8 Questions about Applying for Financial Aid

Let’s face it…talking about financial aid is probably not at the top of your to do list, but it should be.

Figuring out how to pay for your education is an important part of getting ready to go to school. Each Carrington College campus has a Student Finance department to help you, offering guidance and plenty of top notch information, but here are a few questions (& answers!) that we’ve rustled up for you to get started.

Why might I need financial aid?

If you don’t have money saved up, or don’t have a support system to help you pay for school, you may need to look for a way to help you pay your educational expenses.

What are my options?

The Student Finance team will discuss all the options they’re aware of to help you finance your education through federal, state, institutional and private resources.[1] Their job is to help you understand all the options out there.

Is there a way to get my education completely paid for?

Great question, but typically not…remember, your education is an investment! Did you know that federal grants and scholarships don’t need to be repaid, while federal and/or private loans do? Most of you will complete a Free Application for Federal Student Aid (FAFSA^®). The FAFSA^® is the first step in applying for financial aid. A Student Finance advisor will give you all the info they have available, so you can decide.

When should I first meet a Student Finance advisor?

That’s up to you. Some students go in after they’ve enrolled and ask, ‘How are you going to help me make this happen?’ Others go before they enroll to get an understanding of their options before they start classes.

What generally happens next?

That’s also up to you. You can set up a follow-up appointment with the Student Finance team, or you can do it online yourself in your own time. After the FAFSA^® is processed, the advisor will discuss whether you qualify for federal aid or other resources.

If you’re interested in applying for financial aid, who’s responsible for completing the FAFSA^® application?

You are! We know it’s a complex subject, and while it’s your job to complete and submit all the required forms and applications, the advisors will help guide you to answers.

When does a loan need to be repaid?

Normally federal loans start to require repayment six months after you have graduated, dropped below half-time attendance or leave school. Some private loans require monthly payments while you’re still in school.

Does my GPA effect my financial aid while at school?

Yes, so it’s important to keep good grades if you can. If you do fall behind, you’ll get time, typically a term, to bring your GPA back up.

It’s not scary.

Financing can feel a little scary, but when you sit down with someone who can help you with the numbers out in front of you, you’ll get a good idea of what’s going on. You’ll also know what will happen once you leave school and have to start paying loans back.

Still have questions? Talk to your nearest Carrington College student finance team to get the scoop.

[1] Student loans, grants and scholarships are available to those who qualify

Important information about the educational debt, earnings and completion rate of students who attended these programs can be found at carrington.edu/GE.

FAFSA® is a registered trademark of the U.S. Department of Education.