Category Archives: Financial Need

Living on a College Budget

Before your first day of college, it’s important to consider creating a budget for the upcoming school year. If you know how much financial aid you’ll receive, evaluate your other monthly expenses that are a priority. You may have responsibilities such as car payments and maintenance, cellphone service and miscellaneous items. Remember that financial aid can only be used for educational, and some living expenses, so a budget can help with planning for other important purchases. Here are a few tips to assist with developing a budget while in college.

Talk it out. Talk to those who are helping you pay for college. Whether it’s a parent or guardian, conversing with those who are supporting your educational pursuits allows expectations to be set for everyone involved. Even if you’ll be supporting yourself financially in college, inform others that you’ll need to be wise with managing your resources and may not be able splurge on certain items or activities. Talking it out allows everyone to be on the same page.

Essentials first, fun second. When developing a budget, account for necessities first, – housing, transportation, utilities etc. – then designate money for entertainment. Using this order can ensure your living needs are taken care of while still giving you room to enjoy leisure activities. Some college campuses host many fun, free events that could make the most of a small entertainment budget.  

Discounts and sales help. Check to see if your favorite stores offer a college student discount, as many companies do. While this tip may not directly relate to developing a budget, it can help you stick to the one you create. Clipping coupons along with shopping on sale can also assist with managing your finances. Browse retailers’ websites or apps for coupons and sales that may help with purchasing items on your shopping list.

Avoid budget busters. Daily coffee runs or trips to the vending machine can eat away at your budget. You don’t have to stop these altogether, but limit yourself to one or two splurges a week. Buying a coffeemaker and snacks from the grocery store can minimize the impact of these habits on your budget. Additionally, instead of eating out often, utilize your college meal plan or pack a lunch. You can see what habits are busting your budget by using a budget tracking app. Trackers can show your spending behavior and give you insight to routines that may need to change.

To learn more about tips for budgeting while in college, visit OklahomaMoneyMatters.org.

Oklahoma’s Promise Deadline

If you just completed the 8th, 9th or 10th grade, be aware of a very important deadline that’s approaching quickly! In order to apply for the Oklahoma’s Promise scholarship, your application must be postmarked on or before June 30, 2021.*

The current application requirements for high school sophomores are as follows:

  • Must be an Oklahoma resident
  • Application must be received on or before June 30, 2021 *
  • The parents’ federal adjusted gross income must not exceed $55K per year. ǂ

In order to receive the scholarship, you must also graduate from high school with an overall grade point average (GPA) of 2.50 or higher and a separate GPA of 2.50 or more in the 17 curriculum units required by Oklahoma’s Promise.

Even if you’ve decided college isn’t for you, be sure to apply if your family qualifies. By missing this deadline, you’d be closing the door to an opportunity to have some or all of your college tuition paid by the Oklahoma’s Promise scholarship program. Keep the door open!

One more thing: Be sure to submit a Free Application for Federal Student Aid (FAFSA) on or after October 1 in your senior year. Oklahoma’s Promise requires that you submit a FAFSA for each year that you’ll be attending college.

*Homeschool applications must be postmarked before the student’s 16th birthday.

ǂ Special income provisions may apply to children adopted from certain court-ordered custody and children in the custody of court-appointed legal guardians as well as families receiving Social Security disability and death benefits.

Oklahoma 529 College Savings Plan

While you’re exploring the many options available to help you pay for college, keep this in mind: It’s much less expensive to save for college than it is to repay student loans–with interest. One savings option you’ll want to check out is the Oklahoma 529 College Savings Plan (OCSP). Here are a few benefits of the OCSP:

  • It’s a tax-deferred account
  • Multiple family members and friends can contribute to the account on your behalf
  • It can pay for more than just tuition (covers fees, some room and board costs, etc.)
  • It can be used at any accredited college in the U.S., and even certain colleges abroad
  • Up to $10,000 can be used annually toward K-12 tuition
  • There are several contribution options available that make adding to your OCSP easy and convenient
  • An OSCP can be opened with as little as $25, and subsequent deposits can be as little as $25
  • Contributors can deposit a maximum total of $300,000 to your account.

