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For many families, the cost of college is one of the biggest concerns when considering higher education. The good news? Texas students have plenty of financial aid opportunities to help make college more affordable. Whether you’re a high school senior preparing for college or a parent supporting your student, these top college financial aid tips will guide you through the process.

1. Start with the FAFSA – And Submit Early!

The Free Application for Federal Student Aid (FAFSA) is your first step in securing financial aid for college students in Texas. FAFSA determines your eligibility for federal grants, work-study programs, and student loans. Additionally, Texas offers state-based grants that require FAFSA completion.

Why submit early? Some aid is awarded on a first-come, first-served basis. The earlier you apply, the better your chances of receiving the maximum aid available. The FAFSA opens on October 1 each year, so mark your calendar and get started as soon as possible!

💡 Tip: Even if you think your family won’t qualify for aid, fill out the FAFSA anyway! Many scholarships and state aid programs require it.

2. Explore Texas-Specific Financial Aid Programs

Texas has several state-funded financial aid programs that can help cover college costs. Here are some of the most popular ones:

TEXAS Grant: This need-based grant is available to eligible Texas residents attending public universities. It provides financial support to students with financial need who have completed a college-prep curriculum in high school.

Texas Educational Opportunity Grant (TEOG): Designed for students attending two-year colleges, this grant helps cover tuition and fees.

Texas Public Educational Grant (TPEG): This grant is offered by individual colleges and universities to students demonstrating financial need.

Work-Study Programs: Texas offers work-study opportunities that allow students to earn money while gaining valuable work experience.

These programs can significantly reduce your out-of-pocket costs for tuition and fees. Make sure to check the eligibility requirements for each!

3. Apply for Scholarships – Big and Small!

Scholarships are free money that you don’t have to pay back, making them one of the best ways to increase financial aid for college students in Texas. There are thousands of scholarships available for students in Texas, ranging from academic and merit-based to need-based and community-specific awards.

Where to look for scholarships:

• Your university’s financial aid office – Many schools, including Our Lady of the Lake University, offer institutional scholarships.
• Texas Higher Education Coordinating Board – Provides information on state-funded scholarships.
• Local organizations and businesses – Community foundations, banks, and businesses often offer scholarships to local students.
• National scholarship search engines like Fastweb, Scholarships.com, and the College Board’s BigFuture.

Don’t overlook smaller scholarships! A $500 award may not seem like much, but every dollar adds up. Plus, smaller scholarships often have fewer applicants, increasing your chances of winning.

4. Understand the Financial Aid Award Letter

Once you’ve applied for financial aid, you’ll receive an award letter from each college you’re accepted to. This letter outlines the types of aid you’re eligible for, including grants, scholarships, loans, and work-study opportunities.

Pay close attention to:

• ✅ Grants and scholarships – These don’t need to be repaid.
• ✅ Work-study – This means you’ll be eligible for a part-time job to help pay for college.
• ✅ Loans – These must be repaid, so compare interest rates and repayment terms before borrowing.

If you have questions about your financial aid package, reach out to your university’s financial aid office for clarification.

5. Consider Work-Study and On-Campus Jobs

A great way to reduce your student loan debt is by working while in school. The Federal Work-Study Program and on-campus jobs allow students to earn money to help cover expenses.

Benefits of work-study jobs:

• Flexible hours – Jobs are often scheduled around your classes.
• Career experience – Gain valuable skills for your resume.
• Financial aid impact – Work-study earnings don’t count against your FAFSA eligibility as much as other income.

If you don’t qualify for work-study, check with your college’s career services office for on-campus or local part-time job opportunities.

6. Budget Smart and Borrow Wisely

While student loans can be a helpful resource, it’s important to borrow only what you absolutely need. Consider these strategies:

• Use grants and scholarships first – Accept free money before taking out loans.
• Work part-time – A side job can help cover living expenses.
• Choose federal loans over private loans – Federal student loans typically have lower interest rates and better repayment options.
• Stick to a budget – Track your spending and avoid unnecessary expenses.

Financial literacy is key! Many universities, including Our Lady of the Lake University, offer financial aid counseling to help students understand loans, budgeting, and repayment plans.

7. Don’t Forget About Renewal Requirements

If you receive financial aid, it’s not a one-time deal – in order to maintain financial aid for college students in Texas most grants and scholarships require renewal. Keep these factors in mind:

• Maintain Satisfactory Academic Progress (SAP): Many financial aid programs require a minimum GPA and completion of a certain number of credit hours each year.
• Renew FAFSA every year: Financial aid isn’t automatic; you must submit the FAFSA annually to stay eligible.
• Check scholarship renewal criteria: Some scholarships require maintaining a specific GPA or continued involvement in certain activities.

Set calendar reminders to reapply for aid each year and track deadlines for scholarship renewals!

Your Dreams Within Reach

Paying for college can feel overwhelming, but financial aid for college students in Texas is widely available. By starting early, applying for all available aid, and making smart financial choices, students and parents can make higher education more affordable.

If you’re considering Our Lady of the Lake University, our financial aid counselors are here to guide you through the process and help you secure the aid you need. Don’t hesitate to reach out – your future is within reach!

Have questions about financial aid for college? Contact OLLU’s financial aid office today to learn more about your options and start your journey toward a brighter future!