Figuring out Financial Aid

As many of you may know, Adult Financial Aid has been a hot topic in recent federal and state budget debates. These debates have left many of us wondering, “What is financial aid going to look like in the future?” I can’t speak for other schools, and I certainly do not profess to know exactly what is going to happen, but here are my thoughts and opinions on how Granite State College students may be affected.

With regard to State Financial aid, I believe we will see a cut to many of the grant and scholarship programs for New Hampshire. Governor Lynch proposed the elimination of the Post-Secondary Education Commission as a stand-alone agency. They are currently the ones administering the NH Incentive Grant. With the proposed elimination, it is unclear who, if anyone will be administering this program. There have been mentions of each state school receiving an allotment of funding to be used at the school level, but we have not received any official word as of yet.

We have been notified; however, that we will no longer have funding for the Unique Allocation Scholarship or the Unique Endowment fund. These funds will be re-directed to support public institutions of higher learning in New Hampshire.

In addition, Congress is still debating the proposed cuts to its budget as well. There have been talks of decreasing the annual Pell Grant allotment from $5550 (maximum annual award) to $4705 (maximum annual award). Senate is planning to vote on these proposed cuts this week, and if they are not passed, they will return to the drawing board until they can come to an agreement.

That being said, Granite State College is still able to fund the majority of our students using the Federal Aid Programs available to us. Because we are mainly an Adult and Continuing Education college and do not have the high costs of residential campuses, we will not be as heavily affected by these proposed cuts as some of the more traditional colleges in the area. We are confident that no matter what happens, we will have proper funding to assist our students.

There are, however, things students can do on their own to help supplement their educational expenses. Because we may have to use more Stafford loan money to cover the portion of charges typically covered by the State Grant Programs, Students should take a good, hard look at what they are borrowing. Students should keep a close eye on their outstanding loan debt by checking the National Student Loan Data System on a regular basis. This will allow them to track how much they have already borrowed and reconsider their borrowing habits. Another good tool to use is the financial aid loan payment calculator. This will give them an idea of what their monthly payment will look like once they have finished their program. These tools allow students to make informed choices as to how they want to spend their money and more importantly, what they can really afford.

Another option students should be aggressively pursuing is scholarships. It takes a little more leg work since most have an application and essay requirement, but with the cuts to many grant programs, this is another very feasible way to get free money for education.

Students can create a profile on a scholarship search engine which will then send them different scholarships that may be applicable to them. Another excellent scholarship resource for New Hampshire residents is the New Hampshire Charitable Fund. Specifically, the adult student aid program is designed for adults returning to school to upgrade skills for employment or career advancement. In addition, the statewide student aid program is designed for the traditional student in a four year baccalaureate program.  

Keep in mind that not all scholarship opportunities are legit. Take a look at these Scholarship Tips to avoid being caught in the middle of a scam.

So as we move forward into the 2011-2012 financial aid award year, things are still very uncertain. Rest assured though, Granite State College will have aid to cover our students regardless of what happens with both the State and Federal governments.

It’s that time of year again! It’s time to start thinking about filing the 2011-2012 Free Application for Federal Student Aid (FAFSA). For many, this can be an overwhelming process, so here are a few tips to help make your FAFSA filing experience less stressful.

• Many traditional schools require the FAFSA to be filed no later than March 1^st. Granite State College, however, does not have a filing deadline since our institution provides Adult and Continuing Education classes with rolling admissions. This means that our students can apply for Financial Aid at any point during the year. We do strongly encourage our students to apply by May 1^st if possible so they will be considered for any State Grants available. However, if students file after the priority filing date, they will still be considered for the federal aid programs including the Federal Pell Grant and the Stafford Loan Programs.
• Students must be enrolled at least Part Time to be eligible to receive federal financial aid. Each school determines what they consider to be Part Time Classes and for Granite State College, students are required to take at least four credits to be eligible for aid. This means that our students who want to Take College Classes Online or in one of our centers, but can only do one class per term are still eligible to receive Federal Financial Aid.
• For those students who recently got married, please be very careful when filing your new FAFSA. If you have not received confirmation from Social Security that your name has been updated in their system, you do not want to file your FAFSA using your married name. This will cause the FAFSA to reject. Always file your FAFSA using your legal name; this means the name that is listed on your Social Security card. Do not use abbreviations or nicknames either as this will cause the FAFSA to reject as well.
• If at the time you filed your previous year’s tax return you were married, but you are now separated or divorced, still use the joint income listed on the tax return when filing your FAFSA. The Office of Financial Aid can separate out your income to reflect a more accurate financial picture, but will need additional documentation to do so. You will be required to complete a Special Circumstance form. Once your documents are received, the Office of Financial Aid will review them and make any adjustments possible to the information listed on the FAFSA. It is required that the Office of Financial Aid makes these adjustments since any change to a student’s income must be fully documented for audit purposes.
• To be considered a veteran, you must have served on Active duty and must have been discharged under other than dishonorable conditions. If your service was only for training purposes such as the National Guard or Reserves, you are not considered a veteran for federal financial aid purposes.
• The number one mistake students make is leaving a field blank. All income questions must be completed. If the answer is zero or the questions do not apply to you, write in a zero. Do not use dashes or leave the question blank.
• If you have an unborn child who will be born before or during the award year (July 1 through June 30^th) and that child will receive more than half of his or her support from you, you can count that child as a member of your household when answering the household and dependents questions on the FAFSA.
• Always remember to electronically sing your FAFSA with your PIN. The FAFSA will not be considered valid until your signature is applied.

