P A L M E R T R I N I T Y S C H O O L C O L L E G E H A N D B O O K / 2 0 2 3 - 2 0 2 4 22
ABOUT FINANCIAL AID
A four-year college education now costs anywhere
between $40,000 and $200,000, depending on whether
you attend a public or a private institution. While some
families can afford these expenses, many must rely on
financial aid to help pay the bills. If your parents have
not brought up the subject of paying for college, you
should do so at the earliest opportunity, since, if you do
apply for financial aid you will be bearing a significant
portion of the expense in the form of loans at most
schools. What follows is general information on the types
of aid available, the process of applying and completing
forms, and understanding financial aid awards. More
information is available at the following websites:
www.fafsa.ed.gov
www.collegeboard.com
www.finaid.org
www.college-scholarships.com
www.fastweb.com
www.studentaid.ed.gov
FINANCIAL AID
Financial aid is "need-based" as opposed to "merit-
based." In other words, you receive it because you cannot
afford to pay all the expenses yourself. Your academic
record usually has nothing to do with eligibility for
financial aid, though grades are taken into account
at some colleges. Financial aid funds come from the
federal government, the college itself, and, in some cases,
from state programs. Aid is awarded in a "package"
comprised of grants (which you do not pay back),
student loans, and work, in varying proportions.
Loans are often the largest component, and you, the
student, must pay these back starting a few months
after graduation. e average student on financial aid
can expect to graduate with approximately $20,000
in loan debt, to be paid back over about ten years.
INSTITUTIONAL SCHOLARSHIPS
An institutional scholarship given by colleges, often
called a "merit scholarship," is awarded to a student by
a college because he or she meets certain predetermined
criteria, such as excellent grades, exceptional athletic
ability, or artistic talent. Demonstrated financial need
may or may not be a factor. Institutional scholarships
are either simply awarded to an applicant, or the student
is invited to apply for them. Given by colleges as a
means of attracting desirable students, they basically
amount to tuition discounts. If colleges do not mention
merit scholarships in their literature, ask about them
when you visit, speak with representatives when they
come to visit PST, or call the financial aid office
directly. Not every college offers merit scholarships.
You can view a list of merit scholarships on SCOIR.
CORPORATE SCHOLARSHIPS
Civic groups and municipalities offer scholarships as
well. Some schools will deduct it from the loan portion
of your package; as often as not, however, it is taken
off your grant award. Check SCOIR for scholarships.
ATHLETIC SCHOLARSHIPS
Very few athletes from PTS win a "full ride" from
a Division I college (occasionally Division II,
never Division III, as athletic scholarships are not
offered at Division III schools). ese awards are
given for athletic ability regardless of need.
THE BASICS OF APPLYING
FOR FINANCIAL AID
Your parents have certain responsibilities in the financial
aid process, and so do you. It is absolutely vital that
everything be done in a timely fashion, strictly according
to deadlines. To drag your feet may very well mean that
you will end up without a financial aid package. At least
one, and often as many as three, forms are required to
SECTION 8
PAYING FOR COLLEGE
