Community College Financial Aid

A common misconception with students that are planning on attending community college is that you cannot get financial aid. Actually, the reverse is true. Community college financial aid is available to any student as long as you meet a few criteria. This article is aimed at clearing up some of the confusion with regard to financial aid for community college students and should give you a clearer picture of how to go about obtaining it.

The first thing we should clarify is the financial aid process itself.

When a student finishes the long college admissions process and gets accepted, he or she would then fill out the FAFSA, which stands for Free Application for Federal Student Aid. And yes, it is free! FAFSA is a Federal Education program that awards grants, scholarships and student loans based on the information that you provide them in the application. The more need you can demonstrate, the more aid you will get. That aid can be in the form of grants, scholarship money and/or loans for your schooling.

But the very first thing you need to do is fill out the FAFSA. This can be done by visiting the FAFSA website. However, you will need a few other documents such as your social security number, income statements and your parent's financial statements. Having those things together will save you time when you go to fill out the application for community college financial aid.

As mentioned before, when applying for community college financial aid the FAFSA will consider you for any type of scholarship, grant or education loan that you qualify for based on the financial information you provide.

Scholarships and Grants

Obviously, grants and scholarships are the two most sought after types.  Why?  Because you do not have repay those, and every family is looking for "free money" for college.  Be forewarned though!  It is very difficult to obtain community college financial aid in the form of grants and scholarships through FAFSA.  Those are usually reserved for the most needy families that can demonstrate their need by having a very low income, multiple dependents that are enrolled in school etc.  There are a number of factors that go in the calculation of who receives "gift aid". 

The bottom line is that you shouldn't expect any type of free aid.  If happen to be one of the few who are awarded a grant or scholarship, then good for you!  Use it wisely!

FAFSA Student Loans

The other type of community college financial aid is in the form of FAFSA student loans.  Once you've applied, the Federal Government will let you know what you've qualified for.  The vast majority of students will have only qualified for FAFSA student loans, which could be subsidized or unsubsidized.

The subsidized FAFSA student loans are money that you can use for tuition and educational expenses, but you have to pay back that loan.  The good thing about the subsidized loan is that it is free of any kind of interest.  So for the life of that loan, you will not be charged anything more than what you borrowed, which is a fixed dollar amount based on the cost of your schooling and other factors.

The unsubsidized FAFSA student loans are the same as the subsidized, with one exception.  Unsubsidized loans require that you pay back the loan, with interest.  So, the longer it take for you to repay your student loan, the more money will be added to the total due to the interest accrued.

Both types of FAFSA student loans are good examples of Community College Financial Aid that you can receive to help get you through school if you are in need of funds.

In addition to grants, scholarships and FAFSA student loans, there are a few other options for community college financial aid.

Private Student Loans

Usually, community colleges don't cost nearly as much as a 4 year college or university and you wouldn't have to get a private student loan. However, some banks and lending institutions are making their student funding options very attractive with lowered rates. The FAFSA student loans will have pretty low interest rates, but it doesn't hurt to explore all of your options. More likely than not the Federal Loan will be the way to go, but take a look at private student loans also. It can't hurt.

Local Grants

Some organizations offer grant and scholarship money for students that are active in their community. Church groups and local businesses are great examples. There are often religious scholarships available to students that are active members of their church. Also, the company that your parents work for may have a scholarship or grant program. Have them get information or inquire about these types of programs. Not all churches and companies have them, but again, it doesn't hurt to ask! Also, another free resource that will aid in your scholarship and grant search is Scholarship Points.

Community College Financial Aid can come in many forms. You're first order of business is to fill out the FAFSA application and see what you qualify for. It will probably be one of the FAFSA student loans, but you may get some "gift aid" out of it also. Keep your options open and look into some alternatives for funding your college education. Just because you chose to attend a Junior College doesn't mean you can't get community college financial aid!