Financial Aid Awareness Month
Over 80% of college students during the 2020-21 school year received some financial aid, according to the National Center for Education Statistics. For many, financial aid not only lightens the burden of school tuition and fees but makes pursuing a higher education accessible. Financial Aid Awareness Month is observed during February and focuses on educating students and their families on accessing federal, state, and institutional student aid.
- Most financial aid will fall under these categories: grants, loans, work-study, and scholarships.
- Grants are financial aid typically awarded based on financial need and usually do not require repayment.
- Loans are money that has been borrowed to fund an education. Once the student finishes school, this money must be paid back with interest.
- Work-study is a federal program in which students at participating schools can work part-time for the institution to help pay for their education.
- Scholarships are financial aid that are typically need or merit-based. Scholarships can be awarded to students based on academic achievements, extracurricular activities, and more.
A great resource to use when looking for financial aid is FAFSA®. FAFSA® stands for Free Application for Federal Student Aid and allows you to apply for federal grants, loans, and work studies free of cost. FAFSA® is available to all U.S. citizens and eligible non-citizens who can demonstrate a financial need. You can check out their scholarship information page at https://studentaid.gov/understand-aid/types/scholarships. Keep in mind that universities also have their own scholarships, grants, and work-study programs awarded through the information received through FASFA. Students can access the FASFA application at https://studentaid.gov/h/apply-for-aid/fafsa. The 2024- 2025 school year applications opened on December 31, 2023. Visit studentaid.gov for the latest guidance and application deadlines.
We offer three scholarships through Cedar Point and one through Cedar Point Financial Services, inc., through the BECA common application. They are the Beacon Scholarship, the Frank E. Gorely Scholarship, the Keepers Club Scholarship, and the Cedar Point Financial Services Scholarship.
- The Beacon Scholarship was established to aid and encourage further education.
- The Frank E. Gorely Scholarship was established in memory of Frank E. Gorely, founding member and first CEO of Cedar Point Federal Credit Union.
- The recipient of the Keepers Club Scholarship will serve as an ambassador for our credit union’s youngest members for the coming year.
- The Cedar Point Financial Services Scholarship was established to aid and encourage further education.
Students can get more information about the scholarship requirements or apply for these scholarships below
All parts of the application are due and submitted electronically by midnight, Friday, March 1, 2024.
Citations
National Association of Student Financial Aid Administrators. (n.d.) “Celebrate and Learn During Financial Aid Awareness Month.” National Association of Student Financial Aid Administrators. https://www.nasfaa.org/finaidfeb
National Today. (n.d.) Financial Aid Awareness Month – February 2024. National Today. https://nationaltoday.com/financial-aid-awareness-month/
Federal Student Aid. (n.d.) “Types of Aid.” Federal Student Aid. https://studentaid.gov/resources/types-infographic-accessible
Drexel University School of Education. (n.d.) “Grants, Scholarships & Loans: What’s The Difference?” Drexel University School of Education. https://drexel.edu/soe/admissions/financial-aid/difference-between-student-grants-vs-loans/#:~:text=In%20general%2C%20grants%20are%20given,used%20type%20of%20financial%20assistance.
National Center for Education Statistics. (2023, August 30) “Percentage of first-time, full-time degree/certificate-seeking undergraduate students awarded financial aid at 4-year degree-granting postsecondary institutions, by control of institution: 2010–11 through 2020–21” National Center for Education Statistics. https://nces.ed.gov/fastfacts/display.asp?id=31
Posted by: Ashton Osborne, Public Relations Specialist
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