Students should fill out FASFA, look into other financial aid options
Tuition and fees at the University of Idaho have nearly doubled in the past decade, increasing the burden on students who have to find a way to pay for the steady growth in the cost of their education.
With no end to education inflation in sight and the FAFSA priority deadline fast approaching, now is the time for students to begin thinking about how they will finance their education for the 2015-2016 academic year.
Simple steps, like filling out the FAFSA prior to the Feb. 15 priority deadline, can help students qualify for substantial merit and need-based scholarship funding from the university as well as federal financial aid.
For in-state students, the Idaho State Board of Education has a number of scholarship opportunities available, such as the Idaho Opportunity Scholarship and the Governor’s Cup Scholarship. In-state students need only apply to be eligible for thousands of dollars in financial aid.
In addition to state and federal aid, students should visit their academic departments to see what scholarships might be available, as well as meet with a financial aid adviser on campus to find out more about what they can do to ease the cost of attending UI.
A dependent tuition waiver — which can save students up to 50 percent on their tuition — is available to qualifying dependents of university employees, and some departments are able to offer various limited tuition waivers similar to the discontinued Western Undergraduate Exchange program.
The university also offers a tuition payment program allowing students to divide their tuition and fees into monthly payments to pay off throughout the semester without interest or late fees, rather than in one lump sum at the beginning. This is a great option for working students who can’t afford to pay the full cost of tuition at one time, but are able to manage smaller payments throughout the semester.
These are all steps students should consider and take prior to taking out thousands of dollars in student loans, which they will have to pay back, often with substantial interest once they graduate.
According to UI President Chuck Staben, the average undergraduate student at UI has about $25,637 in student loan debt — about $3,000 less than the national average — but it’s no less of a burden on students.
While education is an investment and student loan debt is far more beneficial than credit card debt, it’s still smart to avoid maxing out loan options if it’s not essential. Many students make the mistake of taking out more money in student loans than is absolutely necessary to get by, and find themselves saddled with more debt than they realize after they graduate.
With tuition expected to rise yet again, students should be proactive in finding smart ways to pay for school so they aren’t stuck with a lifetime of student loan payments.
— KK