For some students, the start of each new semester at Del Mar means questions about how to pay for their education. One option students consider is federal financial aid, which is obtained by submitting the Free Application for Student Aid (FAFSA) form.
Federal financial aid is funded by the U.S Department of Education and the application is accessed at www.fafsa.gov.edu.
When a student applies for financial aid, there are three different options offered: loans, work study and federal Pell Grants.
Financial aid is decided based on need after an analysis of the student’s income or his or her household/family income.
The federal application deadline in Texas is June 30, 2014. Debbie Ann Alvarado, student employment assistant for the DMC Financial Aid Office, said, “May 1 is the priority deadline for the Fall 2013 semester. It is also set up as a first come first serve basis.”
Work study is an option that is offered during the application process. Work study pays students minimum wage to work on campus and positions can provide them with experience in their field of study. According to Alvarado, work study isn’t given to all students who apply and awards are decided on a first-come, first-served basis.
Federal Pell Grants are another option provided through the application process. According to the Federal Student Aid website, Pell Grants do not have to be repaid. The maximum amount of money a student can be rewarded by a Pell Grantis $5,500. The amount of the grant is determined in many different ways such as the number of hours a student is taking in one semester, the student’s financial need, and whether or not a student plans on attending school for one academic semester or two.
Effective July 1, 2012 a student can only receive Pell grants for 12 semesters or the equivalent.
First semester student Hailey Endsley said, “Financial aid is annoying to file for, but it is worth it and pays off in the end.”