Category Archives: Types of Financial Aid

Don’t Rely on Luck to Pay Your Way

Wouldn’t it be great if you could find that pot o’ gold at the end of the rainbow to help you pay for college?  As luck would have it, a free ride to college just isn’t in the cards for most folks. Your next best bet is to submit the FAFSA, or Free Application for Federal Student Aid. By submitting the FAFSA, you’re able to determine how much federal and state aid you may be eligible to receive to help pay for college.

Already submitted the FAFSA? It’s never too late to start applying for scholarships. Be sure to take advantage of the helpful information provided in UCanGo2’s Scholarship Success Guide to help you as you go.

Also check out these websites for scholarship opportunities: UCanGo2. org and OKcollegestart.org.

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Student Loans: Borrow Smart!

Once you submit your Free Application for Federal Student Aid (FAFSA), you’ll see a confirmation page that explains your next steps and gives you an estimate of federals grants and loans you may be eligible to receive. When you get your financial aid award letter from the college(s) of your choice, they will most likely include those loan amounts in their offer. Be cautious when borrowing student loans; you may not need all the loan money that’s offered to you. Student loan debt can grow quickly, and you must repay the full amount with interest. Search for grants and scholarships first to cover your college expenses, as they’re typically considered free money. Think of student loans as your last option to help pay for college.

If you must borrow student loans, do your research. ReadySetRepay.org offers information on all aspects of student loan management, as well as Borrow Smart From the Start, a guide to help you navigate student loan process from beginning to end. You’ll find tips on how to avoid or reduce student loan debt and the steps you’ll need to take if you’re having trouble with your loan payments. Students loans are an investment in your future. Remember to invest wisely by making smart borrowing decisions from the start.

Financial Aid Letter

The Free Application for Federal Student Aid (FAFSA) is an important first step in the financial aid process. After you’ve submitted the FAFSA, your college(s) of interest will process the information you provided and will determine your eligibility for federal and state aid. The college(s) will also calculate the loans and institutional scholarships you’re eligible to receive. The summary will be sent to you in an award letter, either electronically or via the U.S. Postal Service. Keep in mind, it takes time to process this information, so most campuses will send out aid offers in late March or early April for those starting college in the fall.

When your offer arrives, it’s important to read it carefully. You’ll be asked to accept or decline all or some of the offered financial aid. On your aid offer, you’ll see several different numbers, which are outlined below.

Cost of Attendance (COA): This is the estimated cost to attend your college for one year.

Expected Family Contribution (EFC): This number is used by the college to determine how much financial aid you’re eligible to receive. While the EFC is a calculation of all the information provided on the FAFSA by you and your parent, it’s most likely not the amount you’ll be expected to contribute. Want to learn more about the EFC? Check out our EFC Overview .

Award Package: The letter will list the types and amounts of aid the college can offer to you. You may see some of the following:

Grants: These are considered gift aid that can come from federal, state and tribal governments. Grants are usually based on financial need.

Scholarships: These can be based on need, merit or interests. They’re awarded by colleges, state agencies, companies, foundations, tribal and private organizations.

Federal Work-Study: This is an opportunity to work on- or off-campus to earn financial aid. Think of it as a part-time job specifically to pay for college.

Federal Student Loans: Loans are borrowed money to help you pay for college. Loans must be repaid, with interest.

Remember, you don’t have to accept all of the aid offered to you, especially when it comes to borrowing student loans. A monthly payment of tuition and fees during college may be a better option for you or your family than a loan payment with added interest after you’ve completed your education. To learn more about the different types of financial aid, check out our publication: Are You Looking for Money?

Talk with your family about your financial situation and decide how much financial aid and which types of aid you need to accept. Still have questions about the financial aid letter? Take a look at our new resource, Understanding Your Award Letter.


Financial Aid Awareness Month

February is Financial Aid Awareness Month! This is the time for you to learn all about the financial aid process for college.

What is financial aid?
Free Money

Federal and State Grants

Scholarships

Earned Money

Borrowed Money

How do I apply?

  • Complete the FAFSA (Free Application for Federal Student Aid)
    • Apply every year you need financial aid for college
    • Apply on or after October 1
    • Complete your application online at FAFSA.gov
    • Create an FSA ID to access and sign your FAFSA

How will I know how much financial aid I’ve been offered?

  • After your FAFSA has been submitted and you’ve been admitted, your school will send you an aid offer
  • Review and research all programs offered, and accept only the aid you need
  • You don’t have to accept everything you’ve been offered

To learn more about the financial aid process, review these tools on this site:

  • FAFSA Learning Modules
  • Finish the FAFSA in Five Steps
  • Dependency Questionnaire
  • FAFSA Fundamentals 2021-2022 PowerPoint
  • FAFSA Parent Flyer

You will also find these helpful FAFSA videos:

UCanGo2.org also offers many beneficial FAFSA resources:

  • The EFC (Expected Family Contribution) PowerPoint
  • The FSA ID (Federal Student Aid Identification) PowerPoint
  • The Financial Aid Award Letter PowerPoint

Learn more about Financial Aid Awareness Month here!

