Post-Secondary Financial Considerations
A variety of sources available to pay for post-secondary education are shown below. Most students find that a combination of resources is required to meet the financial requirements of post-secondary education:

“...there is no separately administered pool of federal aid    for    students    with disabilities. Federal financial aid, [and/or] a combination of student loans and grants, is the primary source to help [all] students...” (Heath)

The Heath Resource Center Toolkit goes on to state: High school counselors frequently receive requests from parents for information about financial aid and scholarships to help defray the rising costs of postsecondary education. Students with disabilities are often under the impression that a documented disability guarantees access to...funds for college level education. Unfortunately, in most instances...there are relatively few disability-specific grants and scholarships awarded; and most of [those] are highly selective, and usually awarded to the highest achieving students.34

“A STEP BY STEP GUIDE [TO] APPLYING FOR FINANCIAL AID 35

  • Start search as early as possible.
    • Search for a college
    • Search for "free money
    • Apply as early as possible
  • After applying for admission, file your forms.
    • Get the forms, know the deadlines. Different colleges have different deadlines.
    • File    the    Free    Application    for    Federal    Student    Aid    (FAFSA)    as    soon    after    J a n u a r y    1 s t    as possible. You can obtain a copy of the FAFSA form from your high school, local college, or online at www.fafsa.ed.gov
    •  Complete any supplemental aid application or institutional aid application that the college requires.
    • File any other applicable forms, such as housing or meal plan applications, by the deadlines.
  • You've been accepted.
    • Compare the financial aid award packages carefully. The award packages from each school will vary, yet each will provide information on how much federal, institutional and state aid you are eligible for. Take the time, with your parents, to compare the packages and follow up with the individual financial aid offices if you have any questions. The moment has come! Choose the school you want to attend and accept in writing. Decline all other offers, in writing.
  • Don't forget to follow through.
    • Accept your award package.
    • Choose your student loan lender.
    • Submit your student loan applications.
  • You're on your way.
    • Attend your entrance interview. When you borrow for the first time, you must attend an entrance interview before money is disbursed. Your financial aid advisor can give you details.
    • Sign for the money (if required). The money will be sent to your school electronically or by check. Some schools apply the money to your tuition bill automatically. Others will request you sign for the money. Keep good records and get a great education!”

Cautions

In seeking financial assistance for post-secondary education, you need to be careful. Cameron Huddleston wrote in Kiplinger that:
Applying for financial aid can be intimidating and confusing. That’s why so many scams offer to do the work for you – for an up-front fee, of course. There are legitimate services out there, too, but you could get the same information yourself free. Don’t spend a dime for financial aid advice. Simply learn the system, the sources and apply early.36

The U.S. Department of Education also provides cautions:37 Questionable Tactics:
  • Being told that there are millions of dollars in student aid that go unclaimed every year.
  • Telling you that you cannot get the same information anywhere else.
  • Requesting your credit card or bank account number to hold student financial aid for you.
  • Some try to get you to send money by claiming that you are a finalist in a scholarship contest.
  • Scholarship seminars frequently end with one-on-one meetings in which a salesperson pressures the student to “buy now or lose out on this opportunity.

There is no evaluation process for private search services...If you decide to use one of these services, you should check its reputation by contacting the Better Business Bureau (www.bbb.com), schools counselors or the state Attorney General’s office.

The Scholarship Fraud Prevention Act created a fraud-awareness partnership between the U.S. Department of Education and the Federal Trade Commission(FTC). For more information about scholarship scams or to report a scam, call the FTC toll free at 1-877- 382-4375 or go to www.ftc.gov/scholarshipscams

You can also investigate the organization yourself before making a commitment:
  • Ask for the names of three or four local families who have used its services recently.
  • Ask how many students have used the service and how many of them received scholarships as a result.
  • Find out about the service’s refund policy.
  • Get everything in writing.
  • Read all of the fine print before signing anything. If information is unclear to you, ask someone (other than the one giving you the information) to assist you.

Advice should be sought based on your needs, but be aware that a good deal of information can be found through “free” assistance from school, family, community and web resources.

Resources

A good source for information on post-secondary financial planning is the high school counselor and the system used by the high school for post-secondary information – Naviance. (See separate discussion of Naviance in this book.) Community resources are also available, for example, the local library.

Other sources might include a person’s personal financial consultant, a banker, lawyer, and/or any person who is considered an expert in understanding matters related to borrowing and repaying debt. It is important to consider and understand what financial commitments are being made as they may affect you for many years.

Information and resources change rapidly so it is wise to check often to insure that the information you have regarding funding, terms, deadlines, etc. are up-to-date.

Websites
  • studentaid.ed.gov/students/publications/student_guide/2008- 2009/english/postponeloanpayment.htm – Funding Education Beyond High School, Government Guide (tambien en Espanol)
  • http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp - Student Aid on the Web (tambien en Espanol)
  • http://going2college.org/StateResources/ - Some information on Illinois resources.
  • http://www.pacer.org/publications/possibilities/ - A Financial Resource for Parents of Children with Disabilities
  • http://www.washington.edu/doit/Brochures/Academics/financial-aid.html - College Funding forStudents with Disabilities, University of Washington •    http://www.finaid.org/otheraid/ld.phtml - Scholarships for Students with Learning Disabilities •    http://www.finaid.org/ - Fin Aid – Guide to Financial Aid •    http://www.heath.gwu.edu/modules/financial-aid/ - Financial Aid – Heath Resource Center, George Washington University
  • http://www.collegeanswer.com/index.jsp - SallieMae - The planning for College Destination
  • http://federalstudentaid.ed.gov/ – Federal Student Aid Gateway (Note particularly the Fact Sheets on Loan & Grant programs and the College Preparation Checklist)
  • http://www.fafsa.ed.gov/ - Free Application for FAFSA (tambien en Espanol)Info in this section will be posted soon.  You can download the Choices 2011 Book from the home page for this information in the meantime.  Thanks!

34 Guidance and Career Counselors’ Toolkit (2006), George Washington University, National Clearinghouse on Postsecondary Education for Individuals with Disabilities.
35http://going2college.org/StateResources/actPage.cfm?stateID=47&isMain=0&pageID=4 36 Huddleston, Cameron, Master the Financial Aid Process (2010), Kiplinger http://www.kiplinger.com/basics/archives/2003/02/story11.html 37 Adapted from: Looking For Student Aid, U.S. Department of Education, www.studentaid.ed.gov