How to Successfully Navigate Financial Aid: 4 Easy Steps
Date: July 6, 2022
Ready to begin your education in healthcare? If so, you already have a general idea of what you need to prepare for success. One step is figuring out your financial aid. Many options are available, but what are they? How does one apply? Do you qualify? If you aren’t sure how to begin the financial aid process, we have compiled a list of four easy steps to make everything a little simpler.
1. Learn About Financial Aid
First, check to see what financial aid is available and where you may be eligible. There are more options than you may realize to finance your schooling. Federal financial aid is one option and includes grants (such as the Federal Pell Grant), scholarships, the Federal Work-Study Program, and educational loans (including private, parent, and direct subsidized and unsubsidized loans). There are also grants available through the state of California (Cal Grant). Understanding the differences between grants, scholarships, and loans is essential. Scholarships are determined on merit; grants are need-based, and loans require repayment (usually after completing one’s program).
2. Calculate Costs
Next, find out what expected costs are associated with your chosen program. Different programs at Gurnick Academy of Medical Arts have varying costs, including nursing equipment, e-books, lab fees, tuition, and more. To get an idea of typical tuition costs, you can review the cost of attending some of our most popular programs. Be sure to factor in other fees that may apply to your situation. Housing costs, relocating costs, commuting costs, and additional living costs can add to your expenses while attending school. The Net Price Calculator is a beneficial tool to calculate the costs one should consider relating to financial needs.
3. Complete A FAFSA Application
The next step is to apply for the Free Application for Financial Aid (FAFSA®). Each year you attend school, you must submit a new FAFSA application to maintain Financial Aid eligibility. (You may fill out the form electronically.) Doing this will provide your eligibility for financial aid. It should be shared with your school and can help to calculate how much assistance to expect.
You will need to gather key pieces of information to complete the application:
- Social Security Number (or Alien Registration Number if you are not a U.S. Citizen);
- Federal Tax Information or Tax Returns;
- Records of Untaxed Income;
- Cash, Savings, and Checking Account Balances;
- Investments (besides the home in which you currently live).
Check with your school’s financial aid department to learn state, federal, and financial aid application deadlines.
4. Accept Your Financial Aid
Once you know your eligibility status, you can decide which types of aid you want to accept. Free money, like grants and scholarships, are likely things you want right away. Options like loans or work-study programs may require more thought. One must pay loans back upon leaving school, and different types can have varying requirements. Some may even require small monthly payments while in school.
Federal work-study programs are part-time jobs. These jobs allow students to work at the college campus they attend and most often factor in one’s academic schedule when determining work-study program hours. However, holding a part-time job can have an impact on academic performance. Considering class times, study hours, homework, and tutoring needs are best.
Talk to your advisor about what you need, can afford, and feasibly pay back. If you consider a work-study program option, implement time management skills to ensure the job doesn’t lead to poor academic performance.
Take Time for Your Future
Following these steps can make paying tuition a little easier to navigate. Perform online searches. Ask to speak with financial aid experts about your particular situation. Determine what you qualify for regarding funding options. Be aware of deadlines. Then apply.
We have financial aid experts available to answer your questions and discuss your particular situation, education, and career goals. Knowledgeable financial aid specialists should be able to explain and help you navigate the labyrinth of forms, deadlines, and award monies. They should also provide practical advice on how to take on an A+ education while not harnessing oneself into D-debt on the path to excellence. An investment is an investment, and all teaching can be profitable, yet a competent financial aid professional will keep you from getting gouged. Are you paying for a Rolls-Royce experience yet only signing up for a Honda-level education? These professionals should have frank discussions with you, which include a Cost-Benefit and ROI analysis.1~
Written by Cindy R. Chamberlin.
Citation
1 n.d. OEDB.org. “Determinants of Good College Programs.” Open Education Database. (Accessed January 2021.)