Do you need money for college?
When planning how you are going to pay for your education, begin with financial aid available from the federal government. Aid is available through grants (money you don’t have to repay), work-study programs that provide part-time jobs on campus to earn money to help pay educational expenses, and loans (this is money you will have to repay, with interest). It is important for you to understand financial aid, so learn the difference between these three types of aid.
The first step in applying for federal financial aid is to complete the FAFSA® (Free Application for Federal Student Aid). If you aren’t sure you even qualify for aid then check here. It is probably wise to always take the time to fill out the FAFSA as it will also give the institution you are applying to a better idea of how they might be able to help with financing your education.
Now you understand the three types of Federal Student Aid, don’t overlook scholarships! Make sure you have explored the tab “Funding Opportunities at ECU” for scholarships (free money!) offered in your field of study. But you must apply! Someone is going to receive that free money – and it could be you...so apply!
What exactly is a scholarship? It is free money given to deserving students who apply! There are hundreds of scholarships available, but you must make the effort to apply. If you want even more resources, check this out! No scholarship amount is too small! They add up, so APPLY!
Types of student loans.
Now that you have filled out the FAFSA and have been notified of how much aid you are eligible to receive, and applied for the free money available through scholarships, you may determine that you need to borrow money for educational expenses. It is essential that you have a clear understanding of the obligation you are committing to before you apply for a loan. You will have to pay back the loan with interest added (whether federally or privately funded) so be financially savvy and understand the process related to student loans and borrowing money.
Is there a difference between a federal student loan and a private student loan? Absolutely! Make sure you understand the difference between the two types of students loans.
Responsible borrowing is an important component of being financially healthy, so a little research now will pay off in the long run...you’ll be glad you did! Federal Student Loans, Basics for Students is a great resource to help guide you to make wise financial decisions when exploring options to fund your education.
Complete, and file the FAFSA, determine what federal financial aid you are eligible to receive, identify and apply for scholarships through ECU and other scholarship opportunities found through your research, and lastly, apply for a federal direct loan or private loan, only if needed. If your schedule allows, don’t forget to explore work-study or regular employment opportunities with ECU's Career Center.
Are you an ECU Student?
Congratulations! You’ve almost completed the FLY@ECU Ground School! If you are enrolled in Freshman Seminar or another course that endorses the pursuit of financial literacy, then continue to the CashCourse tab under Ground School and begin your assignments. If you are increasing your financial literacy through self-study, then also continue to the CashCourse tab, create a free account, then choose the topic “Pay for Education”. You are on your way to charting a successful financial journey!
Financial Literacy Lingo...