For more tips and instructions, check out this FAFSA Video.

It's no secret that the cost of education is on the rise, and it can sometimes be hard to swallow the expense you may incur if you decide you want to attend college. Here at Granite State College, we offer affordable college study that is flexible and convenient. 

That being said, your education here at Granite State College is still an investment, so it is important to make sure you are ready to make the financial commitment associated with going to school.

Here are a few tips to help manage your expenses:

1. Think about the degree program you are interested in. How much does a career in that field usually pay? This is important to consider, because it will give you an idea of what you should realistically borrow if you need to use loans to pay for your education. By knowing roughly what you will make in your career field once you graduate, you can make sure to borrow responsibly so you do not end up having more loans than you are able to handle financially when the time comes to pay them back.  

2. Always have an idea of how much you have already borrowed. Some students graduate and have no idea that they have been using loan money to pay for their education. By having a handle on how much you have borrowed, you will be able to prepare for making payments when the time comes.  Want to get an idea of what you payments will look like? Use the FinAid Loan Calculator.

3. Try to avoid using your refund checks for living expenses, if possible. I know this is easier said than done with the economy the way it is, but this will make a huge difference when the time comes to start paying back your aid, since typically these checks are made up of Stafford Loan money. If you do not need the money, it is always wise to send it back to your school, or use it to pay your lender directly in order to keep your loan amounts down.

If you need to supplement your income while going to school, consider participating in the Federal Work Study Program. This program allows you to work part-time at the school, or participating companies, and earn a pay check while giving you the flexibility to set your schedule around your classes. The pay is typically pretty good too, which is always a bonus! For more information on the Federal Work Study program, visit our website.

There's not doubt that trying to pay for college can be stressful; however, with proper planning, it doesn't also have to be a burden. Let us help you budget your expenses today! Feel free to contact the Granite State College Office of Financial Aid with any questions or concerns.

 

I was just in the middle of my Monday morning reporting when my phone rang. I picked it up to hear the sounds of a baby crying and a very frazzled woman on the other end. I discovered that it was one of our current students who had recently had a run of bad luck causing her to possibly have to withdraw from her evening college classes. She was heartbroken at the thought of having to withdraw from Granite State College, especially since she had been taking childhood education classes for over a year now, in hopes of earning her undergraduate degree.

After talking with her for a few minutes, I discovered that she had recently lost her job and was concerned about being able to pay for her classes since her previous employer had contributed to a good portion of the cost. She had never used financial aid before, and was unaware of her options.

I explained to her that we had many adult financial aid options available and assured her that we could get this situation worked out. I advised her that the first step to apply would be to fill out the Free Application for Federal Student Aid (FAFSA) as well as complete our Financial Aid Institutional Application.

I then explained that since the income she was going to report on the FAFSA would be based off the year previous, it would not show an accurate depiction of what her current financial situation is since she had recently lost her job. Because of the higher income being reported on the FAFSA, she may not be eligible for the Grant programs, which are the programs that provide students with money that does not need to be paid back.

Since she had recently had a drastic change to her income, it would be in her best interest to complete a Special Circumstance form. This form allows students to explain their current situation as well as provide documentation showing any changes so Granite State College can adjust their income listed on the FAFSA. This then allows the Department of  Education to have a more realistic picture of the student's financial situation which, in turn, can help the student receive additional financial aid.

The student was thrilled to hear that there were options available to her. She was going to start filling out the paperwork immediately and was happy to take my advice about filling out the Special Circumstance form. She mentioned that she originally chose Granite State College because of it's affordable college study, but now realized that we also provide support and guidance to students when they are confronted with the struggles of every day life, and she was truly thankful.

Hearing that made my job completely worthwhile. It always feels good when we are able to make a student's life a little bit easier!