Having detailed conversations about finances can be difficult. But remember that your goal is to get to graduation, and finding the funding you need is essential. Whether you’re feeling ahead or feeling behind — no matter where you are in finding funding — now is the time to learn more. There are many resources and people you can turn to with your questions. If you’re in high school, talk to your counselor. If you’re close to starting college or already there, get to know your school’s financial aid resources.
First up — the FAFSA
Regardless of where you are, one of the first things to do (if you haven’t already!) is to complete the FAFSA (Free Application for Federal Student Aid). You can do it online at fafsa.gov, or you can print it out and submit by mail. The FAFSA due date varies by state and school, so submit as soon as possible to avoid missing any deadlines. Since the FAFSA asks for information about you and your financial situation (and that of your parents or guardians if you are a dependent), you’ll need specific personal and tax information.
Why tackle the FAFSA first? Besides providing access to federal financial aid, your FAFSA is used by many states and colleges to make awards from their aid programs. That means you could miss out on possible funding if you don’t complete the You must submit a FAFSA for each academic year. The FAFSA for 2022–2023 can be submitted any time after October 1, 2021. Once your FAFSA is processed, the school(s) you included on your form may ask for additional information. Be sure to watch your email for any updates or requests.
Understand the aid letter
If this is your first FAFSA, you’ll get an aid letter from each school you listed. Then you’ll be able to choose based on factors such as the net cost (the actual price tag). If you are simply renewing your FAFSA, you’ll still receive an aid letter from your school.
In reviewing your school-specific aid letter(s), the first thing you want to consider — according to studentaid.gov — is the cost of attendance. If you can’t find this information, ask the financial aid office. To realistically help with your financial planning, the information needs to include what the tuition and fees will cost you, how much aid is being offered (and the specific types of aid, which may include loans and work-study hours), and other costs, such as housing, books, and transportation.
Aid letters can be complicated — it’s common for students to have questions — and financial aid specialists have the answers. The financial aid office can get busy around the start of each term, but be persistent. Typically, if the aid letter has all the information you need, you can take the cost of attendance, subtract any grants or scholarships in the aid offer, and you have the net cost for the academic year. You should also be able to see the combination of loans, work-study, and out-of-pocket expenses you are being asked to contribute to meet the net cost.
If you are not yet in college, there’s a way to explore net cost even before you apply using the Net Price Calculator. Enter a college or university into the calculator and it will link to that school’s website. There you can enter detailed information (similar to what you need for your FAFSA) to learn what students in comparable financial situations paid to attend that school. Of course, the only way to get an official aid letter from a school is to apply, include the school on your FAFSA, and be accepted.
Apply for scholarships
There are thousands of scholarship opportunities, with a wide range of eligibility criteria. While a school may directly offer scholarships in your aid letter, there are many others offered by organizations whose applications are separate from the FAFSA process (though you may be required to report any scholarships to your financial aid office). Scholarships can make a huge difference in helping you fund your education and, depending on the aid package, may reduce the amount of money you’d have to borrow.
Begin your search for scholarships as early as possible — many require applying months in advance. Deadlines and specific requirements vary, so be sure to read the fine print before applying.
Start with the many opportunities available through AISES. Other likely places are the American Indian College Fund, the American Indian Graduate Center, American Indian Services, and the Cobell Scholarship. Your tribe and local community groups may offer scholarships, and there may be scholarships for your specific area of study. It’s worth your time to search online and ask friends and advisors if they know of any available scholarships. There are countless opportunities out there!
Know your loans
Last, be sure to understand the terms of any loans before you accept them. Loans often accrue interest, depending on the loan type and loan details. When it comes to finances, there are people to help, but it’s up to you to understand the details.
