institutions that must be paid back with interest.

As you can see there are a number of ways to pay for higher education and while some colleges and universities are expensive, the cost of attending the majority of them is easily within your financial reach.