The Mix 2024: Paying for College
By Anika Aurora, Hickory Ridge High School
and
Beyza Guvenc, Cary High School
Finances are a huge part of the college process. Learning how to pay for your tuition through various types of aid – and understanding the price-for-value and return on investment of different colleges – is essential to avoiding stress and too much student debt.
Former UNC student Abigail Clavijo feels that being twin made it wiser for her to enroll in an affordable institution in-state so that her family would be able to fund two kids’ tuitions in one year.
“You have more scholarship options than you think,” Clavijo said. “Get super specific, google a ton, do your research on the college and alumni websites.”
External Scholarships
Independent organizations and nonprofits offer a wide range of scholarships for students, ranging from need-based to merit. These scholarships can be general or specialized, benefiting any student interested in aid or students applying for specific programs. Below are two powerful resources to browse for scholarships that may interest you.
The College Foundation of North Carolina (CFNC) is a nonprofit organization that works to increase the college-going rate by providing resources such as college and career planning resources; tips on electronic applications; information on applying for student financial aid; and college tuition rates.
Big Future is a resource created by College Board to aid students in planning their colleges and careers. It offers information on writing college essays, standardized testing preparation resources, scholarship opportunities (up to 26k in value), financial aid and career planning.
Merit-based financial aid is awarded to students based on academic success or extracurricular achievements and activities. Students with higher incomes can often qualify. Merit-based scholarships often have a committee that will look at qualifications to determine who should receive the reward. If given a merit-based scholarship or grant, you will likely need to maintain a certain requirements to continue receiving your scholarship.
Need-based financial aid is awarded based on a student’s socioeconomic status. By evaluating various aspects of a student’s socioeconomic status, financial aid offices aim to provide support to those who need it most, making higher education more accessible and affordable.
For Janie Sircey, a 2015 graduate of UNC, getting the prestigious Morehead-Cain scholarship was a life-changing opportunity. For example, graduating without debt allowed her to move to New York City for her first job, Sircey said.
“It offered me so much flexibility,” said Sircey, who now also serves on the selection committee for the program.
Federal Student Loans and Grants
Federal student loans and grants are both forms of financial aid provided by the U.S. government to help students pay for their education, but they have key differences. Grants are typically need-based and do not require repayment, making them highly beneficial for students who qualify. Loans, on the other hand, must be repaid with interest, though they often come with lower interest rates and more flexible repayment options compared to private loans.
- FAFSA (Free Application for Federal Student Aid)
The first step to apply for financial aid is to fill out a FAFSA form.
Non-Federal Student Loans, Grants, and Scholarships
- CSS Profile
The CSS Profile is a detailed financial aid application used by many colleges and universities to award institutional aid. By requiring detailed information about income, assets and expenses, it helps institutions allocate their own financial resources more effectively to students in need and provides a more comprehensive picture of a family’s financial situation than the FAFSA. Students must submit the CSS Profile to each participating institution by their respective deadlines and a fee is typically required for each submission, though fee waivers are available.
To learn more general information about CSS, check out this link. For a step-by-step explanation of how to fill out the profile, head to this article.
Questbridge
QuestBridge is a non-profit organization that connects high-achieving, low-income students with colleges and universities in the United States. It offers programs like the National College Match, which helps students gain admission and full scholarships to partner schools and the College Prep Scholars Program, which provides resources and support for college applications. To learn more from the experts themselves, check out the Questbridge website! For a more in-depth description, this article may be of help.