Many people never consider pursuing education beyond high school because of concerns about how to pay the tuition and fees.  It does take money to go to college or vocational training, but assistance is available in many forms.  There are many sources of aid available to students and their families -- grants, scholarships, loans, internships, work-study, as well as other more alternative approaches.  These moneys are not just for the "traditional" student that is going straight from high school to college.  They are available to anyone that qualifies.

A college education is one of the most important investments you will ever make.  Every effort is made to assist you in obtaining the resources necessary to meet the difference between the total cost of attending and your ability to contribute toward your education.

Completing the Free Application for Federal Student Aid (FAFSA) for the year you wish to attend will begin the process of determining your eligibility for federal financial aid.  This form is available at your local library, educational institution or the SOEOC.  To complete this form, you will need your previous year's U.S. income tax return.  If you do not have this readily available, you can call the IRS at 1-800-829-1040 and request Form 1722.  This form is free and usually takes only a few days to be mailed.

The Southwest Ohio Educational Opportunity Center can assist you with the completion of these forms no matter what school you are considering.  Call our office between 8 a.m. and 5 p.m. to schedule an appointment at (513) 558-5432 or (877) 558-5432.  Evening appointment times are available.

Grants are financial gifts that do not need to be paid back.  Most government grant awards are based on the financial need of the student.  Examples include:  

• Pell Grants
• Federal Supplemental Educational Opportunity Grants (FSEOG)
• Ohio Instructional Grants (OIG)

A loan is money that is borrowed from the government, a bank, credit union, or other lender that must be paid back, usually with interest.  Student loans typically are low-interest loans issued by private banks but underwritten and insured by either federal or state governments.  Generally these loans are subsidized, meaning the lending institution receives money from the government to cover interest payments on the loans while the student is in school.  These generally do not need to be paid back until six to nine months after the student graduates from or leaves school.  Examples include:

• Stafford loans
• Parental Loans for Undergraduate Students (PLUS)
• Perkins Loans

A scholarship is a financial gift that does not need to be paid back.  Scholarships are awarded based on a variety of criteria, including academic excellence, demonstrated talent, race, religion, group affiliations, state of residence, etc.  Some scholarships can also be awarded on the basis of need.  Some examples include:

• University
• Privately funded
• Publicly funded

Scholarships must be applied for individually and independently from federal aid.  The SOEOC, the Internet, and your local library can assist you in locating scholarships for which you may qualify.  Contact the SOEOC for assistance with your scholarship search.

Have you considered ...

• Free lotteries/scholarships?  There are a few websites that are giving away money for education.  Chances are not very high, but someone has to win that money.  Try www.iwon.com or www.freescholarship.com.

• JTPA or Workforce Investment Act?  This program might be able to assist with "retraining" programs if you have been laid-off or "down-sized."  Programs also exist for low-income people.  Contact your local office for more information.

• Senior Citizen Perks?  Some programs offer price breaks or free tuition to the senior community.  You won't know unless you ask.

• Employer Tuition Reimbursement?  Many employers will cover some portion of your tuition if they think it will help your job skills.  If they don't have an established plan, talk to the Human Resources Department or the head of the company.  Maybe they hadn't thought about it yet.

• Home Equity Loans?  Many students have used the equity in their home successfully, especially at today's low interest rates.  Interest paid on home equity loans might be tax deductible. 

• A Secured Loan Against Existing Savings or Other Assets?  Some banks and most credit unions will allow you to take out a loan against savings accounts, bonds, CDs, IRAs, money-market accounts, etc.  There are many benefits to this approach including the fact that your money is still where you invested it.  The one drawback is that you have to make payments while you are in school.

• Military Benefits?  Educational benefits exist for military reserves and National Guard participation.  See a recruiter for the latest information.

• Americorps?  Full-time Americorps members receive educational benefits, which may include money to pay for college or to pay back student loans, as well as health insurance, training and student loan deferment.  Some members also receive a modest living allowance.  Partial educational benefits are also available to members who serve part-time.  

Click on the Resources link above for specific financial aid resources

Peterson's Scholarships, Grants and Prizes (Peterson's, a division of Thomas Learning)

Scholarships, Grants & Prizes 2000 (Peterson's, a division of Thomas Learning)

The College Board College Cost & Financial Aid Handbook 2000 (College Scholarship Service, The College Board)

The Financial Aid Book:  The Insider's Guide to Private Scholarships, Grants and Fellowships (Student Financial Services, Perpetual Press)

Consult your local library for additional resources