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Community College Financial Aid - Essay Example

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The paper "Community College Financial Aid" states that generally, it is essential to state that student loans are loans that are offered to students in order to assist in the payment of the costs of the professional education they wish on completing. …
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Community College Financial Aid
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Community College Financial Aid: A Critical Review Studying at a U.S. is an expensive investment, but one which is quite obviously worthwhile. Recently, the College Board reported the following average annual tuition costs by type of institution: Two-year, Public Community Colleges: $,2191 Four-year, Public Institutions: $5,491 Four-year, Private Institutions: $21,235 Not only are these costs alone incredibly high, but these numbers only represent the cost of studies alone; when such things as lodging, personal expenses, transportation, and other expenses are taken into account, the College Board suggests the following annual student budgets: Two-year, Public Community Colleges (commuter students): $11,692 Four-year, Public Institutions (commuter students): $15,991 Four-year, Public Institutions (state residents): $15,566 Four-year, Public Institutions (out-of-state-students): $23,239 Four-year, Private Institutions (commuter students): $32,070 Four-year, Private Institutions (residents): $31,916 Financial aid is an issue in which the mission is to assist students in achieving their educational goals by providing professional assistance and timely financial aid resources. Financial aid is awarded on the basis of demonstrated need or for recognition of special talents and accomplishments, in accordance with Federal, State and donor-prescribed criteria. Financial aid literally refers to "funding intended to help students pay tuition or other costs, such as room and board, for education at a college, university, or private school. General governmental funding for public education is not called financial aid, which refers to awards to specific individual students." (Wikipedia, 2006). The issue of financial aid - and community college financial aid in particular - is one which is subject to great interest and discussion. In order to come to a more understanding and intellectual viewpoint on this issue, the following questions must be answered: 1. What is community college financial aid 2. Who is eligible to receive this financial aid 3. What are some of the positive effects of this financial aid By thoroughly addressing these three questions, we can come to a critically more knowledgeable understanding on the subject matter at hand. The aim of this paper is to do this, as well as discuss any and all other key related issues. This is what will be dissertated in the following. What is Community College Financial Aid As all other financial aid opportunities, community college financial aid is used to assist those who are wishing to or who already are attending college classes, and who for whatever reason require assistance for the cost of their schooling. Financial aid in this forum is incredibly helpful, especially due to the fact that the results are inevitably positive; it allows those who are less fortunate have a chance to further their career, something which they may not have been able to do beforehand. Financial aid in this particular regards can be used in various ways; books, tuition, housing, or even often times all of the above - the amount of offered financial aid may vary, as well as the factors which it is to be used for. There are several different types of financial aid, which specifically may be classified into two types based on the literal criteria through which the financial aid is awarded. The two types focused on here are merit-based and need-based. The first - merit-based scholarships - are typically awarded for such things as outstanding academic achievements, and can also be awarded for things such as special talents, leadership potential, and other personal characteristics. There are four crucial things which must be known in regards to merit-based scholarships. First, you need to know which schools offer these scholarships. As well, you need to know when and how to apply for each scholarship, as deadlines are critical. Also, parents and students must keep merit scholarships in perspective. "Regardless of what you might hear, merit scholarships are not, by themselves, reason to attend a particular school. A merit scholarship may serve to underline the reasons for choosing a particular school, but remember, academic and social interests and goals should drive this decision." (Belvin, 2006). Finally, know that there are many different types of merit-based scholarships. While many are based on elements such as academic merit, others are based on such things as leadership, artistic or musical ability, and even activities such as cheerleading. Need-based scholarships, on the other hand, is quite basic, and is awarded on the basis of the financial need of the student. Well over half of today's students in community college receive need-based financial aid; the eligibility for this form of financial aid is based on two issues: cost of education and the families' ability to pay. In order to apply for need-based financial aid, the applicant must complete the Free