Financial aid deadline March 1

Grants, scholarships among many options available to students in need

For many students, paying for college can be a daunting task. Tuition rates are now $2,592 per 12 credit hours for Virginia residents and $6,640 per 12 credit hours for out-of-state residents, according to Student Financial Services. Combined with rent, food, car costs and other expenses, the result is a vanquished bank account for some.

The Office of Financial Aid and Scholarships wants students to know that there is financial aid assistance available. Brad Barnett, senior associate director of the Office of Financial Aid and Scholarships, said that "now is the time for students to turn in the [Free Application for Federal Student Aid] to qualify for financial aid for the 2004-'05 school year." The deadline to have the FAFSA in is March 1.

Barnett also said that to be eligible, the FAFSA needs to be in before the deadline. Students only need to file the FAFSA, and the Office of Financial Aid will verify what programs they qualify for, he said. Financial aid programs vary from loans, to grants and scholarships, to work study.

There are many different federal, state and alternative loans available, according to the Office of Financial Aid and Scholarship Web site. These loans, on average, provide lower interest rates and differed payments plans. This means students will not have to start paying back loans until after graduation, or until they have stopped going to school full-time for about a nine month period, Barnett said.

Grants and scholarships are better because these programs provide the students with free money for school, he said. Federal and state governments offer a number of grant programs for most students — including the Pell Grant that awards students up to $4,000, according to the Web site. It also lists many federal, state and outside scholarships available.

Work-study programs also help pay for tuition, while allowing students to earn their own money. Because student selection is competitive and job placement is limited, many students may not be eligible for this program, according to the Web site. Those that qualify work no more than 20 hours a week and are required to maintain a good academic standing with at least a 2.0 grade-point average.

Even though the average cost of living for a full-time student ranges between $15,000 and $23,000 or more a year, students should never feel as though they cannot afford to pay for school, according to the Web site. The Office of Financial Aid and Scholarship offers many ways to help students provide for their education.

By filing the FAFSA form, students open several doors to get the money they need for school. In order to fill out the FAFSA form online, students will need financial information found on W-2 tax forms to verify annual income and investments, according to the FAFSA Web site.

Students will be receiving an e-mail this month from the Office of Financial Aid and Scholarships regarding the FAFSA form. The Office of Financial Aid Web site offers all the details on all loans, grants, scholarships and work-study programs offered.

About half the students attending JMU receive financial aid, according to Barnett.

Junior Peter Willis who is working towards a pre-pharmaceutical degree, compounded his G.I. Bill earnings with a Pell Grant and Stafford Loan and receives about $16,000 a year in aid. "The money's out there," Peter said. "It's foolish it sit back and let that money go to waste."