Financing Your Education

With the rising cost of education, finding a way to finance your college degree can be challenging. You'll discover that not only do you have to pay tuition, but you'll also need to cover your living expenses, transportation, books and supplies, and other expenses. According to Collegeboard.com, over half of today's college students receive some type of financial assistance to cover their college expenses. Financial aid is available in many forms, and the first step in securing it is to become knowledgeable about what is available to you.

Financial aid helps you cover the college costs that you are not able to pay. Sounds simple, right? Unfortunately, you are not the one that determines the amount of financial aid you'll receive. Using your family's income, assets, and size, the government or your college will determine the amount you are able to contribute to your college education. This is called the Expected Family Contribution (EFC) and is figured using the information you provide on the Free Applicaton for Federal Student Aid (FAFSA). Your eligible amount of financial aid is the difference between the cost of your college education and your EFC, determined annually. Using this information, you can search for financial assistance in the following four areas.

Scholarships: Scholarships are awarded mostly based on merit. Other factors may be used to award scholarships, including your area of study, where you live, or community involvement. Scholarships do not have to be repaid. Many private colleges offer large amounts of scholarships compared to public colleges. This is extremely helpful since Christian colleges are generally private colleges, giving you the potential to cover more of your educational expenses.

Grants: Grants are similar to scholarships in that they do not have to be repaid. They are awarded by federal and state government or individual colleges and are usually need based.

Loans: The federal government offers loans to those with financial need. These loans are low-interest and may be subsidized by the federal government so you don't accrue interest until after you graduate or stop attending school. Also, some federal loans require no payments until after graduation.

Work: Work-study programs are federally funded and give students the opportunity to work part time to help meet their financial need. Work opportunities are generally on-campus jobs, giving students an opportunity to serve their campus community.