Proactive Plans To Manage Your College Finances
Financial Planning For College
The thought of paying for college can be daunting for students and parents. However, by taking an active approach to the process, parents and students can often reduce the stress and expense involved in funding their college experience. The three primary sources for financial aid are the federal and state government, the institution that the student will be attending, and third-party organizations or corporations.
Federal Aid and the FAFSA
To receive any federal or state aid through grants, loans, or work study, a student must complete the Free Application for Federal Student Aid. The FAFSA becomes available each year on January 1st and should be completed as soon as possible after that. Students will need their parent’s/guardian’s tax return information to complete the FAFSA so generally students should complete the form as soon as their parents have completed their taxes for the previous year. While the FAFSA may seem overwhelming, there are many free resources that can help with the application process.
State and Local Aid
State and Local Aid is offered by a variety of school, organizations, and businesses. The process of applying for these loans is time-consuming but can lead to tremendous financial help if a student is persistent. When applying for loans, keep in mind the following steps:
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Figure out what forms need to be completed- check with each school or organization for this information.
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Keep track of deadlines and documentation submitted.
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Complete the tax filing process as soon as possible. You do not have to file in order to apply for aid, but understanding your financial situation and having this information on hand is key.
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Consider any unusual circumstances that would affect the family’s ability to help the student pay for college. Scholarships and grants may be available based on these circumstances.
Online Scholarships Search Services
A great way to find third-party (not offered by the school or government) scholarships is through the use of online scholarship search services. These services are free to use and allow students set up a profile based on their demographic information and then receive notifications about scholarships that they may be eligible for. Do NOT ever pay for a scholarship search. There are many scams that try to solicit a fee for this service. Students should never pay a fee to apply for a scholarship. Here are some links to reputable college scholarship search sites:
Florida Bright Futures Scholarship Program
Students at Eagle’s View Academy have the opportunity to receive a Florida Bright Futures scholarship by earning the necessary grade point average in the required classes, making the minimum required score on the SAT, ACT, or CPT, and donating community service hours (not required on all levels of the scholarship).
Bright Futures Scholarship Requirements
- Seniors should apply at www.floridastudentfinancialaid.org in December of senior year.*
- Must also have completed a FAFSA in order to receive scholarship monies.
- Credits used for GPA calculation
- 4 English credits
- 3 Math credits (Algebra I and above)
- 3 Science credits (2 with a lab)
- 3 Social Science credits
- 2 Foreign Language credits
- May use up to 3 additional academic electives to raise GPA.*
| Florida Academic Scholar Award | Florida Medallion Scholar Award |
|---|---|
| 1290 SAT or 29 SAT | 1170 SAT or 26 ACT |
| 100 Hours Community Service | 75 Hours of Community Service |
| 3.50 or higher GPA | 3.00 or higher GPA |