With high school graduates across Michigan preparing to head off to college, the Michigan Department of Treasury is offering them some advice on seeking financial aid. Office of Post-Secondary Financial Planning Director Anne Wohlfert tells WSJM News students need to know about the the Free Application for Federal Student Aid, or FAFSA. That’s the first step. But don’t just assume a loan is the only way to go.
“Investigate any free grants that they’re eligible for, any programs such as the Tuition Incentive Program, search for scholarships,” Wohlfert said. “Those are all things they’re going to want to do right off the bat.”
Wohlfert says a student should actually visit a school’s financial aid office to ask about those options. She also says you shouldn’t take out more than you’ll need.
“They want to understand that a loan does have to be repaid. Even though it’s their financial aid and it’s to go toward tuition and fees and all their other expenses, it is something they’re going to have to repay.”
Wohlfert recommends students be aware of loan scams, and check out Studentloans.gov, a government one-stop-shop for financial aid. The state also offers financial aid advice at Michigan.gov/MIStudentAid. There is a helpline as well. It’s 1-888-447-2687.
