Financing
Paying for community college can be overwhelming. Use the tools, resources and tips within this section to help you finance your education. From student loans to scholarships, we’ll cover the most common financial aid options available to community college students. Get money saving tips, learn more about Pell grants, and explore the federal work-study program.
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Textbooks can be a financial burden for community college students, but there are ways you can obtain textbooks for free.
Students who enter community college today might be dismayed to find that hefty tuition payments are just the beginning of a potentially expensive college career. In addition to the annual tuition costs, textbooks have become a major expense for many students, with some books easily costing more than $100 to bring a grand total for a single semester well into the $500-$1,000 range.
Cash-strapped students are often on the lookout for affordable solutions to the textbook issue, and fortunately, help is available. Through a variety of programs offered on community college campuses and across the Internet, students are finding they can save a bundle on the textbooks they need.
Affordable Options
A report last year on U.S. News and World Report cited a number of options students could explore to save money on college textbooks, including:
- Using textbook rental services
- Borrowing textbooks from libraries
- Participating in textbook exchanges
- Getting textbooks for free or nearly free online
- Finding used textbooks at a reduced price
While all of these options offer their own advantages and drawbacks, using a variety of methods to secure all the textbooks you need for any given semester can reap serious rewards in terms of saving money. In addition to the tried and true savings programs, some college professors are getting involved in the affordable textbook cause to find resources for students that provide them with the information they need to ace a class without going into the red to do so.
Freebies
Someone once said that "the best things in life are free," and that
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Amidst major immigration controversy in the country, some community colleges are in the spotlight for giving undocumented immigrants scholarships. Learn more about both sides of the debate.
As the illegal immigration debate continues to rage, another aspect of the issue comes into light. A community college in California has set up a scholarship fund that is available to illegal immigrants, as well as legal residents of the United States, according to a report on Fox News.
While the foundation responsible for the scholarship is receiving a considerable amount of flack, it turns out there are other scholarship avenues for illegal immigrants to explore as well.
The Immigration Question
Most immigrant students seeking scholarship money hold green cards or have permanent residency in this country. However, there are also numerous illegal immigrants who have been brought into this country by their parents and grew up as Americans, even if they don't have the documentation to prove it. Much discussion has begun over whether these students are entitled to any type of financial aid to help pay for their higher education.
The immigration debate has been fueled by both new Arizona legislation and increasing concerns over border security. Fox News reports on a recent alert sent out by the Department of Homeland Security regarding a Somali man with terror ties who the agency believes is trying to cross the Mexican border into the United States.
Controversy at Santa Ana College
The recent announcement of a new memorial scholarship at Santa Ana College in honor of former student Tan Ngoc Tran has sparked additional furor. Tran was a student leader and immigrant-rights activist who graduated from
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Why do those who need financial aid most unlikely to apply? Learn about College Board's new study and how community colleges can help the neediest apply for financial aid.
Community college students are much more likely to qualify for financial aid than students attending four-year universities. However, students attending two-year institutions are unlikely to apply for the aid, according to a recently released report by College Board. The discrepancy has inspired many higher educators to "put on their thinking caps" and come up with a solution to make community college more affordable to those who can least afford it.
According to the College Board Study, only 58% of community college students who are eligible for Pell grants applied for financial aid, compared with 77% of Pell-eligible students at four-year institutions. The College Board report states, "Although community college students are more likely to be eligible for need-based federal aid, they are less likely than their peers at other types of institutions to file the Free Application for Federal Student Aid (FAFSA)."
Community colleges have traditionally appealed to low-income students because of their lower tuition rates and close relationships with the local community. Adults also utilized the educational services at community colleges to further their careers or switch industries relatively quickly.
Community colleges provide a valuable service to their communities, but those services are grossly underutilized if the people who need them most cannot get the assistance necessary to use them.
Why Students Don't Apply for Aid
A report on Education-Portal.com outlines some of the challenges facing low-income students and the community colleges that could provide them with affordable education:
- Students may lack basic understanding about the financial planning necessary
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Learn about the Department of Education's new Direct Loan Program and how you can prepare for the change in your financial aid.
The tide has turned in federal financial aid – and students will be the benefactors. The newly minted U.S. Department of Education’s Direct Loan Program will now administer federal financial aid, cutting out the middlemen banks that once profited on doling out these funds to students.
Amidst all of the changes, “student loans are in transition, and those who use them need to pay particular attention right now as the U.S. Department of Education's Direct Loan Program takes responsibility for lending,” The Daily Press sagely advises.
Make sure that you are taking the right steps to apply for and manage your community college financial aid, using this article as your guide.
Financial Aid & the Federal Government: Overview of New Legislation
According to the New York Times, President Obama recently passed legislation that allows the Department of Education to directly provide students with financial aid loans. This new law eliminates any fees paid to private banks, as banks will no longer serve as intermediary parties between students and their access to college loans. Without banks acting as middlemen, an estimated $6 to $7 billion dollars of federal money will be saved annually, benefiting the government, taxpayers, and students, according to the Congressional Budget Office.
As outlined by the legislation, as of July 2014, students set to borrow money for college will be permitted to, “cap repayments at 10 percent of income above a basic living allowance, instead of 15 percent.”
Adding to this advantage, students who maintain responsible repayment histories will have their college loan
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Learn about the millions of unclaimed Pell Grant dollars that could help fund your community college education. Find out if you qualify and how you can apply for the free funds.
Are you taking full advantage of your financial aid opportunities? If you have not yet applied for the Pell Grant, then you may be missing out on millions in federal funding that is currently being unused. In fact, in California alone, more than 500,000 community college students were eligible for the Pell Grant, but simply did not apply for it, according to the Institute for College Access and Success.
As a grant, the Pell Grant does not need to be repaid, making it one of the best financial aid opportunities. In addition, the Obama administration plans to inject another $40 billion into the program, as reported by the Washington Post.
Understanding the Pell Grant
According to the U.S. Department of Education, the Federal Pell Grant is a needs-based program that provides financial aid to low-income undergraduate students. You are eligible for the grant if you have not yet received a bachelor’s degree or another professional degree, and if you meet financial criteria based on several factors:
- Expected family contribution
- Family size
- Student’s income
- Cost of attending the community college
- Enrollment status and timeline
In roughly evaluating whether or not you would qualify for the Pell Grant, 57% of Pell Grant recipients in 2005 – 2006 had family incomes of less than $20,000 annually, while 90% of Pell Grant recipients in 1999 – 2000 were from families with income less than $41,000 per year. However, if your family income is less than $60,000, you are technically eligible for Pell Grants.
As “free” money, the Pell
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