Final answer:
To afford education at Baylor, a student should complete the FAFSA form to determine eligibility for financial aid including grants, scholarships, and loans. Comparing aid offers from different colleges and early planning for financial responsibilities are crucial. Continuous academic progress and yearly FAFSA submissions are necessary to maintain eligibility for aid.
Step-by-step explanation:
If you are concerned about how to finance your education at Baylor due to the high costs, there are several options available to you. The cornerstone of financial aid is the Free Application for Federal Student Aid (FAFSA), which must be completed every year to determine your eligibility for different types of aid. Applying early is crucial as it gives you a better chance at receiving aid that doesn’t need to be repaid, such as grants and scholarships.
After you submit the FAFSA, you will receive an aid offer from colleges explaining the types and amounts of aid they offer. It is important to review and compare these offers, taking into account any additional scholarships you may receive. Then, accept the offer that best fits your needs. Keep in mind that student loans are an option, but they come with the responsibility of repayment over possibly a long period post-graduation.
Another important aspect is planning how to pay for college before you start. Speak with school counselors and financial aid offices about available state, college, and nonprofit scholarships and grants. Additionally, starting to save early and considering options like prepaid tuition and 529 education savings plans can help alleviate some future financial burdens. Lastly, remember to make satisfactory academic progress to maintain your financial aid eligibility and always complete a FAFSA form for each academic year you seek aid.