Financing Your Child’s College Education: Don’t Be Intimidated–Get Informed!

Posted on March 09, 2015  in  [ GCU Experience ]

Figuring out how to send your child to college may seem like the most important task in the world–and the most daunting. With universities around the country raising tuition at exponential rates, it can easily feel like you’re being backed against a wall. But there IS light at the end of the tunnel. At Grand Canyon University, we understand that each student’s financial plan is unique to him or her and offer viable financing solutions. At GCU, a private Christian education can also be affordable.

There are several different funding methods available to GCU students: institutional aid, outside scholarships, federal financial aid and cash payment plans.

Scholarships

Scholarships are monetary gifts awarded to students showing exemplary performance in areas such as athletics or academics. They can come directly from the university or from an outside organization. These organizations typically set up scholarship funds for students who display qualities they want to raise awareness about. Recipients could cover the whole gamut of “talent,” from spelling bee champs to extreme white water kayakers.

Grants

Grants are awarded based on need. Unlike loans, grants do not have to be repaid. In order to be considered for grants, students must fill out the Free Application for Federal Student Aid, or FASFA. The FASFA determines your student’s eligibility for hundreds of federal and state financial aid programs. The application process begins January 1 each year. It’s recommended that you fill yours out as quickly as possible since some awards are subject to availability.

Loans

Loans are offered to students to pay off education-related expenses, such as tuition, room and board and textbooks. They are offered from both private and federal institutions and must be repaid, typically with interest. However, many student loans are offered at low interest rates and, in general, students are not required to start making payments until after they have graduated.

Payment Plans

Payment plans can make a college education more affordable by spreading out payments over a longer period of time. Students who wish to set up such a plan should contact their financial counselor.

GCU realizes each student’s financial situation is unique and we can create a personalized budget for your student detailing the estimated costs they may incur while attending the university for an academic year. These costs include tuition, housing, meal plans, books, student health insurance and other miscellaneous fees. Once the estimated costs are determined, we review the student’s eligibility for additional funding sources, including scholarships. Finally, from there, we decide if a cash payment plan is needed.

The GCU admissions team is always available to answer questions and help guide you through the financing process. For more information about tuition and financing at GCU, visit our website today.

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