Application for Financial Aid (FAFSA) and this document is then used to determine what amount, if any, the applicant is eligible to receive. "Every student, regardless of financial situation, should consider applying for need-based aid and see what happens." (Belvin, 2006). If the FAFSA document is completed online, it will take about anywhere from an hour to 90 minutes to complete. This document must be filled out and completed once every year, regardless of the situation, and with each form you must list all of the colleges to which you intend to apply. Once you demonstrate need - if you demonstrate need - you are eligible for need-based financial aid. "If your aid includes federal dollars (and most do), your total aid may not exceed your demonstrated need. Some institutions will meet 100 percent of your demonstrated need; others will meet only a portion of that need." (Belvin, 2006). Of course, if you don't qualify for aid in the first year, you should apply again in the second year; this is due to the fact that circumstances change, as does aid eligibility. Who is Eligible to Receive This Financial Aid There are numerous ways to receive community college financial aid, however in most programs recipients are either denied or accepted for particular reasons, such as being based on actual financial need. Most colleges are committed to the philosophy that every student should have all available opportunities to further their education and that a lack of financial resources certainly should not stop that. In order to actually be eligible for this financial aid, students who have not graduated from high school nor received their GED "must demonstrate 'an ability to benefit' from their academic program by satisfactory performance on an 'ability to benefit' test." (Eastern Shore Community College, 2006). One of the first and most basic steps in this financial aid process is the issue of determining how much an applicant's family can realistically assist in putting towards the costs of college. Then this amount is finally determined by completing a need analysis application, the Free Application for Federal Student Aid (FAFSA). There are also different forms of financial aid, which include such terms as grants, scholarships, work-study, and loans. Each of these terms has its own separate meanings, as well as its own offerings. Grants, for instance, are basically awards rather than a form of lending, as these do not have to be paid back. Grants are a form of financial aid which are given to an applicant based on the fact that they will not owe repayment. It is in this respect in which a grant differs from a loan, as it does not incur any debt or interest. Basically considered to be somewhat of a 'gift', grants can be given out by governments or foundations, and be either scholarships or donations to non-profit organizations. In the United States, grants are most often issued by the government to those most in need, such as families with low-incomes. "In certain cases, a part of a government loan is issued as a grant, particularly pertaining to promising students seeking financial support for continuing their educations." (Wikipedia, 2006). Certain community college grants such as the College Access Program (CAP), requires that in order for a student to qualify, they must carry at least six semester hours, in academic programs that take at least two years to complete, establish financial need, and be a U.S. citizen. Scholarships, on the other hand, are applied based on things such as actual financial need, academic performance, or leadership qualities - to name a few. A scholarship is literally defined as "an award of access to an institution or financial aid award for an individual (a 'scholar') for the purposes of furthering their education. A scholarship may be awarded based on range of criteria, which usually reflect the views or purposes of the donor or founder of the award." (Wikipedia, 2006). Generally, scholarships at community colleges are supported by gifts from the alumni and friends of the colleges. Therefore the number of scholarships available at any given time depends basically entirely upon the extent of private giving. While some scholarships are awarded on the basis of academic ability and evidence of need for financial assistance, some scholarships are limited to students who are enrolled in a particular program, and some are limited to the student whose home is in a particular geographic area, and then on the other hand others are available to any qualified student. Work-study employment is the factor which enables a student to earn income at an hourly wage rate in return for some part-time work. The purpose of a work-study award is to get an offer in order to get a part-time job through the work-study program. This form of financial aid is different than the others in that you do not receive work-study monies until you locate a job and begin working. "A work-study award is not a guarantee of a job nor a guarantee that you will earn all of your award amount. You must apply and interview for work-study jobs; the amount you earn is dependant upon the job you obtain." (San Francisco State University, 2006). Lastly, loans are available in various different forms, and are expected to be paid back in either long or short term lengths of time. Student loans are loans which are offered to students in order to assist in the payment of the costs of the professional education they wish on completing. There