Financial Wellness Minute: FAFSA and Scholarships

 Get smarter about your money with this Financial Wellness Minute.

I’m Patrick Voight, manager from the Detroit Lakes Office of Mid Minnesota Federal Credit Union.

There are several options available to help pay for college.

• Completing the Free Application for Federal Student Aid or FAFSA, determines eligibility for grants, work-study programs, and federal student loans. Submitting the FAFSA early increases your chances of receiving aid.
• There are changes and simplifications coming to the FAFSA form. This year the application will be available in December. The typical application period is from October to June, but watch school and state deadlines. Also, there is NO cost to submit the FAFSA form. Go directly to studentaid.gov to apply and learn more.
• Grants may be awarded based on financial need and typically do not require repayment.
• Working part-time or participating in work-study programs can provide additional income which helps cover expenses and provide valuable work experience.
• Explore scholarships offered by organizations, businesses, and colleges. Apply for as many scholarships as possible based on your achievements, skills, and background.

Be proactive, research your options, watch critical deadlines and apply early. By utilizing these resources, you can make your college education more affordable.

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Mid Minnesota Federal Credit Union is federally insured by the NCUA and we are an equal housing lender.