Your go-to resource for timely personal finance education, resources and services
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Planning your journey to college can be an exciting adventure. You may find yourself in a new city, making new friends and working toward a career that you’ve always dreamed of. Numerous steps have led you to this point, so it’s essential to ensure your education expenses will be covered.
Your first step in applying for financial assistance is to complete the Free Application for Federal Student Aid, or FAFSA. This form will serve as your request for federal and most state aid at the college, university or career technology center of your choice.
To navigate this process effectively, consider the following steps when completing the FAFSA:
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Student and at least one parent will need to set up a StudentAid.gov account. This account will provide a username and password necessary to access, sign and date your FAFSA (Free Application for Federal Student Aid).
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Once your StudentAid.gov account is confirmed, proceed to FAFSA.gov to complete the FAFSA.
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Watch your email or postal mail for a FAFSA Submission Summary. This form will confirm your FAFSA has been processed and sent to the colleges you specified on the form. If you find any errors, make corrections immediately.
- In early spring, you should expect to receive financial aid offers from the institutions listed on your FAFSA. These offers will detail the amounts and types of financial aid you may be eligible to receive from those schools.
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Carefully review your financial aid offers to ensure you understand the types of aid being awarded. Check out StudentAid.gov for detailed information about each program. You aren’t required to accept all aid awarded to you.
Types of aid may include:
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- Free Money - Any grants and scholarships you’re awarded are considered free money, meaning you don’t typically have to pay them back.
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Earned Money - The work-study program enables you to gain employment on a college campus, or sometimes off-campus, allowing you to earn money for your expenses. On-campus employers will work with your schedule to make sure you don’t miss class.
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Borrowed Money - If you need additional funds to bridge the financial gap, you may consider applying for a federal student loan. Educate yourself on the different types of loans, their interest rates and repayment options. Check out Borrow Smart from the Start to learn more.
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Should you discover that your expenses are not fully covered, it’s advisable to consider applying for scholarships at this time. We strongly encourage students to apply for scholarships in high school and all through their college years to find educational funding. Explore these search engines for a multitude of awards that may meet your needs:
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For seniors attending public high schools in Oklahoma, FAFSA completion has now become a graduation requirement. Additionally, all Oklahoma’s Promise recipients are also required to complete a FAFSA. It is advisable for all students to submit a FAFSA each year to seek financial aid for their higher education costs.
For assistance throughout your financial aid journey, please review these resources:
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Check out January’s edition of Financial Friday, Oklahoma Money Matters' online personal finance question-and-answer forum. This month, we answered a question about reducing debt in the new year.
As always, if you have money-saving tips you'd like to share, email us at OklahomaMoneyMatters@ocap.org or visit Ask OKMM to submit a personal finance question for a future edition of Financial Friday.
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