“It depends on how many scholarships I get, or if I get any at all. I might take out a few loans if it’s really expensive, but I’m not too worried. As long as I don’t have to sell my soul I think I’ll be good,” said senior Josh Reyngoudt. Reyngoudt is planning to attend the University of Arkansas to study Computer Engineering, and has only applied for one scholarship.
Students like Reyngoudt who attended the Financial Aid meeting on Nov. 10, were informed on the different types of aid they could apply for while applying for college. According to the Consumer Financial Protection Bureau, the total outstanding debt from student loans in the U.S. is $1.2 trillion, averaging about $30,000 of debt per student.
To avoid this debt, parents and students were informed on the types of grants, scholarships, and loans they could potentially qualify and apply for.
“I feel like I’m more prepared to pay for college. I plan on getting on as many scholarships as I can and using some of the great opportunities presented to me at the meeting,” said Reyngoudt.
The University of Arkansas mainly offers scholarships for students with ACT scores of 32 and over, National Merit Finalists, or students from underrepresented minority groups who have demonstrated academic leadership, leaving future freshman like senior Lindsey Priest searching for aid elsewhere.
“There’s always that fear in the back of your mind of not getting the funds you need and having to apply for student loans. Nobody wants to be in debt, but I mean, I’ll do my best,” said Priest. “It’s not that hard to find money, honestly. It’s just about putting in the effort to find it.”
Another source of financial aid open to qualifying students is FAFSA, or Free Application for Federal Student Aid. FAFSA is the form used by the U.S. Department of Education to determine your Expected Family Contribution by conducting a “need analysis” based on financial information, such as income, assets and other household information, which you will be asked to provide.
According to fafsa.com, all students should check with their school’s financial aid office to determine their exact FAFSA deadline requirements, and to file their FAFSA as soon as possible. When a student applies for FAFSA, they will have the opportunity to work with the college they’re planning to attend to evaluate how much aid can be awarded. Senior Job Bautista plans to apply for aid when it becomes available on Jan. 1.
“I’m just concerned that I won’t receive a sufficient amount to meet my financial needs,” said senior Job Bautista.
