Loans vs. Grants
There are two different types of aid that have one HUGE difference. First, loans. You will want to determine if loans have been included within your financial aid package. While many students and families are willing to borrow money to pay for college, you do need to know exactly how much you will owe upon your college graduation. The last thing you want is to be buried in debt when you graduate. A Financial Aid Office can help you to determine how much you would owe and when the repayment of your student loans would start. Next, grants. A grant is a type of aid that typically does not need to be repaid. Grants can be offered by the federal government (known as a Pell grant) or offered by the college.
Work Study
Work study is federally funded aid that is provided to each school. The college then determines an estimated amount of money a student would be eligible for if the student was to have an on-campus. Students are paid minimum wage for their on-campus job. Since the amount of work-study aid offered can differ from college to college, be sure that you understand how many hours you would need to work to earn that amount of work study money. For example, at Wagner, we will estimate that a first year student can work approximately 8-12 hours a week without negatively affecting their education. If a student was to work an average of 10 hours a week, they would make approximately $750 per semester. Some colleges will estimate that a student could make as much as $1,000-$1,500 per semester with a work study job, but that means a student would need to work 15-20 hours per week to earn the money set aside. Please note that a student will only receive their work study aid if they actually work on-campus.
External Options
Another option in financing a student's education include scholarships and grants offered by foundations/organizations and are not school specific, meaning the award amount could be applied at most any college. You can search for these types of scholarships and grants online by visiting reputable scholarship clearinghouse websites, such as www.scholarships.com or www.fastweb.com. You can also ask your High School Guidance Office for assistance in identifying scholarships and grants offered in your own community.
If you have questions
about a financial aid package that you have received, you can contact the
college's Financial Aid Office or your Admissions Counselor. A staff member
would be able to guide you through the aid being offered to you. If you would
like to speak to a Wagner College Financial Aid staff member or your
Admissions Counselor, please call us at 800-221-1010. We are here to help!
Krissy
Director of Admissions
