by Kathy Sweeney, NCRW, CPRW, CEIC, CCM

Have you been recently downsized and want to go back to school? Are you having trouble paying for your education? Have you ever wondered who qualifies for Financial Aid? Confused about all the different types of financial aid? If you answered "yes" to any of these questions, then we may have some answers.

Financial Aid is separated in two categories: Federal Aid and Scholarships. Both of these categories have their own process that must be followed to qualify.

Federal Financial Aid is divided into two categories: Pell Grants and Federally Backed Student Loans. Pell Grants consist of money that is provided to the student based upon need, which does not have to be repaid. Federally Guaranteed Student Loans, including subsidized and unsubsidized Stafford loans, are available to all students. These loans are repaid to the financial institution from where the money is borrowed. While not every student is qualified for a Pell Grant, every student can borrow money for their education.

Scholarships are monies made available through certain organizations or educational foundation grants that may be set-up by individuals or companies. In addition, fee waivers may be available for students in the athletics or honors programs. These scholarships or fee waivers are not based upon income needs, but rather a certain set of criteria, which are established by the benefactor. These could include GPA, participation in school organizations or community involvement.

In order to apply for Federal financial aid, you must complete a Free Application for Federal Student Aid (FAFSA). The FAFSA application can be found on the web at www.fafsa.ed.gov or in the financial aid office on campus in paper form.

The deadline for this application is June 30th, prior to the start of the fall semester in August and November 1st prior to the start of spring classes in January. Completing your FAFSA information early will ensure the process is completed prior to classes starting. However, you may be able to apply once you have started your semester, but you will need to pay for your classes and then you will be reimbursed if you qualify.

The information needed to determine if you qualify for Federal financial aid is income earned in the prior year, any investments which could be used for education, the number of people in your household (dependents) and your anticipated cost of attendance based upon the number of credits you are enrolled in.

In addition, a determination will be made whether you are a dependent of your parents. This status can affect your eligibility for financial aid. In the State of Arizona, you are considered a dependent until the age of 24, unless you are married, are a veteran, have a dependent other than a spouse that you are responsible for 50% of their support or are a ward of the court. Be prepared to provide any information that proves these exceptions.

Students must be accepted by an accredited institution and registered in a degree or certificate program. All students must be registered for classes prior to release of any financial aid funds. Financial aid is based each semester on the number of credits for which you register.

The "Minimum Required Credits" is listed on the Financial Aid Notification letter. Full time assistance requires 12 or more credits per semester, three-quarter time is 9-11.99 credits, half-time is 6-8.99 credits, and less than half-time is 1-5.99 credits. To maintain your financial aid you must be making satisfactory academic progress and complete 2/3 of the classes you attempt. For a complete explanation of these terms, page 19 of the SCC course catalog defines these criteria.

Students need to realize that financial aid is not free money. The biggest problem encountered are students who borrow too much money and are unable to repay the loans in the future.

When determining how much you will borrow, ensure that the earning potential to repay the loans is practical with the degree you choose or borrow only what you need. Student loans are reported on your credit report and you cannot claim these loans in a bankruptcy proceeding. If you borrow the money, you will be required to pay it back.

After you have completed your application, you may be notified that you must provide additional information. If this happens, comply with the instructions on the letter. If you do not supply the information immediately, your financial aid may be denied or delayed.

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