Rising college costs have parents and students concerned about paying the nearly $20,000 yearly price tag to attend a public university in Michigan - but financial aid is available in the form of loans, grants, scholarships and more to help cover all or part of the cost.
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Not sure where to start? Don’t worry: Help in finding out what’s out there is on the way.
Sheryl Krasnow is a counselor for College and Career Counseling Associates Inc., and she’ll discuss college financial aid options during the free program, “Dollars for College,” at 7 p.m. on Nov. 12 at the Sterling Heights Public Library, located at Dodge Park and Utica roads.
“This year, I’m seeing that there are more people concerned about (financial) aid and about getting money for college,” Krasnow said. “Also, I’m hearing from people who have students already in college about what will they do next year, with all the layoffs and buyouts.”
Although Krasnow does not work for any college or university, she recommends everyone talk to their schools’ financial aid officers - who she said are doing a good job.
Until then, Krasnow offers tips on how to locate and apply for financial aid in the form of what she calls free money, pay-back money and work money. Free money comes in the form of scholarships and grants; pay-back money is a loan; and work money involves work-study programs.
“There are people who are really, really concerned - and I am, too,” Krasnow said. “Where will the money come from?”
Some of the state financial aid programs might not be available in the coming years. The status of the Michigan Loan Program and the Michigan Tuition Grant remain uncertain at this point, Krasnow said, but she believes the Michigan Competitive Scholarship will stay as it is for now.
Krasnow recommends parents and students start looking into what financial aid is available when the student is in 10th grade, and begin exploring the cost and aid differences at different colleges by the second semester of their junior year.
“There’s a whole population who are clueless (about searching for available financial aid),” Krasnow said. “Kids are busy doing all kinds of things. So, yes, I think there’s a population that does not apply (for financial aid) and who do not know even where to begin. That’s sad.”
Therefore, she also suggests that each family fill out a Free Application for Federal Student Aid, or FAFSA form, between Jan. 1 and March 1 of the student’s senior year.
“I think every family should fill out a FAFSA, but many of them don’t,” Krasnow said. “They think they make too much money, or they have a cottage, or whatever.”
Forms can be found at www.fafsa.ed.gov. Krasnow warns that the site should not be confused with www.fafsa.com, which she said is a scam and not affiliated with the United States Department of Education.
What’s the biggest mistake that’s made most often when filling out FAFSA forms? Krasnow said it’s entering the wrong Social Security Number.
“It says to enter your Social Security Number and parents are often filling this out so they put their Social Security Number in instead of the student’s.” Krasnow said.
In addition, Krasnow said every educational institution offers merit scholarships - and other types of awards are available. She recommends visiting www.fastweb.com
“Dollars for College” takes place at 7 p.m. on Nov. 12 at the Sterling Heights Public Library, 40255 Dodge Park Road. Call 446-2640.