Spring Scholarships

Congratulations! You’ve finished your college applications and submitted your FAFSA (Free Application for Federal Student Aid.) Now it’s time to find scholarships! There are thousands of scholarship opportunities available based on a variety of criteria. So where do you find these scholarships?

  • UCanGo2.org: Here you can find scholarships organized by category and deadline. There are scholarships year-round, so be sure to explore the opportunities listed on this site.
  • OKcollegestart.org: Create a Scholarship Profile! You’ll answer questions about your education, goals and more. The profile will narrow down current opportunities that you qualify for!
  • Unigo.com: There are over 3 million scholarships on this website. Opportunities are available every month and the more scholarships you apply for, the better your chances of receiving free money.
  • Your college’s website: Institutional scholarships are often available at various times throughout the year. It’s a good idea to check the scholarship listings on your college website every week.
  • Your financial aid office: Check with your financial aid office to see if there are any new opportunities available at your college. They can also help you find more scholarship resources.

Some scholarships require essays while others only require transcripts and references. Be sure to double check requirements for each scholarship before submission. For a list of additional scholarship websites, see UCanGo2’s publication  Are You Looking for Money?

Make the Most of Your Holiday Season!

This time of year brings merriment and joy to those as they celebrate the holiday festivities. And while you’re enjoying a few weeks off from school, why not spend a little time preparing for college? If you’re currently a high school senior you should complete and submit your FAFSA (Free Application for Federal Student Aid) to apply for federal and state aid.

You should also do a little scholarship searching. Scholarships provide FREE money to help you pay your college expenses. Whether you’re in high school or college, scholarships are available to you. There are even awards for students in middle school and younger. You just need to do some research.

Below you’ll find links to some great festive scholarships to get you started.

Holiday Celebration Scholarship
Amount:  $1,000
Deadline:  December 31, 2020

Timber Works Tree Care Scholarship
Amount:  $1,000
Deadline:  January 18, 2021

Scholars Helping Collars Scholarship 
Amounts:  $1,500, $300, $200
Deadline:  February 28, 2021

Sweet and Simple Scholarship
Amount:  $1,500
Deadline:  February 28, 2021

Angel Scholarship
Amount:  Varies
Deadline:  March 1, 2021 (New posting in January)

Create-A-Greeting-Card Scholarship
Amount:  $10,000
Deadline:  March 9, 2021

National Candy Technologists Scholarship
Amount:  $5,000
Deadline:  April 3, 2021

Flavor of the Month Scholarship
Amount:  $1,500
Deadline:  July 31, 2021  

Ornament Scholarship
Amount:  $1,000
Deadline:  Watch for new 2021 scholarship posting

Sugar Spun Run Scholarship
Amount:  $500
Deadline:  Check for new scholarship posting on Jan. 1

Have You Submitted Your FAFSA?

The Free Application for Federal Student Aid (FAFSA) for next fall became available Oct. 1. That means people are applying for financial aid almost a year before they’ll need it for college. It’s a long time until the next fall semester starts, so why is it so important to file now?

It’s best to file your FAFSA as soon as you can once it becomes available. While some types of financial aid are available year-round, other forms are not.

Federal Work-Study
Work-study is a type of aid that is earned, rather than borrowed. Your eligibility is determined by your financial need. Students use the money they earn at a part-time job to pay toward their college expenses. There is a limit to the number of work-study jobs available each semester, so if you don’t submit your FAFSA early and answer yes to the “I’m interested in work-study” question, those jobs could all be filled before you start the school year.

Oklahoma Tuition Aid Grant (OTAG)
OTAG is a grant funded by the state of Oklahoma for students who are Oklahoma residents and will be enrolled at an Oklahoma college or technology center. It’s an example of first-come, first served aid because it’s funded only once a year. Typically, OTAG receives more eligible applications than can be awarded with available funds, and how early a student applies can be the deciding factor in whether that student is offered an OTAG award. To apply, you simply have to complete a FAFSA. Your eligibility for OTAG is determined by your financial need, and the amount of the award is $1,000 ($500 in fall and spring).

Oklahoma Tuition Equalization Grant (OTEG)
OTEG is also funded by the state of Oklahoma, and goes to students who demonstrate financial need on a first-come, first served basis. Recipients must be Oklahoma residents. To receive this grant, your annual family income must be at or below $50,000, and the grant can only be used at an approved private/independent, not-for-profit postsecondary institution in Oklahoma. OTEG funds are sent to the approved institutions; students to be awarded OTEG will be selected and notified by the institutions. The grant pays $2,000 ($1,000 in fall and spring).

Visit OKcollegestart.org to learn more about OTAG and OTEG and a list of approved OTEG schools.

Be sure to submit your FAFSA as soon as you can. You don’t want to miss out on these chances for earned and free money for college that doesn’t have to be repaid!

National Scholarship Month

November is National Scholarship Month! Scholarships are, what we like to call, free money. This means you don’t have to pay them back after college. What’s the first step in receiving free money? Start by completing the Free Application for Federal Student Aid (FAFSA). Some scholarship applications are determined by financial need and require proof of a completed FAFSA.

