Options available for financial aid
by Alicia Berger and
David Grace

Melissa Crenshaw, a TCC student, worries about receiving financial aid to help with college expenses.
“When I graduate from TCC in the spring, I will be going to a four-year college,” she said.
“I can’t start paying for the loan as soon as I leave because I won’t have the money or the time to pay it off,” she said.
With a sluggish economy, Crenshaw is not alone in her concerns about paying for her college education.
Most TCC students work one or two jobs to pay for school and everyday living expenses. Some receive financial aid, but others, like Crenshaw, have some concerns about getting aid.
Basically, Crenshaw worries about the long-term financial burden of an educational loan.
“I don’t want to pay a high interest rate on the loan and would rather work and pay for college now than pay more in the future,” she said.
Although these may seem like logical concerns, financial aid experts believe the idea of getting financial aid can be scary for students who do not have all the facts.
Samantha Stalnaker, NE Campus financial aid director, said Crenshaw’s concerns are common among students who want to receive aid.
Students should not worry about having to pay off the loan when they transfer to another school, Stalnaker said.
“When students go to another school, the loan will go with them,” she said.
According to Stalnaker, the loan payback period is generous.
“When the student graduates, or drops below half-time enrollment, he will have up to 10 years to pay off the loan,” she said.
Stalnaker also relieved Crenshaw’s concern about the interest rate for student loans.
“The interest rate changes each year,” she said, “but it will never exceed 8.25 percent. When the student starts to receive financial aid, the interest rate will be fixed on the percent that is set for that year.”
Financial aid, according to Stalnaker, is a good way to have a little more money now and pay for it later.
Students who want to see if they are eligible for financial aid can go online at www.fafsa.ed.gov or pick up an application at the financial aid office.
Scholarships are another way of gaining financial assistance.
Millions of dollars reserved for the sole purpose of education rest unclaimed and unused every year.
But with a little research, students can get their education paid for by the federal government and private institutions, financial aid workers advise.
“Scholarships are available to all students of any age, size, race and gender,” Dee Walker, NE student, said.
Walker works in the financial aid office as a part of the work-study program, which allows students to work up to 20 hours a week on campus.
“It’s a great way to earn money for your education,” she said.
As part of her job, Walker has daily contact with scholarships and their applicants.
“TCC offers approximately 50 scholarships per year, and not all of them are applied for,” she said.
Earning a scholarship takes time, dedication and determination, Dana Abert, NE financial aid assistant, said.
“The first thing to do is to go to your local financial aid department and pick up lots of handouts,” she said.
Abert is all too familiar with the preparations and procedures concerning scholarships.
“When applying for a scholarship, come with your FAFSA (Free Application for Federal Student Aid) already completed because many scholarship qualifications are based upon a person’s income,” she said.
“Students should also pay attention to deadlines and make sure that they meet the criteria before applying,” she said.
Most scholarships will ask specific questions concerning an applicant’s future goals after obtaining a degree.
“In order to cut back on the number of essays you write, just get two or three working essays together using them over and over just tweaking them for different questions,” Abert said.
Keeping an inventory of application essays, Abert said, allows students to apply for numerous scholarships at the same time.
“You should also have two or three good referrals, one of which being a close professor who can give you a good recommendation,” she said.
No matter where a student wants to go to school or what he wants to do with his degree, Abert said money is available.
“There are tons of money out there. Just be persistent, and the pay off will be worth it in the end,” she said.