FAFSA
-The FAFSA is a form you fill out every year to see if you are eligible for college tuition aid from the federal government.
- This form determines your eligibility for the Pell Grant (don’t need to pay back), Loans (need to pay back), or Work Study (working on- or off-campus to help cover college costs).
- There are also several scholarships that require a FAFSA form to be completed in order to be eligible for the scholarship, such as USHE’s Opportunity Scholarship. Some schools also cover remaining tuition costs after the Pell Grant’s amount has been applied.
- For more information on how to apply for the FAFSA, check out our Federal Aid page.
Scholarships
-Granite School District’s live scholarship database can be found here (Google Spreadsheet).
- Scholarship funds do not need to be repaid!
- This page will be updated frequently with information throughout the year, so check back regularly.
Loans
-Loans are money that you must give back, so they should be viewed as an option once scholarships and federal aid have been exhausted.
- A general rule of thumb is to limit total student loan debt to less than your expected first-year starting salary. Borrow only what you need, aiming for a comfortable 10-year repayment plan.
-You can get loans through the FAFSA, through your college/university, or through a bank/credit union:
- If you need a loan, start at the federal level:
- FAFSA Loan information can be found here. Subsidized loans do not accrue until you graduate or you drop below half-time enrollment and are typically the best financial option.
- If you do not qualify for a federal loan (or if your federal loan offer is too small to cover the cost of your education), look at the private level:
- Not all colleges provide loans or payment plans, so call your college’s Financial Aid office to get more information.
- Contact your personal bank or credit union for information on how to take out a private student loan. This should be a last resort, as non-federal loans have higher risk since they have limited repayment flexibility
Schedule an appointment with Drew if you need help or have any additional questions about paying for college.
