The cost of a college education is high. Students and their families are shocked and discouraged by the published “sticker” price of college tuition and housing. What most students and families do not know is that there is help in making a college education affordable. Financial assistance in the form of grants or scholarships is often an essential part of covering the cost of an education for many students.
Financial aid comes from many sources: federal and state grants, institutional grants for merit or need, and private grants/gifts from outside sources based on prior achievements or activities (foundations, local charitable entities, and other scholarship granting entities/chapters).
Public institutions grant financial assistance to about 70% of enrolled students while private institutions grant financial assistance to almost 90% of the students. The colleges and universities of the Concordia University System follow this trend . $110 million in financial aid was granted to 28,500 students during the last academic year. Registered church work students received an average of $12,400 per student.
There are some important steps to keep in mind when applying to an institution for admission.
- Fill out the required forms to determine the families’ expected contribution to a student’s educational cost;
- Apply for admission early;
- Financial aid is distributed on a “first-come-first-served” basis (institutions have a limited amount of funds to devote to financial aid);
- And the institution that offers the best financial aid package is not always the best for a student’s personal and spiritual growth.
Financial Aid from your LCMS District
LCMS districts may have financial aid for students who are attending a Concordia University System institution.
If you are a member of a congregation of The Lutheran Church—Missouri Synod and attending a CUS institution, check with the representative from your district to find out whether you are eligible.
Public Service Loan Forgiveness
Public Service Loan Forgiveness forgives federal student loan debt after 10 years or 120 qualifying payments for people working in certain public service jobs. To qualify for forgiveness, a borrower must make the right type of payments (Income-Based Repayment, Income-Contingent Repayment, or a 10-year standard payment) on the right type of loan (federal Direct Loan) while working in the right type of job (government, nonprofit, etc.). www.IBRinfo.org, is a leading source of consumer information about the programs.