Making a way

While this site (The Root) and article (from United Negro College Fund president Michael Lomax) speak specifically to students of color, the underlying advice here is universal, and offers key insights into what I cover in Strategy 9 of Higher Learning, “Manage Your Money.”

The key line in the article for me is “too few students of color and their families prepare plans to pay for college.” And the key words in that line are FAMILIES and PLANS.

For many of this coming year’s freshman class, parents had a 529 account set up for them before they were holding their own milk bottles. Parents had a broad understanding of the college application and financial process, because they had gone through it themselves, along with most of their friends and social network. College wasn’t a mystery to them, but a part of who they were and what they did daily.

Many first generation college students do not have the luxury of spending 18 years preparing for college, with the collective support of parents, extended family members, and a network of family friends with undergraduate and professional degrees. That may be the reality, but that can’t be the end of the story. A lot of people get a late start on the things that they really want to do. What separates the ones who are successful from the ones who do not finish is a commitment to completion. Rather than convince yourself that maybe college isn’t for you because you got a late start, don’t think you can afford it, or don’t know much about how to go, do everything that you can do to get as much information as possible, make connections, and develop your own plan. Everything that you need is out there waiting for you. Start reading, ask questions (counselors, college access programs, teachers, employers, mentors, and others), then keep researching and reading some more. While it’s best to start seriously thinking about this stuff as a family as early as possible, it’s never too late, even if you’re already out of high school. If you want it, there’s always a way – put together your support network, get the information you need, then execute your game plan!

Sources for College Funding

As I cover in Strategy 9 of Higher Learning, there’s a ton of money out there for you to get through college. From scholarships to affordable student loans to specific support programs at your school, if you’re running into financial struggles – especially a huge or unexpected challenge that is impacting whether or not you can remain in school – you need to tap into any and every resource available to you, and find some money.

A good place to start is Fastweb, which maintains the largest database of scholarships, fellowships, contests, and more. They also had lots of information about financial aid, loans, grants, and other resources. It only takes a few minutes to sign up (you will have to click through some ads), but it’s a free service, and is a great place to begin your search.

If you’re already in school, you definitely want to also form a strong relationship with your school’s financial aid department. It can be a time-consuming and stressful ordeal for some, but it can also open the door to scholarship and grant opportunities directly from your school that you wouldn’t be aware of otherwise unless you speak to someone at financial aid and tell them your story.

Start with these two suggestions, then check back here later for some more tips and links. Also read through Strategy 9 again about working on campus, saving your money, the dangers of credit cards, and more. Getting through college financially will take the total package: finding money AND keeping money. If you blow a $500 scholarship check on enhancing your sneaker collection, then you’ve still got a lot to learn (and less money for school!).

Filling Out Your FAFSA

FAFSA stands for Free Application for Federal Student Aid, and it’s an important first step to take in your financial aid process each year you’re in college. If you’re like me, and can’t stand paperwork, then the FAFSA can easily fall off of your to-do list. That’s not a good thing at all. A major part of getting through college involves taking care of your school bills, so you need to stay on top of this and make sure to get it done. This form is actually not that bad at all; once you sit down to do it, you can knock it out pretty quickly then get back to your studies. Try to do it early in January for the upcoming September; the sooner you do it, the better your chances for getting money for school. Plan on doing it during winter break (when you’re home and can get any necessary financial info from your parents) or very early in the spring semester in January (before classwork and activities get too intense); this way, you’ll be all set, and have one less thing to worry about at the last minute (later summer, early fall, when you need to be getting ready for the school year, not scrambling around for school money).

Click the image to watch a quick (and entertaining!) video about the FAFSA; this will help ease any anxieties about filling it out and get you in the right mindset to take care of it. There are also step-by-step instructions on the FAFSA website.