Next, it’s time to start searching for scholarships that you qualify for. We encourage seniors to apply for 2-3 scholarships a week starting now. There are billions of dollars in scholarships available to students, so the more applications you submit, the higher your chances are to receive free money. 

Each scholarship has its own requirements and qualifications. Some scholarships are merit or financial based while others can be based on skill or religious affiliation. Always follow directions and double check that you have all of your required documents. If an application requires a recommendation letter, make sure you give your mentor or teacher plenty of time to write it.

There are many different resources for finding scholarships. We suggest you start with UCanGo2.org and OKcollegestart.org. Both of these websites have regularly updated scholarship databases. Make sure you create a Scholarship Profile on OKcollegestart. You’ll share information such as your GPA, skills, hobbies, intended major, ancestry and more. The answers you provide will help narrow down available scholarships that you qualify for. If you need a little more guidance on the scholarship process, check out our new Scholarship 101 video.

Don’t get discouraged if you don’t receive a scholarship award. Keep applying! Get creative and ask local businesses, libraries and your school about additional scholarship opportunities. Your perseverance will pay off!

The FAFSA Is Now Available

The Free Application for Federal Student Aid (FAFSA) is now available!

It’s the key you need to unlock money that will help you pay for college or other education after high school. Students often ask if the FAFSA is a scholarship, it’s not. The FAFSA is simply a statement about a family’s financial situation, and it’s used to determine how much federal financial aid a student may be eligible to receive.

A new FAFSA is available October 1 each year. You can submit your FAFSA even if you haven’t applied to any colleges yet. In fact, if you’re not sure which college you want to attend, you can request that your FAFSA information be shared with up to 10 different campuses that you may want to learn more about. Every student who may need money for college for the 2021-22 school year should complete this FAFSA.

The current FAFSA is available online at FAFSA.gov.

Need some guidance to get started on your FAFSA? Check out our resources:

FAFSA in Five Steps: This publication explains the steps to completing the application and provides reminders for additional materials you might need.

FAFSA Modules: These five PowerPoint presentations walk through the details of each step of the FAFSA process.

FAFSA and Financial Aid Video: Sometimes it helps to hear someone explain the FAFSA process. Our new FAFSA video walks students through common FAFSA questions.

If you’re still wondering why the FAFSA is so important, keep in mind that during the 2018-2019 school year, $2.6B dollars in federal financial aid for college was left unclaimed by students. They would have been qualified to receive the aid, but they didn’t simply because they didn’t submit a FAFSA. Discover what you’re eligible for by submitting your FAFSA today!

FAFSA Reminders

It won’t be long before the 2021-2022 Free Application for Federal Student Aid, or FAFSA, is available. This application allows you to see your eligibility for multiple forms of financial aid.  To prepare for completing the FAFSA, make a note of opening day, use the correct website, gather the right materials and know what to expect during and after you submit your FAFSA.

Opening day. The new FAFSA will open on Oct. 1 and it’s important to submit your application as soon as possible once it becomes available. Certain types of aid, such as the Oklahoma Tuition Aid Grant (OTAG) and Oklahoma Tuition Equalization Grant (OTEG), are awarded on a first come, first served basis. To ensure you don’t miss out on any type of aid, submit your FAFSA early.

Free application. There aren’t any costs associated with submitting a FAFSA. Since the first “F” in FAFSA stands for Free, be sure you don’t pay to submit the application. You can make sure you access this free form by using the official website, FAFSA.gov. Remember, never pay to complete the FAFSA!

Necessary materials. You’ll want to gather the right materials before you start the FAFSA. You’ll need your Social Security card, driver’s license, your parent(s) 2019 tax returns and W-2 forms, and other financial documents detailing your family’s income. Additionally, you’ll need a personal email address instead of a school-issued one. A personal email address allows you to access important updates even after you graduate. Another necessity is an FSA ID. This is your username and password to log in and sign the application. You and one of your parent(s) will need an FSA ID. While the FAFSA isn’t available until Oct. 1, the FSA ID can be created anytime. It’s best to create your ID before starting the FAFSA. You can do that today by visiting fsaid.ed.gov.

What to expect. It can take up to an hour or longer, depending on your circumstances, to complete the FAFSA. Allot plenty of time to submit the form. Your FSA ID and application Save Key (a temporary password you create) allow you to save your application and return at a later date to finish. If you must complete the FAFSA in multiple sessions, be sure to click “Save” before closing the application. When reporting income information, use the IRS Data Retrieval Tool if possible. This tool allows you and your parent(s) to transfer tax return information from IRS.gov to FAFSA.gov. You’ll have to enter other financial information into the FAFSA, but using this tool can help save time and avoid entry errors. Once you’ve submitted the FAFSA, it will take 3-5 business days to process. Your college’s financial aid office will notify you if additional documents are needed. After your application has been processed, you can access your Student Aid Report, or SAR. The SAR is a summary of all your FAFSA answers. It’s important to review your SAR once it’s available to check for errors. Some scholarship programs may require the SAR as a part of the application process.

Submitting your FAFSA is a big part of college planning. Preparing for it in advance can make for a better experience. For more information about what to expect on the FAFSA, visit studentaid.gov.