How to Get Up to Speed in College Financial Aid

If you have college plans, the subject of paying for it deserves much discussion beforehand. Of course, you might already have an understanding of the financial aid process and options. Still, most people have some gaps in knowledge about getting financial aid for college.

Did you know?

• More than 80% of all college students receive some type of financial assistance.
• The deadlines for applying for financial aid vary by state and school.
• Income itself doesn’t determine eligibility for college financial aid. Federal financial aid is based on many factors.
• In 2017-18, an estimated two million more students could have qualified for various grant and loan programs.

Financial Aid Facts (and Figures)

Many people are surprised to discover the depth and range of financial aid options that can help make attending college part of their future. More than $120 billion in educational aid was available in 2017, according to the Office of Federal Student Aid.

While not borrowing money for college is always the best option, the reality is that more than 42% of families used loan sources to cover at least some college costs, according to the 2017 How America Pays for College report.

The decision to attend college, when approached thoughtfully by evaluating your abilities and interests, can deliver a good return for the money invested.

In comparing the income of high school graduates over a lifetime to those with college degrees, the How America Pays for College report reveals this:

• Those with an associate degree earn 24% more.
• Those with a bachelor’s degree (B.A., B.S.) earn 66% more.
• Those with a master’s degree earn 97% more.
• Those with a graduate professional degree (M.D., D.C., D.O, etc.) earn 150% more.

7 Top Tips for College Financial Aid

1. Fill out the FAFSA form (Free Application for Federal Student Aid) as early as possible. Students entering college for the 2021-22 year can complete the FAFSA as early as Oct. 1, 2021.
2. List school codes. Every U.S. college and university administering federal financial aid will have a school code. Data from the school and your financial situation help determine eligibility. Haven’t yet made a final decision on which university to attend? You can list up to 10 schools on the online FAFSA.
3. Use your full, formal name. Because FAFSA data is compared to government documents, the names of students and parents/guardians must be the same as a birth certificate or Social Security card.
4. Double-check your Social Security Number on the FAFSA.
   A wrong Social Security number for a student or parent may require a new FAFSA application,
5. Check your answers before filing. In addition to being accurate, try not to leave too many questions blank, leading to a rejected FAFSA application. (A “NA” (not applicable) entry may be a better option.) Often, a local college financial aid specialist can be a useful resource.
6. Your Signature is required. Completing the FAFSA takes time and attention. In the end, remember to provide your signature to ensure your FAFSA can be processed without delays.
7. Submit a new FAFSA every year. Students must complete and submit the FAFSA for any year they wish to be considered for federal student loan programs, federal work-study funds, and grants.

Health Sciences: A Direction to Consider

The idea of getting money for college gets even better when looking at health sciences-focused degrees vs. all others. The U.S. Bureau of Labor Statistics says this sector will grow at least 16% from 2020 to 2030. The median yearly salary for healthcare practitioners is nearly 42% higher than the median yearly wage for all occupations.

About Cleveland University-Kansas City (CUKC)

Founded in 1922, Cleveland University-Kansas City (CUKC) is a nonprofit, private university offering chiropractic and other health science degrees. The CUKC campus is in Overland Park, Kansas, a large, award-winning suburb within the Kansas City metro area. Check out our health sciences degrees here.

CUKC believes in helping its students maximize the student services and assistance available to them. One of the ways to live out that promise is through an experienced staff of financial aid experts.

Want a great head start? Download this free eBook: Your Guide to Navigating College Financial Aid.