Here are some steps to help you plan ahead and get started in your search for financial aid.
Are you in 8th–10th grade?
- Sign up for Oklahoma’s Promise now if your family meets requirements outlined at www.okpromise.org.
- Explore www.OKcollegestart.org to learn more about paying for college.
- Start researching the colleges you’re interested in and learn what types of financial aid they offer. Find out if they have scholarships in the field you’re interested in and what the requirements are so you can plan early to apply.
- Ask family members to open an Oklahoma College Savings Plan account by calling 877.654.7284 or visiting www.ok4saving.org.
- Learn about the student financial aid application process and programs by visiting or calling the resources listed in this brochure.
- Investigate other financial aid programs.
- Talk to your school counselor. Counselors have lots of resources that can help you as you plan for college.
Are you a junior or senior?
- FIRST
- Complete the Free Application for Federal Student Aid (FAFSA) as soon as possible after Jan. 1 during your senior year of high school. An application can be completed online or be downloaded and printed at www.fafsa.ed.gov.
- THEN
- Check for scholarships sponsored by local organizations such as your church; parent’s employer; and clubs such as the YMCA, 4-H Club, American Legion, Elks, Masons, Kiwanis, Jaycees, Chamber of Commerce, and the Girl or Boy Scouts. Your counselor can help you explore scholarship options in your area.
- THEN
- Talk to the admissions or financial aid offices at the schools you’re considering. Many colleges and universities offer scholarships to recognize academic achievement or special talents, such as athletics or performing arts. This information can often be found on college Web sites.
- THEN
- Search the Internet for helpful financial aid information. Some great places to start are: www.OKcollegestart.org, www.studentaid.ed.gov, www.mappingyourfuture.org and www.fastweb.com. Avoid online scholarship searches or agencies that charge fees for their services. All the information you need is free.
- FINALLY
- It’s best to use savings or free financial aid to pay for your college expenses, but that’s not always possible. You might need to borrow money for college. But don’t worry – there are many resources to help. Federal student loan lenders offer low interest rates with flexible repayment terms. Be sure to exhaust all federal loan options before considering “private” or “alternative” loans, which can have higher interest rates and fewer flexible repayment options.
Types of Financial Aid
- Scholarships: awards given for a variety of reasons, such as good grades, special talents or career paths.
- Grants: aid that’s based on financial need and that doesn’t have to be repaid.
- Work-study (student employment): money earned by working part-time at a college or university.
- Loans: borrowed money that must be repaid over time with interest.
What's this thing called FAFSA?
To apply for federal financial aid (grants, work-study and loans) and the Oklahoma Tuition Aid Grant Program (OTAG), you and your parents must complete the Free Application for Federal Student Aid (a.k.a. FAFSA). You’ll need to have your parents’ tax return(s)—along with yours—to complete the FAFSA. Even if you don’t think you’ll need financial aid (or qualify for it), it’s important that you fill out the FAFSA, just in case.
When filling out the FAFSA, you’ll list colleges you’re interested in attending. Once the form is processed, you’ll receive your Student Aid Report (SAR) and award notifications or “packages” from the schools you listed. Packages can include any combination of scholarships, grants, loans, and work-study opportunities to help you meet college costs. You should compare the offers before deciding on a school. Also, make sure you accept award offers in a timely manner and carefully follow the instructions.
The FAFSA is available online at www.fafsa.ed.gov, or you can print a paper copy from this same Web site. If you apply online, you and your parents will need to file for a PIN, which will allow you to electronically sign your FAFSA application. This process can be confusing at times, so be sure to carefully follow the instructions on the FAFSA Web site and ask lots of questions. You can find answers at www.fafsa.ed.gov, or you can call 800.FED.AID. And your counselor can also help.
Wondering if your possible career will make you happy or if the career you choose will satisfy your lifestyle? Check out the happiness index and take the financial quiz.
For more information about preparing for college, visit www.OKcollegestart.org, call the Student Information Hotline at 800.858.1840 (225.9239 in Oklahoma City) or e-mail studentinfo@osrhe.edu.