February is Financial Aid Awareness Month.
February isn’t just about hearts and chocolates; it’s also Financial Aid Awareness Month, a time to shed light on resources available to help individuals achieve their financial goals. At Fleetwood Bank, we are committed to supporting our customer in their higher education pursuits.
Understanding Financial Aid
Financial aid encompasses a wide range of resources designed to assist individuals in managing their finances effectively. From scholarships and grants to loans and work-study programs, there are numerous avenues available to help alleviate the financial burden of pursuing education, starting a business, buying a home, or facing unexpected expenses.
Changes to the Federal Student Aid (2024-2025)
FAFSA is a free application that the federal government uses to gather the financial information it needs to assess what loans and grants you qualify for. It needs to be completed each new aid year. Most students receive some type of financial aid.
- The FAFSA will be much shorter now, with less than 50 questions instead of 108.
- Pell Grants Eligibility will be determined by a new formula that increases the number of qualifying students.
- The income protection allowance (IPA) shelters a portion of student and parent income from the financial aid formula. The IPA will be 20% higher for parents and up to 35% higher (up to about $2,400 higher) for most students.
- There will be no discounts for children going to college at the same time.
Read more here so you can be prepared for upcoming changes to the FAFSA.
Scholarships
There are many scholarships or award programs available to help pay for your college education – you just have to know where to look. Scholarships do not have to be paid back, and chances are you may qualify for one type or another.
Check out resources in your local community. Here are a list of some right here in Berks County:
National Scholarships Offering Full-Rides
* Please note that some of these scholarships are merit-based and have passed their deadline.
Scholarship Search Engines
- bigfuture.collegeboard.org
- Fastweb.com
- Finaid.org
- Scholarships.com
- Scholarships4school.com
- U.S. Department of Labor
Loans
At Fleetwood Bank, we recognize the importance of access to quality education and the role it plays in shaping individuals’ futures. That’s why we’re proud to offer comprehensive student loan solutions designed to support students as they pursue their academic aspirations. Through the PA Forward Student Loan Program, we offer private student loan options to enable Pennsylvania students to pursue higher education. Our range of student loan products is tailored to meet the diverse needs of students and their families. Whether you’re an undergraduate, graduate, or parent seeking financing options, we have flexible loan solutions to help you bridge the gap between financial aid and educational expenses.
