With a plummeting economy plaguing families across America, an increasing number of teens are finding college educations inaccessible. But, on Feb. 2, Connecticut Sen. Chris Dodd released an online guide – The Resource Guide to Financial Aid – outlining different types of monetary assistance available to students and their parents.
While Dodd specifically published his guide to inform Connecticut students of possible aid from the state, he also includes information about grants, loans, and scholarships on the federal level. Dodd advises students to take advantage of federal aid if possible – specifically Stafford Loans – because of their set interest rates, which are typically lower than private loans.
The senator also lists a few different scholarships in his guide, like those awarded to minorities from low-income families or college students looking to teach.
The most important advice that Dodd stresses in his guide is to fill out the FAFSA (Free Application for Federal Student Aid) form by its deadline. For Connecticut residents, the deadline is Feb. 15 for the 2010 - 2011 school year.
“The FAFSA form is used to calculate your need for federal student grants, work-study opportunities, and loans,” Dodd wrote.
Sallie Mae, an organization that helps distribute financial aid, also encourages families to fill out the FAFSA application.
“A common misconception about financial aid is that only certain students qualify,” said Barbara O’Brien, Sallie Mae’s director of high school outreach, in an earlier press release. “In reality, virtually every U.S. citizen attending an accredited college is eligible… you just have to apply for it.”
Tatiana Mercado, a 2nd-semester English major, said that filling out the FAFSA has helped her family.
“I received about $5,000 in federal loans last year,” said Mercado.
But many students still dread life after college and the debt that will come with it.
“Paying off my college education is not going to be easy,” said Jolie Chan, a 2nd-semester undecided major.
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