are also private student loans which are made to students by private finance companies. "Advocates of private student loans suggest that they combine the best elements of the different government loans into one: They generally offer higher loan limits than direct-to-student federal loans, ensuring the student is not left with a budget gap. But unlike to-the-parent government loans, they generally offer a grace period with no payments due until after graduation." (Wikipedia, 2006). Generally, the rates on private student loans are lower than non-specialized private loans, and yet are slightly higher than government loan rates. As well, these private loans often carry an origination fee, and are generally issued based on the credit history of the applicant as well as any applicable co-signer. There are further qualifications included in the selection process, such as being enrolled at least half time, being a legal citizen or eligible non-citizen, not being in default on a student loan or owe a repayment on a Pell Grant or Supplemental Education Opportunity Grant (SEOG) - to name a few. To be eligible for most forms of financial aid in this area, a student must show documented 'financial need' as determined by the federal government. Having a valid social security number is also required in this process, as well as making satisfactory progress in the given course work, and having complied properly with the requirements. The special circumstances of an applicant's family are especially taken into consideration, and a financial aid administrator "can consider special or unusual circumstances such as unusual medical expenses, tuition expenses, or unemployment and can adjust your cost of attendance or some of the information used to calculate your EFC." (Federal Student Aid, 2006). What are Some of the Positive Effects of This Financial Aid Certainly there are many positive effects of this financial aid, most of which are quite blatantly obvious. This financial aid assists those who may not have even considered furthering their education due to the fact of a lack of financial resources; this offer allows all people, regardless of background or monetary well-being, a chance to attend post-secondary education. Higher education has always been the most successful road to economic success in America, but especially as of today. Since the 1980s "the difference in earnings between a high school graduate and college graduate has grown from 40 percent to more than 70 percent." (Goldin, 2006). With the spiraling costs of tuition, even the most financially well-off parent is often having trouble affording their children's schooling these days, which envelopes this financial aid offer into even more of an impeccable asset, considering towards the future of our children. From this review, we can see that the issue of community college financial aid is one of great significance and importance, and that it is an incredibly assisting factor in the helping of those who may otherwise not be able to further their education. You may qualify for financial aid even if you meet only one of the following requirements: if you excel academically; are involved in such elements as drama, music, or athletics; if you demonstrate leadership qualities and community service experience; or if you have financial need. Numerous types of community college financial aid are available based on both financial need and academics, and all of this is simply additive onto the already promising and assistive factors of the financial aid system. Many applicants mistakenly think that they won't qualify for this financial aid, and therefore don't apply for it; meanwhile, as has been shown in this review, for the most part, each and every single applicant has an incredibly optimistic chance at receiving it. Next to buying a home, planning for college expenses is one of the biggest financial projects that parents and their children undertake. "Four years of college costs tens of thousands of dollars, and it is increasingly easy to break into the hundreds-of-thousands range, especially for advanced degrees." (Belvin, 2006). References Belvin, J. (2006). How College Financial Aid Works. Retrieved July 16, 2006, from http://money.howstuffworks.com/college-financial-aid.htm College Board. (2006). Financial Aid. Retrieved July 15, 2006, from http://www.collegeboard.com/student/pay/add-it-up/index.html Eastern Shore Community College. (2006). Financial Aid. Retrieved July 14, 2006, from http://www.es.vccs.edu/student/financial/index.html Ed.gov. (2006). Financial Aid. Retrieved July 14, 2006, from http://www.ed.gov/finaid/landing.jhtmlsrc=ln Federal Student Aid. (2006). Student Aid Eligibility. Retrieved July 13, 2006, from http://studentaid.ed.gov/PORTALSWebApp/students/english/aideligibility.jsptab=funding Financial Aid Resource Center. (2006). Financial Aid. Retrieved July 14, 2006, from http://www.theoldschool.org/ Goldin, A. (2006). Who Benefits From Financial Aid Retrieved July 14, 2006, from http://www.affbrainwash.com/archives/007431.php Red Rocks Community College. (2006). Financial Aid. Retrieved July 14, 2006, from http://www.rrcc.edu/finaid/index.html San Francisco State University. (2006). Work-Study Information. Retrieved July 15, 2006, from http://www.sfsu.edu/finaid/Workstudy.html Wikipedia. (2006). Financial Aid. Retrieved July 14, 2006, from http://en.wikipedia.org/wiki/Financial_aid Read More
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