Closing the gap in financial support
We know finances are often a barrier to education beyond high school. But we also know the positive impact that post-secondary education can have on an individual and their family.
Exploring Potential Sources of Financial Assistance
At The Chatfield Edge we don’t want potential scholars to avoid post-secondary education due to cost. Once enrolled, you shouldn’t be worried about going into debt when you should be concentrating on your studies instead.
That’s why we help scholars explore all potential sources of financial assistance:
- Are scholarships or grants available from the college or university?
- What federal and state grants and loans are available? Learn more.
- Are scholarships from corporations, foundations, and individuals available? Learn more.
- Are there family members or friends who may provide personal contributions?
- Is tuition reimbursement available at your job? What are the requirements?
Learn about Grants and Loans
Grants are awarded to qualified students demonstrating exceptional financial need. Grants do not have to be repaid if enrollment for the semester in which you receive the grant is maintained.
Pell Grant: Amounts vary based on financial need and status as a student (less than half-time, half-time, 3/4 time, full-time).
Federal Supplemental Educational Opportunity Grant (FSEOG): Based on financial need. Amounts vary based on eligibility and college resources.
Ohio College Opportunity Grant: Students must be an Ohio resident and have financial need as determined by FAFSA.
Typically, loans are funds provided by the federal government, schools, or private banks that must be paid back.
Federal Direct Loan
Direct Loans are low-interest loans for students and parents to help pay the cost of a student’s education. The lender is the U.S. Department of Education, rather than a bank or other financial institution. Most students who file a FAFSA will be offered a Federal Direct Loan. Repayment begins six months after the student graduates, attends less than half time, or stops attending college.
Federal direct loans taken out by the student are the responsibility of the student and not the parent.
Subsidized? Or unsubsidized?
You may be wondering the difference between a Direct Subsidized Loan and a Direct Unsubsidized Loan. Both are low-interest federal student loans that can help you pay for the costs of college or career school. But it’s important that you understand how they’re different so you can make the best choice. Find out.
Parent Federal Direct Loan (PLUS Loan)
The PLUS Loan may be available to parents of dependent students to help cover the cost of education. This fixed-interest loan is based on credit approval. Repayment starts immediately after the final disbursement. Parents have the option to defer the loan up to six months after the student graduates, attends less than half time, or stops attending college. To apply for this loan, a parent will need to log in to studentaid.gov and click “Apply for a Parent PLUS Loan”.
Note: The U.S. Department of Education is the lender for both the student and parent direct loans.
Application Requirements for Direct Loans
- File your FAFSA (Free Application for Federal Student Aid)
- Federal regulations require that all first-time borrowers complete a direct loan entrance counseling and a direct loan master promissory note online at studentaid.gov before receiving funds.
- Current students who have previously borrowed through the Federal Family Education Loan Program will only have to complete a master promissory note.
- Upon graduation or dropping below half-time status (6 hours), borrowers are to complete a direct loan exit counseling online at studentaid.gov to review the terms and total indebtedness of their loans before repayment is scheduled to begin.
Finding Scholarships
Scholarships are gifts of money to help pay for your education. They don’t need to be repaid. There are thousands of them, offered by schools, individuals, companies, communities, religious groups, and organizations.
A scholarship might cover the entire cost of your tuition, or it might be a one-time award of a few hundred dollars. Either way, a scholarship will make your education more affordable.
Scholarships are awarded for lots of reasons. For example, you may be eligible for a scholarship due to:
- Your grades
- Financial need
- Because you are a member of a particular group: (e.g., military family, first-generation student, your employer)
- Your field of study (e.g., students going into needed professions like teaching, nursing, science careers)
Everyone is eligible for scholarships. You just need to spend the time looking. To find scholarships available to you:
- Check with the college, university, or school you plan to attend. Many of them have a database of scholarships available for incoming students.
- Search more than 7,500 scholarships at CareerOneStop sponsored by the U.S. Department of Labor.
Search the web. Sites like Fastweb and Niche have all kinds of scholarships available – it just takes time to look for, and apply to ones that are right for you.
