The start of January is the unofficial start of the college financial aid craze. Although February is officially known as Financial Aid month, students can start preparing their Free Application for Federal Student Aid (FAFSA) after January 1. Understanding the financial aid process is the best way to secure money to pay for your education.

The financial aid office staff speaks a different language than most of us. You must learn that language to enjoy an effective and successful college aid search. Once you know the financial aid language, you can begin your search to fund your college education!

Important financial aid terms:
Expected Family Contribution (EFC) – This term refers to the amount of money your family has available to contribute to your college education. Schools base their aid awards on this number.

Free Application for Federal Student Aid (FAFSA) – This application determines your eligibility for all federally funded financial aid programs and institutional aid for some schools.

Merit-Based Aid – Not all aid is created equal. Merit-based aid is the competitive financial aid that evaluates your abilities in academics, athletics, artistic abilities or some other talent or skill. Anyone can receive these aid awards regardless of need.

Need-Based Aid – All need-based aid is determined by your family’s resources.

Federal Pell Grant – The Pell Grant is the largest grant program and is designed to help the neediest students gain access to higher education. The maximum award of a Federal Pell Grant is $2,500.

Work-study – Most students find it necessary to work at least part-time while they are in school. Work-study is a need-based program that provides work opportunities for qualified students. The Federal Government covers a portion of the wages for this program.

America is known as the land of opportunities. Increasingly, those possibilities are limited to those with higher education. Higher education is the key to realizing your life and career goals.

According to the U.S. Census Bureau, people with a Bachelor’s degree made an average of $51,206 annually in 2004, while those with high school diplomas made $27,915. Those without even a high school diploma made $18,734.

It goes without saying, then, that a college education can put you in a better financial place than simply earning a high school diploma, or failing to graduate from high school at all. Those struggling to complete high school might find higher education out of reach. But, if traditional education is not your speed, you should consider the many career colleges, technical schools and online degree programs available to help you earn a degree.

Career colleges and technical schools offer practical training that allows you to learn the skills you need to enter the workforce immediately. There is little need to take unnecessary classes that make earning a degree a four-year process at traditional colleges and universities. Earning a degree from a career college or technical school can lead to Associate and Bachelor’s degrees in top fields like Business, Healthcare, Computers or Criminal Justice in less time than four-year schools. In addition to saving time, students at career colleges and technical schools save money because they enter the workforce sooner.

Online degree programs work in a similar way by saving students time and money. Because students can attend school without quitting their jobs, they continue to generate income. The flexibility of distance learning also affords students the opportunity to study when and where it’s convenient for them.

No matter how you choose to pursue a degree, having a degree opens the door to greater career opportunities and financial security. It is one of the best investments you will ever make in your future.

Today’s military can jump-start your career and pay for your education, too. For people who enlist for four years in the military, the Montgomery GI Bill pays more than $36,000 toward your education at traditional four-year colleges as well as career colleges, technical institutes and trade schools.

Of course, not everyone will want to enlist for a full four years. If you don’t, there are still options you can use to earn a nice bonus for school, thanks to Uncle Sam:

Army ROTC is a college elective that combines classroom time with hands-on experience in valuable career fields, while teaching you leadership and management skills.

The National Guard is another way to pay for college. Each individual state offers various financial aid options or money for college, and your information technology skills will be put to use.

Why the Army National Guard?

Honor. Pride. Courage. Service in the United States Armed Forces have always been an honorable way to serve your country. By joining the Army National Guard, you can earn combined federal and state educational benefits like the Montgomery GI Bill and tuition assistance.

With the Army National Guard, you can make history while creating your future. You can earn college and university credits for Army National Guard training. Most important of all, you train for the challenges that lie ahead in life.

More Resources

Search4 National Guard
GI Bill Colleges
Military.com