Introduction to Financing Your Education
Introduction to Financing Your Education
Transcript
Outside of applying to college and waiting for an admission decision, paying for your education is probably the greatest concern. Even though many veterans will be able to access their VA benefits, depending on which college you attend, all of your expenses might not be covered. This module will break down the common myths about financing your education, and give you some basic information about the process of applying for VA benefits, federal and non-federal aid-- including grants, scholarships, and loans-- and provide you with additional resources to help you find more information.
Every veteran, every student, has a unique set of financial circumstances and considerations. Like choosing a right fit college, there is no one size fits all financial solution. We'll give you the essential tools, but you'll need to plan on doing some of the research yourself. Like almost everything else you've encountered in this course, some thoughtful planning upfront will save you a lot of headache later on.
We won't kid you. Just as with the admissions application process, there is a lot that you need to keep track of, deadlines to meet, and information you need to understand so that you can maximize your benefits. As you begin to consider seriously the cost of college, you may discover that you actually have more options than you had first considered, that is, you may discover that schools that seemed really expensive are more affordable than you think.
Let's start with a brief example. The one myth it is important to address at the top is that many service members and veterans believe a private school education will create a much larger financial burden on them than compared with an in-state public institution. While it is certainly true that your GI bill benefits will cover in-state tuition, don't discount a private school education if that is what you're interested in. We will explain further the nuances in future modules, but let me give you an example.
Imagine our hypothetical veteran is interested in attending Columbia University, one of the most prestigious and, frankly, most expensive schools in the country. At over $46,000 a year, Columbia looks like an expensive option. However, in actuality, student veterans are almost entirely covered at Columbia University. Our hypothetical student veteran would be able to apply his or her post-9/11 GI bill to cover nearly half of the annual tuition.
Meanwhile the university would chip in another $10,000 through its Yellow Ribbon program, a popular college-administered source of additional funding for veterans, and the VA would match that grant. As a result, our student veteran is only on the hook for $2,500 a year. The balance can often be covered with a Federal Pell Grant.
This scenario is true at many highly selective private institutions, so don't let the sticker shock fool you. There are ways to manage your finances and not end up in extensive debt if attending a private institution is on your radar. So let's begin financing your education.
Every veteran, every student, has a unique set of financial circumstances and considerations. Like choosing a right fit college, there is no one size fits all financial solution. We'll give you the essential tools, but you'll need to plan on doing some of the research yourself. Like almost everything else you've encountered in this course, some thoughtful planning upfront will save you a lot of headache later on.
We won't kid you. Just as with the admissions application process, there is a lot that you need to keep track of, deadlines to meet, and information you need to understand so that you can maximize your benefits. As you begin to consider seriously the cost of college, you may discover that you actually have more options than you had first considered, that is, you may discover that schools that seemed really expensive are more affordable than you think.
Let's start with a brief example. The one myth it is important to address at the top is that many service members and veterans believe a private school education will create a much larger financial burden on them than compared with an in-state public institution. While it is certainly true that your GI bill benefits will cover in-state tuition, don't discount a private school education if that is what you're interested in. We will explain further the nuances in future modules, but let me give you an example.
Imagine our hypothetical veteran is interested in attending Columbia University, one of the most prestigious and, frankly, most expensive schools in the country. At over $46,000 a year, Columbia looks like an expensive option. However, in actuality, student veterans are almost entirely covered at Columbia University. Our hypothetical student veteran would be able to apply his or her post-9/11 GI bill to cover nearly half of the annual tuition.
Meanwhile the university would chip in another $10,000 through its Yellow Ribbon program, a popular college-administered source of additional funding for veterans, and the VA would match that grant. As a result, our student veteran is only on the hook for $2,500 a year. The balance can often be covered with a Federal Pell Grant.
This scenario is true at many highly selective private institutions, so don't let the sticker shock fool you. There are ways to manage your finances and not end up in extensive debt if attending a private institution is on your radar. So let's begin financing your education.