To see the huge difference between saving and borrowing to help you pay for college, read Saving vs. Borrowing at OK4Saving.org.

Visit OK4Saving.org to learn more about the 529 plan or to open an account.

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.


¿Habla usted español?

In our continuing efforts to ensure that all Oklahoma students and their families have access to valuable college planning information, the Oklahoma College Assistance Program is offering helpful publications and tools in Spanish. We’ve also included information about Oklahoma’s Promise, an amazing scholarship opportunity that covers college tuition or students who qualify.

College Planning
¿Estás planeando ir a la Universidad?
(Are You Planning to Go to College? – flyer)

FSA ID
Instrucciones para sacar una FSA ID
(FSA ID worksheet – flyer)

  • Guides students and parents through the process of creating the FSA ID, a username and password used to sign, submit and edit the Free Application for Federal Student Aid (FAFSA). Space is provided to write down the answers given in each field.
  • FSA ID worksheet, Spanish

FAFSA Video
La FAFSA en 5
(The FAFSA in 5 – video)

Oklahoma’s Promise Resources
La Promesa de Oklahoma

Did you know that the FAFSA is also available in Spanish? Simply click Español in the top right corner of the home page at fafsa.gov to begin your application.

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?

New Year, New Goals

Welcome, 2021!

Optimism is in the air! You’re ready for new beginnings and opportunities to change some habits in order to achieve your goals. In addition to health and financial goals, there are some helpful academic goals that will give you a jump start in the new year.

Federal Financial Aid: By completing the Free Application for Federal Student Aid (FAFSA), you’re investigating your eligibility for different types of federal and state financial aid to help you pay for college. The FAFSA for the 2021-22 college year is now available, so be sure to submit it ASAP at FAFSA.gov. We encourage you to “start with FAFSA,” and then continue seeking scholarship opportunities throughout the year.

Scholarships: Not sure how to start your scholarship search? Here are some ideas:

  • Check out UCanGo2.org for new scholarships by category and by deadline.
  • While you’re there, take a look at the Scholarship Success Guide to review tips for applying for scholarships and find a list of additional scholarship search websites.
  • Create a profile on OKcollegestart.org to view scholarship applications that are the perfect fit for you. It’s important to apply for as many scholarships as possible year-round, so make a habit of applying for 2-3 scholarships a week.  

Study Habits: While the FAFSA doesn’t take your grade point average (GPA) and class rigor into consideration, schools will look at them when considering your eligibility for academic scholarships as well as acceptance to their school. Your grades in college will also determine if you can maintain certain scholarship offers from year to year. To start or improve good study habits, check out the tips listed in The Perfect 10 Study Habits Guide.

Extracurricular Involvement: Many colleges will also ask if you’ve participated in any school or community programs outside the classroom. Join a club or volunteer in your community after school hours. Not only will your involvement look impressive on a college application or a resume, it will also give you opportunities to serve others and make a difference in your community. Are you already in college? Join a club or find opportunities in your community to share the skills and knowledge that you’re developing. Whether you’re still in high school or you’re headed into the career field, extracurricular involvement is an important commitment to make in the new year.

Happy New Year! Be sure to share your optimism with everyone around you!

The New FAFSA Mobile App

Have you completed your 2021-2022 FAFSA yet? If not, now’s the time! In fact, you can complete this important financial aid application directly on your phone or tablet.

The new myStudentAid mobile app has recently been released with an updated look and a variety of new tools provided by Federal Student Aid (FSA). This app offers a more user-friendly design, as well as a Financial Aid Summary that allows you to keep track of your student loan and grant history. It also offers the ability for borrowers to track their loan repayment progress.

To access this tool, students, parents and borrowers will need to download FSA’s myStudentAid app. From there you can set up your FSA ID, or use your current ID to complete and submit your FAFSA as well as take advantage of these new features. Check out the updated myStudentAid app today!

Mobile phone screenshots of the app