| Show I Financial Aidis Aid Aidis Aidis is Available L Through Sara Nelson By News Editor Students can apply for federal financial aid through grants loans scholarships or student employment to help pay for college expenses According to the Financial Aid Office nine months of living expenses es for a time full student living on their own costs an average of For a resident non-resident the average expense jumps to Despite Despi te the rising costs there is financial aid available Many students students students stu stu- stu- stu dents opt for the Pell Grant Program It is the largest of a number of federal feder feller- al grant programs that provide money to help students pay for their college education said Financial Aid Director Gayle Norman Vivian House a student at said I would not be here without my Pell Grant I am a time full-time student who works time part-time and I have a son sonto sonto to take care of My time part-time job doesn't nt pay enough for me to cover college expenses My Pell Grant is the only reason I am able to continue my education If you are awarded a Pell Grant Gran the money will be applied directly to your college bill each quarter Any of the grant money remaining after tuition is paid will be mailed to you If the money awarded doesn't cover all of your expenses you are required to pay those charges Norman said Grants unlike loans are gift assistance which do not have to be repaid Pell Grant applications are also used to determine a students eligibility ity for other types of aid Until a student fills out an application we cannot determine their eligibility stated Norman A second possibility is to apply for a scholarship Scholarships are frequently awarded on the basis of academic achievement extracurricular r lar activities a special talent or pur pur- pursuant pursuant pursuant to a specific major f Although the exact number was not available Norman said that awards hundreds of scholarships scholarships scholarships scholar scholar- ships each year These scholarships are both institutional and private Institutional scholarships are arc prof provided provided pro pro- f vided by the college and funded by bythe bythe the federal government The selection process and award f criteria for scholarships awarded are determined by the appropriate college college college col col- lege school or department awarding scholarships There are thousands of private r scholarships available Sources of f scholarships are varied and may r include sc scholarships from large businesses businesses busi busi- nesses religious groups and booster r I 0 clubs r Financial Aid advisers have several several sev sev- t eral scholar scholar- books listing private v ships or you can check the library All AH scholarships have special criteria Norman said Talk to a financial aid adviser for more information on which scholarships would apply to you Another widely used source for students to pay their college expenses es is by obtaining a student loan Student loans available through offer college students low- low interest educational loans to assist in college expenses There are several loans available to students that offer a range of money awarded and interest rates Students can apply for a Perkins Loan that pays up to 1800 a year at 5 percent interest A Stafford Student Loan subsidized subsidized subsidized or unsubsidized unsubsidized- offers students students students stu stu- stu- stu dents up to 2625 for the first 48 credit hours and for students with 49 credit hours and up These loans have an percent interest rate The Parent Loan for Undergraduate Students PLUS hasan h has hasan s san an unlimited maximum loan but cannot cannot cannot can can- not exceed the cost of education for forthe forthe forthe the year It has an interest rate of percent Students who have an emergency and need some cash can obtain a term short-term loan from A student student student stu stu- stu- stu dent may borrow up to I 00 and must pay it back by the end of the quarter it is received Although loans are a viable option the money borrowed must be paid back This can result in students acquiring a debt that may lead them into financial troubles Norman advises students to look at every other possible resource first If you do need to take out a loan borrow only what you need she said Work-study Work offers students good pay flexible hours and valuable work experience Students work on campus campus campus cam cam- pus doing jobs that relate to their major Supervisors are flexible in setting setting setting set set- ting up a work schedule and may be beable beable beable able to work between classes The maximum amount of money paid in work-study work is 1200 per quarter and per year The minimal amount is 1500 per year Money earned from the work- work study program doesn't have to be claimed as income when applying for financial aid the following year Work-study Work also gives students extra income so college tuition can become less of a financial burden If students want to have the convenience convenience convenience con- con of working on campus with flexible hours work-study work is a good option Norman said To get more information on which option would best help you contact the Financial Aid Office at Redwood Campus in CC or at in Types of Financial Assistance i iI I j n oJ 14 i i ti 55 s t 1 r u Id d. d I r u 4 r t j L' L X 4 I 1 3 oo I Wf a i My I IX fi It 0 ii 1 Y 1 I s sPELL PELL PLUS ST 86 1985 CT 94 1993 I 95 1994 I PELL Pell Grant College Work Study Supplemental Educational Opportunity Grant PLUS ST Stafford PLUS Student Loans National Direct Perkins Student Loans |
