Paying for college can often feel intimidating. While financial aid may be available, many students and families don’t know where to begin. Too often, families may have unrealistic expectations for what financial aid can do for them, or they may even miss out on aid that was well within a student’s reach.
We spoke with Monique Gonzales, PLNU’s Senior Undergraduate Advisor for Student Financial Services, who has been helping families understand financial aid since 2015:
“I did my undergrad and graduate programs at PLNU,” she explained, “so I’m very familiar with having to pay for school. Unfortunately, a part of my background is not doing financial aid well.”
Wanting to help equip students with the resources to avoid making the same mistakes she did, Gonzalez offers a four-step list of understanding financial aid, informed by her expertise, resources from the Department of Education, and other helpful information.
The Philosophy of Financial Aid
Gonzales often begins her meetings with potential students by explaining what financial aid is — as well as what it isn’t.
Financial aid is money that’s available to help students and families pay for college tuition. It’s important to manage expectations with what financial aid covers.
“I think a lot of people have this conception that financial aid is supposed to take care of the bill,” Gonzales said. “In reality, it doesn't take care of the whole bill. It aids and it assists families. That’s how legislators and institutions look at it, and how policy is made around financial aid.”
__________
Who are you called to be?
Pursue your purpose at PLNU.
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Financial aid’s purpose, Gonzales says, is to assist families beyond their capacity. College education does have a large out-of-pocket cost, but colleges do want to enrich students’ lives and help them have successful academic careers. A big part of that is making college as affordable as possible for each student.
The Specifics of Financial Aid
There are generally four types of financial aid available for students: scholarships, grants, federal work-study, and student loans.
Scholarships
Scholarships are merit-based financial aid that students are not required to repay. They are awarded based on students’ accomplishments in areas like academics (GPA and standardized test scores), extra-curriculars (like sports or fine arts), or other achievements. Outside scholarships are also available, rewarded by various organizations. Each scholarship has different requirements, so every prospective student should research which scholarships are available.
“Opportunities and outside scholarships exist for anyone who's applying as long as you meet their criteria,” Gonzalez said. “You can apply to as many as you want.”
Click here for PLNU’s list of merit-based scholarships, here for PLNU’s endowed scholarships, and here for a dynamic list of outside scholarships.
Grants
Grants are need-based financial aid. Some grants are available from the Department of Education; some are available from the university itself. Filling out the Free Application for Federal Student Aid (FAFSA), you can determine which grants (if any) are available to you. More information about the FAFSA is listed in the “How to Apply” section below.
Federal Work-Study
Federal work-study takes different forms at different colleges, but it usually involves the student working in some form for the university. Work-study is unique in that it is self-help aid. To receive work-study at PLNU, students must apply for an on-campus job. If hired, PLNU will pay the student directly, rather than giving it toward the outstanding tuition. There are almost always open positions listed on PLNU’s Workday server, accessible from the student portal.
Student Loans
Student loans are sums of money borrowed from the U.S. Department of Education that must be paid back with interest. They are a form of need-based aid. Eligibility for direct subsidized loans is informed by a student’s FAFSA. It’s imperative to thoroughly research student loans to keep track of maximum loan amounts, interest rates, and important dates. StudentAid.gov has more information about student loans, including types of student loans and limits for each.
Military aid is also available at PLNU and many other colleges. Click here for a listicle overview of PLNU’s Financial Aid.
How to Apply for Financial Aid
The best first step to applying for financial aid is filling out the Free Application for Federal Student Aid (FAFSA). Students should ideally fill this out with a parent or guardian to help them calculate their household assets (If the student is living alone and expecting to pay for college themselves, they should still consider contacting a parent, guardian, counselor or other trusted family member to assist them). Students planning to start college immediately after high school should complete the FAFSA during the fall of their senior year or before.
A key element to the FAFSA is the Expected Family Contribution (EFC), which is a projection of how much the student’s family will owe.
It’s noteworthy that the Expected Family Contribution will be replaced by “Student Aid Index” starting in the 2022-23 application season. Click here for commentary on why this is a positive replacement.
The FAFSA helps academic institutions calculate what the student’s household is able to contribute so they can determine how much aid is available for them, both federally and from the individual college.
“The FAFSA is our first stepping stone,” Gonzales said. “We need that information to understand where the family is financially. Then we’ll know whether we can award federal aid, but also know if the student can qualify for need-based aid from the school itself.”
Students will qualify for merit-based aid as they send in their applications, since SAT/ACT scores and cumulative high school GPAs are required to apply.
If admitted, the student will be assigned an academic advisor. These advisors — like Gonzalez — are great resources to help you set up appointments with Student Financial Services (or the equivalent, if applying to another college). Each student is required to meet with SFS to help them understand their payment plan. Students should report outside scholarships to SFS to help ensure that each scholarship is applied to their tuition.
Developing Good Habits With Scholarship Applications
Applying for financial aid can be intimidating and challenging, but it’s worth the effort. Not only can your efforts help you save on college, but it can also develop great habits for the future.
Gonzalez remembers one student she met with last year who had an astonishing 16 outside scholarships, more than Gonzalez had ever seen.
“That student wasn’t extraordinary,” Gonzalez explained. “It’s not like she had a 4.8 GPA. She just put in the work, and it paid off.”
Gonzalez believes it would benefit high school students to use their spare time to look for scholarships. Even taking an hour or two each week to seek out and complete scholarship applications or essays can result in earning hundreds or thousands of dollars with scholarships.
“The student I talked with probably spent a week or so — probably 20 hours total on those scholarships,” Gonzalez said. “And she is reaping such a benefit from a small amount of time doing those applications. Outside scholarships are a great thing for students to focus on.
“It takes some discipline, but you can find a way to incorporate it into your lives, taking an hour or two on the weekend, without making it this huge feat.”
Applying for financial aid can be intimidating and challenging, but it’s worth the effort. Not only can your efforts help you save on college, but it can also develop great habits for the future.
Gonzalez also recommends utilizing a calendar or planner for important dates. This is handy for keeping track of financial aid or application deadlines, and it’s also a great habit to continue in college.
Whether applying for scholarships or applying for on-campus jobs for work-study, don’t be afraid of a few rejections. Having an application rejected isn’t the end of the world, and it’s good to challenge yourself. It’s worth it to try, and perseverance is a valuable trait to develop in college and beyond.
If you’ve applied to PLNU, or you’re just starting to consider college, it’s never too early to prepare for financial aid. PLNU’s Admissions and Student Financial Services offices would love to chat with you and help you to invest in your future.
Click here if you’re interested in applying to PLNU.
Here’s a link to PLNU’s Student Financial Services.
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