How Exactly Does Financial Aid Work?
Getting a higher education can be a transformative accomplishment. A college degree from an accredited institution can open doors to fulfilling careers, financial stability and a better life for you and your loved ones. But college can also be pricey, and you may find yourself putting off going to school because of how financially straining it may be. Luckily, post-secondary education isn’t exclusively reserved for wealthy individuals from affluent families. There are many educational institutions offering affordable programs and financial aid opportunities so anyone with a drive for success and a passion for learning can obtain a degree of their choice. There are a variety of financial aid options offered to students to help them pay for college. Students of different ages and backgrounds apply for financial aid when they can’t afford to pay for things like tuition, books, school supplies or boarding out of pocket. Students might also use financial aid to support themselves if they are offered prestigious unpaid internships. Financial aid isn’t limited to student loans. Many schools help students pay for education through grants and scholarships. If you’ve ever applied for financial aid or are planning to apply, you may be wondering about the difference between need-based versus merit-based aid. Need-based financial aid is given to students based on their financial profile, such as family assets, income and expenses. This type of aid can take many forms, including loans, work-study positions and scholarships. Merit-based aid is awarded to students based on their academic performance, such as a good high school GPA or other outstanding academic accomplishments. Typically, to be eligible for merit-based aid, you don’t need to meet any financial requirements. Unlike need-based aid, merit-based financial assistance is given in the form of scholarships or grants that don’t need to be paid back. Many colleges and universities, including St. Louis College of Health Careers, offer some type of student aid. At SLCHC, we connect students to , including student loans, grants and student employment. There are two primary ways to apply for financial aid. Firstly, students are encouraged to complete the (FAFSA), which is sponsored by the U.S Department of Education. Completing this form doesn’t guarantee financial assistance but it’s the only way to determine if you are eligible to receive federal aid or state assistance and how much money you qualify for. If you’re planning to apply for federal aid, be sure to fill out your FAFSA as soon as October 1, but no later than June 30, which is the federal deadline to submit your application. You can also submit a College Scholarship Service Profile (CSS Profile) if your school of choice uses it as part of their financial aid process. The CSS Profile is used mainly by private colleges and universities to award nonfederal aid. The application is maintained by the and becomes available online on October 1 each year. The deadlines depend on the school or program you’re applying for. Generally, grants and scholarships are considered gifts, therefore you don’t have to pay them back. Conversely, federal and private loans need to be repaid. The repayment process for federal loans begins after a student has graduated, with a grace period of up to six months. Many private loans need to be repaid during the academic year. Are you interested in a career in the healthcare field but you’re questioning whether you can afford pursuing a degree? At St. Louis College of Health Careers, we offer a variety of affordable resources. Our goal is to provide an education to people from diverse walks of life, regardless of what their financial situation may be. To learn more about our programs and how we can assist you financially in your educational journey, call (866) 529-2070 or .