Get Big Dollars for Your Degree

— Susan Aaron, The Learning Coach

Before you write off the degree of your dreams because of its intimidating cost, consider this: Millions of students benefit from scholarships and loans, and so can you. Applying for loans or scholarships isn't so hard when you've got an educational finance expert offering advice. Melissa Shaak, director of student financial services at Babson College demystifies the process by which educational dreams become affordable reality.

What is the basic role of the financial aid office?

"We want to make sure that students, regardless of their financial circumstances, can make their education happen," says Shaak. "The goal of any financial aid office is to work with students and their families to help put the pieces together from any number of sources. In a sense, it's kind of a clearing house for all the many financial aid sources available, including federal financial aid, state financial aid, the college or university's own financial aid, student loans and student work-study."

How many students receive financial aid?

"At Babson, more than half the students are getting some kind of financial aid assistance," replies Shaak. "At many colleges that percentage might be even higher."

Your Web site is extremely helpful. Has the Web untangled some of the confusion regarding financial aid?

"The web gives students and families direct access to information and to the application processes," Shaak agreed. "Students can apply for almost all forms of financial aid online."

How does the federal financial aid process work?

"The federal student aid process is, in a sense, very straightforward. It's a formula, enacted by Congress, written into law," explains Shaak. Students can find the formula and plug in their information.

Some financial aid is essentially an entitlement. Qualifying students will get the money for whatever college they choose to attend. The Federal Pell Grant and Stafford Loans fall into this category.

There are several other federal programs, such as the Federal SEOG (Supplemental Educational Opportunities Grant) and the Perkins Loan, that give funds directly to the colleges. Schools decide how to divvy up the funds among their students.

Are there counselors to explain this process to students?

At Babson, "we have three counselors who work with students and their families every day," Shaak answers. The school's student population is 2,436, with slightly more graduate students than undergraduate students.

Your Web site lists several scholarships. How do students apply for them?

"If someone applies for financial aid, we'll make sure that he is getting full consideration for any and all scholarships for which he qualifies at Babson," says Shaak. "When it comes to all the private scholarships out there, we recommend that people go to the Web sites." The college coordinates most funds received by students.

Do you have any extra advice for independent students?

There are financing options available. "Independent students can get funds to pay for both tuition and living expenses," Shaak confirms. "For an older student, who might be leaving a full-time job to enroll in a full-time undergraduate or graduate program, the most important message is that there are ways to make that happen."

There must be times when it doesn't work out.

"Families and students are always making decisions about the costs and benefits of things. For a college education, there is a level of investment that we expect," replies Shaak. "There are those occasions when a student or family decide that they aren't comfortable stretching that much."

What would you tell the potential student facing soaring education bills?

"The sticker price seems scary. It can be in the $30,000 range," Shaak replies.

But the important message about financial aid is that it's there to cover the difference between the sticker price for an education and what a student or family can afford to pay. Schools believe it's important not to limit the aspirations of any student. So contact your current or prospective school's financial aid office and find out what type of plan they can help you put together.

Join Monster Learning's Continuing Education Forum

Return to Educational Resources

Search Degree Programs

Choose a subject and enter your zip code to view degree programs in your area or online.

Subject:	Art/Design Degrees Business Degrees Culinary Degrees Education Degrees Healthcare Degrees Law/Criminal Justice Degrees Motor Sports/Aviation Degrees Psychology Degrees Technology Degrees
Zip Code:

Most Popular Online Degrees

• M.B.A. in e-Business
• RN to Bachelor of Science in Nursing
• Bachelor's in Web Design and Multimedia
• Master of Education in Adult Education and Distance Learning
• Master's in Computer Information Systems