SPOILER ALERT,  you may want to read  Step 1,  Step 2, and Step 3 first…

Step 4: Find out about Financial Resources

So this step is kind of a big one, a lot of people talk themselves out of coming back to school because they feel like they can’t afford it. Even if you think you make too much money to qualify for financial aid, you still have plenty of options. Basically there are three types of financial aid.

Grants

Grants do not have to be repaid if you maintain satisfactory progress. Since this is the best kind of aid to get, funds are limited. You should apply early (March 1) to maximize your chances.

Scholarships

As a new student, you are automatically considered for academic scholarships as part of your admission application. All other scholarships require a separate application.

Student Loans

Student loans must be repaid, and there are many different types to choose from. Student loans can be a great resource for returning students (see below).

It all starts with FAFSA

All financial aid options start with filling out an application at fafsa.ed.gov. Make sure you have your most recent tax returns and W-2’s  when completing the forms. WSU’s school code is 003680. It takes about 10 days before the Weber State financial aid office receives your FAFSA info, then you’ll need to log in to your student portal and complete the WSU Financial Aid application. (Remember Step 2? This is why you have to be admitted as a student before you can qualify for aid.) After that, you can log on to the student portal to check the status of your application and accept your award.

 A note on Student Loans

Sure, grants and scholarships are great, and you should always look for the free stuff first when you’re trying to pay for college. But if you’re not able to secure that kind of financial aid, you should think about student loans.

Federal students loans offer benefits not typically found in private loans. These loans can help pay for part or all of your college expenses. You’ll never get financing terms this good for other major purchases (auto, home, appliances, etc.). So why not take advantage of this kind of borrowing for your education?  Federal student loans offer:

•  Low fixed interest rates.
•  Income-based repayment plans.
•  Deferred payments while you’re in school.
•  Grace period once you leave school.

Make the investment in yourself, these loans are a great option for students who may not qualify for scholarships or grants. Remember, you should always exhaust federal student loan options before considering a private loan.

Yes, this is confusing…but it gets easier.

Navigating your way through the financial aid process can be very tricky (and intimidating) at first. Figuring out how to pay for college is one of the top reasons why people talk themselves out of coming back to school. But this gets easier. Once you’re in the system, it’s easier to renew and reapply for aid in the future. As a student, you’ll get very comfortable working around the student portal. And remember, there is always a deadline coming up and you have the chance to start this process every year. The financial aid office is very helpful, don’t be afraid to contact them if you have any questions.

Now…on to Step 5.