How Minority Students Can Maximize Financial Aid for Online Learning

Why Financial Aid Matters for Minority Students in Online Education

In this article, we’re going to discuss the best ways to maximize financial aid for minority students. This is an important topic because it’s easy to waste financial aid in many ways, such as:

• Not applying to financial aid programs you’re eligible for
• Missing application deadlines
• Not understanding the terms and scope of financial aid
• Spending financial aid on non-essential expenses
• Accepting loans unnecessarily

Indeed, wasting financial aid is akin to burning free money, and that’s never a good thing in these times. With rising college costs, maximizing financial aid is instrumental in earning your degree.

Yes, earning an online degree is more affordable than an on-campus degree. You’ll spend $30,545 less on an online degree than on an on-campus degree. But an online degree still costs money – $54,231 on average but it can range from $40,926 to $62,756.

Among minority students, maximizing financial aid is a necessity from start to finish. Minority students have greater difficulty navigating the financial aid process. The lack of guidance from their high schools and parents is an oft-cited reason. Many minority students also cite feelings of isolation and inferiority.

Even when minority students receive financial aid, it’s easy to waste it instead of maximizing it. Lack of information and guidance is a common reason. Not all online colleges offer effective and accessible financial aid resources either.

Fortunately, we can address these issues through this basic guide. Read on for reliable information about maximizing your financial aid.

Related Articles:

• Understanding the Application Process for Minority Scholarships in Online Education
• Top Scholarships for Minority Students Attending Low-Cost Online Universities
• Top Financial Aid Programs for Minority Students at Accredited Online Colleges
• STEM Scholarships for Minority Students in Affordable Online Programs
• Corporate-Sponsored Scholarships for Minority Students in Online Learning
• Best Scholarships for Minority Women in Online Degree Programs

Understanding FAFSA: Your First Step to Financial Aid

The Free Application for Federal Student Aid form is considered an essential document. Every federal and state student aid program requires a current FAFSA form on file. No FAFSA, no consideration for government financial aid.

Online colleges also use FAFSA in their need-based scholarship programs. Purdue Global, WGU, UF Online, and ASU Online are notable examples. Even merit-based scholarship programs use FAFSA if demonstrated financial need is a criterion. The Michigan Merit Scholarship and UNC Chapel Hill’s Carolina Covenant are examples.

Furthermore, many notable private scholarship programs also use FAFSA in their selection. Examples include the Jack Kent Cooke Foundation Scholarship and the Dell Scholars Program.

Filling in the FAFSA with complete and correct information requires your:

• Personal information (full legal name, date of birth, and Social Security number)
• Federal Student Aid (FSA) ID
• Tax information (i.e., prior-prior year’s tax return)
• Income and asset details (i.e., bank statements, W-2s, and family federal income tax returns)
• Dependency information
• Parent information
• List of schools
• Household size and number of dependents in college
• Untaxed income and other benefits

When you’ve filed a complete and correct FAFSA form, you’ll receive a Student Aid Report (SAR). This is a summary of your potential eligibility for federal aid.

Here are useful FAFSA tips for minority students.

• Consult with your high school counselors about FAFSA.
• Attend orientation sessions about FAFSA and financial aid, if possible.
• Read as many informational guides about the FAFSA.
• Seek help from your parents, peers, and financial aid officers. Two heads are better than one when navigating FAFSA for the first time.
• Print the FAFSA form, go over its required information, and make a draft first. Write the required information in pencil so it’s easy to erase if needed.
• Answer the questions with complete and correct information. Double-check all entries to eliminate errors. Use the online FAFSA tools, including help guides and prompts.
• Gather the required supporting documents ASAP. Bank statements and tax returns are common. Doing so means submitting your FAFSA and its supporting documents on time.
• List as many schools as possible, especially if you’re undecided. This way, whatever school you choose will have access to your FAFSA file.
• Submit your FAFSA form electronically, if possible, instead of in paper form. An electronic submission provides immediate confirmation of submission and faster processing time (3-5 days). It’s also easier to track and to make corrections to errors. Plus, you can import tax information from the IRS via the IRS Data Retrieval Tool (DRT).
• Submit the FAFSA on or before the priority deadlines. October 1 every year is the typical date when FAFSA opens. Why meet the priority deadlines? First-come, first-served basis is the principle upon which federal aid operates. This is also true for many need-based scholarships for minority students.
• Explore the state-administered student aid programs in your state. California Cal Grants, New York State TAP, and Texas TEG are notable examples.

Don’t forget to reapply every academic year, too. Even if your financial status has improved, reapply. Every cent counts against the rising costs of college.

Explore Scholarships for Minority Students in Online Programs

Being successful in getting scholarships for minority students starts with the right mindset. Believe in your worth. Be patient and persistent. Get organized in your deadlines and documents. Match your interests, strengths, and goals with scholarships. Be open to all types of scholarships.

With that said, here are effective ways to find and apply for scholarships for minority students.

• Start by exploring national scholarships offered by dedicated organizations like:
  • United Negro College Fund (UNCF)
  • Asian & Pacific Islander American Scholarship Fund (APIASF)
  • Hispanic Scholarship Fund (HSF)
  • American Indian College Fund (AICF)
  • Thurgood Marshall College Fund (TMCF)

• Explore community organizations, nonprofits, and businesses in your local area.

Look around your local community for organizations that offer scholarships for minority students. In Chicago, The Chicago Community Trust and The Dusable Heritage Association are examples. Ask the local chamber of commerce, your teachers, and older students for information. If necessary, walk around the business area and ask businesses.

