Higher Education Is Expensive, But It Doesn’t Have To Be Inaccessible — Here’s A Guide To Maximize The Financial Aid Process

Inflation impacts everyone and everything, and college tuition is no exception. For years, students and parents have often complained about the rising tuition costs and associated fees. These costs have prevented many students from pursuing their academic journeys because financial aid hasn’t been measuring up.

According to College Board, the average tuition and fees for the 2023-2024 academic year are $11,260 for in-state students at public four-year institutions and go all they up to $41,540 for private nonprofit four-year institutions. In the words of Gen Z, these numbers are crazy work. They don’t even account for room and board, books, or other living expenses.

While the rising costs of college tuition can be daunting, it’s important to remember that there are specific strategies and financial options that can help alleviate this burden. With that said, understanding and securing student aid can make higher education more accessible and affordable. This guide is designed to empower you with the knowledge to navigate the complexities of financial assistance, emphasizing the importance of tapping into all the available resources.

Complete Your FAFSA Application

The Free Application for Federal Student Aid (FAFSA) is not the most efficient application process, but it’s a necessary step to access federal government funding. Almost every accredited school requires students to complete their FAFSA application to be eligible for any financial aid, from grants to work-study options to the dreaded student loans.

Based on data from the Federal Student Aid website, approximately 85% of full-time undergraduate students receive some form of financial aid. Here is a quick rundown of necessary items to complete the application process.

• Social Security numbers for both the student and parents (if applicable)
• Federal tax information or tax returns from the previous year
• Records of untaxed income
• Bank statements and information on cash, savings, and checking account balances

Free Money Is The Best Money

Scholarships and grants are the real vibe because they don’t need to be repaid. Scholarships can be merit-based, need-based, or awarded for specific skills and passions, like sports or the arts. Many organizations offer scholarships specifically for Black students, such as the United Negro College Fund and the Thurgood Marshall College Fund.

Remember to check with the school you are interested in to explore the range of scholarship options and grant opportunities available to students. Academic departments, alumni gifts, foundation gifts, and even local partnerships often offer school-specific aid to students who meet a set criteria.

The Financial Aid Office Staff Are Your Friends

Building a relationship with your school’s financial aid office can change the game. These people often know about university dollars not widely publicized and give you keen insight into the process for tapping into the available funds.

While the financial aid office may be a proverbial war zone, suit up and get into battle. The connections you make by networking with the folks there can determine whether tuition is fully paid.

There is no one way to navigate paying for college tuition. If the traditional collegiate path is the one you choose, do your due diligence. Be sure to explore all the options available to you. Start early, stay on top of recent information, ask as many questions as necessary, build your network, and be your No. 1 advocate.

College is expensive, but it doesn’t have to be out of reach.