Applying for financial aid can be overwhelming and confusing for the first time applicant and many times for the veteran college student also. There are grants, loans, scholarships and fee waivers covered in financial aid. Most of us have have heard about these different ways of obtaining money to attend college. But how many really know how to apply for help in paying tuition, books and tuition fees?
In order to apply for financial aid you should at least know the different types available to student and where to apply. This information as well as the appropriate person that you would need to see on the Yuba College campus will be covered.The more intricate information needs to be covered by one of the financial aid specialists mentioned because each person has different needs in financial aid.
First thing that needs to be done to receive financial aid is to apply for it. This is either done online at www.fafsa.ed.gov or at the financial aid office in building 100B. By filling out the FASFA forms you will be filling out information for both the Pell Grant and the CAL Grant as well as the BOGW wavier.
Grants are a type of financial aid that does not have to be repaid by the student, if the student maintains a good scholastic standing with the college. Grants are given by both the State of California through CAL Grants and the Federal Government with the Pell Grants.
With Cal Grants there are three different options, with only two of those options available to the community college student as Cal Grants “B” and “C”. The “B” Grant can be used by both community college students and those at four year universities and is for those working on an Associates or Bachelors program.
Cal Grant “C” is only for community colleges or vocational schools only. This is what the majority of Yuba College students will recieve. Saving the higher paying Grant “B” for when students reach the four year school of their choice.
The Cal Grant “A” is only for four year or private schools and requires a GPA of at least a 3.0. Keep this in mind as a little motivation to keeping your grades up at Yuba College before you decide to transfer. You could lose free money or gain it.
The Board of Governor’s Fee Wavier or more commonly known as BOGW is another option to help pay for your education. This is a great program that has paid out $4,486,421 to Yuba Community College District attendees. BOGW pays for tuition fees and reduced parking permits for Fall and Spring semesters.
Just because you didn’t get approved for the FASFA does not mean that you will not qualify for the BOGW. They are two completely different programs with different qualifications.
A Satisfactory Academic Progress or SAP, must also be submitted to the Department in order to qualify for BOGW. This means that you must have a college education plan and the grades to qualify for the fee waiver.
According to the Yuba College Financial Aid Department, the Federal regulations that control the BOGW are changing to become much more strict to ensure the student’s progress. In other words, watch your grades or you may lose your financial aid.
Scholarships are another way to get money that will not have to be paid back. There are thousands of different scholarships available with many that only award financial aid to certain majors, hopefully yours. Unlike the other types of financial aid covered, scholarships are not normally based on financial need but on your academics, athletic abilities, special talents, or community service.
Before applying for scholarships you should check the requirements that are needed so that you are not wasting your time filling out applications that you would never get. Some have requirements of the field of study chosen, your GPA, satisfactory academic process, and your enrollment status.
If you are having any problems or questions that arise about the scholarship process it is always a good idea to speak with a professional. Luckily at Yuba College, we can ask for an appointment to speak with a scholarship specialist to help us.
Student loans can be scary words, especially for poor college students. This is the money you are required to pay back when you finish school. Some of it is good and some of it bad, which one you choose depends on you.
There are two different types of student loans, those that are backed by the full faith of the United States Government, while the other type is not. The difference? On the government backed loans you are not being charged for the interest while you are still attending school. With the non-backed loans the interest rate is being charged to your loan while you are still attending school. You can pay the interest while you are at school but that is an option but a good one to have.
Once you have finished your education then you must start paying the loan back. That is where the differences in loan types comes into play. With the government backed loans the interest rate is lower currently at a low 3.4% and you have not had the interest adding to your loan principle yet. Non-backed loans have double the interest rate of 6.8% and the interest has been added to your initial loan amount. When you are talking about loan amounts of $40,000 or more, that interest rate begins to play a big part of your loan decision.