• Consider corporate scholarships for minority students like:
  • Microsoft Diversity Scholarship
  • Coca-Cola Scholars Program
  • Generation Google Scholarship
  • Intel Minority Scholarship Program
  • Nike Ever Higher Scholarship Program

• Search online scholarship databases that offer search filters (e.g., minority status)
  • Scholarships.com
  • Fastweb
  • Niche
  • Cappex
  • Unigo

• Ask about the scholarships offered by online colleges. You may or may not make the availability of scholarships a major factor. But it pays to know about these things. Many of the best online colleges offer scholarships that promote diversity, like:
  • Southern New Hampshire University
  • Western Governors University
  • Walden University

Keep these useful tips when applying for scholarships as a minority student.

• Highlight how your unique experiences as a minority student contribute to your growth. Your personal statement and interview are the best places.

• Submit a strong application packet. Check for the accuracy and completeness of your application form. Ensure a strong personal statement and letters of recommendation.

• Always customize your supporting documents to the specific scholarship.

• Meet the deadlines. Better yet, submit your application ASAP. You’ll then have time to remedy issues, if any.

Think of applying to scholarships the same way you did with college applications. Take the time to read and understand the process and requirements. Put your best foot forward while also being genuine.

Merit-Based Scholarships: How to Qualify and Apply

Merit-based scholarships for online learners aren’t based on demonstrated financial need. Instead, these are based on merit, like talent, skills, and achievements.

These also tend to be more competitive than need-based scholarships. Applicants must, after all, prove themselves worthy of the free money. Like all forms of financial aid for online college, it’s wasted on the ignorant and reckless.

What types of merits do merit-based scholarship programs use in their selection? Applicants must showcase excellence in one or more of these areas.

• Academic performance – Rigorous coursework (e.g., AP or IB), high GPA, and high SAT/ACT scores
• Leadership performance and potential – Active membership or leadership in school clubs and community organizations
• Community service – Commitment to community growth, such as through volunteer work
• Special talents – Exceptional skills in athletics, the arts and humanities, and STEM

Every merit-based scholarship for minority students has its specific eligibility requirements. But the most common ones are:

• A 3.0 GPA (minimum) or its equivalent
• A strong academic record with above-average grades on challenging courses
• A commitment to exceptional leadership and non-academic achievements 

As for documents, the most common requirements include:

• Official transcripts
• Resume
• Personal statements or essays with prompts
• Letters of recommendation
• Portfolio (for the arts and humanities scholarships)
• Proof of eligibility, such as ID or enrollment in a tribal college

Due to their competitive nature, it’s a must to highlight your worthiness.

• Highlight your strengths, experiences, and potential based on the criteria. Again, tailor your personal statement for every scholarship application.
• Tell your story of resourcefulness and resilience in the face of challenges as a minority student.
• Emphasize your active involvement and impact on your ethnic community, too. But celebrate your contributions to cultural diversity.

Most importantly, maximize financial aid for online school by using it for its intended purpose. Most are for tuition and fees, so use the free money for them only. You can apply for scholarships for indirect costs, too.

Negotiating Financial Aid with Online Colleges

Why settle for whatever free money you can receive when you can negotiate? Yes, it sounds intimidating, especially if you’re a minority student. But negotiation is vital in these instances:

• Competing offers from different online colleges. You can encourage financial aid officers to match or exceed the competing offers.
• Change in financial circumstances. Your finances may be in a worse condition, such as through job loss or medical costs.
• Costs increase. Your tuition and fees may have increased.

Whatever the reason, keep these financial aid negotiation strategies in mind.

• Be prepared with your financial aid documents. Review the details of your financial aid. Prepare documents to support your new financial status. Understand your college’s financial aid processes and policies.
• Be professional and polite during the negotiations. A financial aid officer isn’t your enemy but your ally. Be honest about your financial needs, too.
• Build rapport and then a positive relationship. Focus on solutions during your conversations.
• Negotiate for more financial aid but avoid a demanding approach. Instead of saying, “I want more financial aid,” say, “Can you offer more financial aid?”
• Set realistic expectations. Scholarships for minority students in online programs usually have an annual budget. Your request may be rejected because there’s no money left.
• Follow up on your request. Don’t be disappointed by a rejection or two – keep going.

No matter the results, always thank the financial aid officer for their time and effort. You can ask for referrals to minority students’ financial aid resources instead. These are also valuable to maximize your financial aid, such as in financial literacy.

Additional Tips to Maximize Your Financial Aid Package

Keep these additional tips to apply for financial aid online, too, which will increase your success.

• Explore grants, too, which are similar to scholarships in many ways. Grants, however, are more need-based. Minority-specific grants include TCU grants, the Native Hawaiian Education grant, and the MTES program.
• Consider work-study programs offered by your online college and community organizations.
• Consider tuition waivers and discounts. Public service workers, military and veteran students, and low-income students usually have these privileges.
• Transfer credits from an associate degree, prior learning, and relevant work experience. The fewer credits you have to pay for, the more savings.
• Take advantage of tax benefits for students. Look into the AOTC and LLC programs.
• Explore installment and deferred payment plans. Spreading out the costs means less stress.
• Apply for financial aid year-round, too.

Best of all, be more financially literate so you can maximize your financial aid, regardless of its amount.

Conclusion: Taking Control of Your Financial Aid Journey

In conclusion, maximizing tuition assistance for minority online students demands careful planning. Don’t wait until you’re in college to explore your financial aid options. Instead, take control of your financial aid journey as early as your junior year in high school. The earlier you’re informed, the better for taking control.