June is Pride Month, where we take some time to celebrate the LGBTQ community and recognize the struggles they face on a daily basis.
But while much of that struggle comes from the explicit prejudice that persists in our society, there are also more subtle challenges that LGBTQ individuals are forced to overcome. For instance, LGBTQ students tend to experience more financial difficulties than their cisgendered counterparts.
In this article, we’ll go over some of the funding options and financial resources available to LGBTQ students, from traditional financial aid to more specialized scholarship opportunities.
How LGBTQ Students Can Get Financial Aid
There are several kinds of financial aid that LGTBQ students can qualify for. Read below to understand how to apply and which types of financial aid to prioritize.
Fill out the FAFSA
The first step to qualifying for most types of financial aid is to fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA is the official government form that qualifies you for federal student loans, federal grants and work-study. Many schools require that students complete the FAFSA to be eligible for internal scholarships as well.
The FAFSA will ask for personal, contact, demographic and financial information about you and your parents. You may have to submit tax returns, financial documents, bank statements and more. Once you complete the FAFSA, you’ll receive the Expected Financial Contribution (EFC), which shows how much your family can afford to pay for college.
The schools you apply to will review the FAFSA results and your EFC. If the EFC is greater than the cost of attendance, then you will not qualify for need-based financial aid. But if the EFC is less than the cost of attendance, then you will qualify for need-based financial aid.
If your parents aren’t willing to help you fill out the FAFSA, you should contact the school’s financial aid department and explain your situation. They will decide if you are still eligible for federal student loans.
If you are eligible, you will likely only receive an unsubsidized loan, which means interest will still accrue on the loan while you’re enrolled and during any deferment periods. Don’t worry – you’ll still receive all the other benefits associated with federal loans, like loan forgiveness programs, income-driven repayment plans and long forbearance periods.
Students who do qualify for need-based aid may receive federal grants and work-study. Federal grants are like scholarships and do not have to be repaid after graduation.
Work-study is when students are given a part-time job either on campus or with a university-supported organization. Students are paid for their work and can use the funds for tuition, living expenses and more.
Look into State Aid
Most states offer their own grants for students, but some states only provide financial aid for students who are attending local schools.
Go to your state’s Department of Education website for more information on how to apply for these grants. Some states require that students complete the FAFSA to be eligible, while others will require a separate application.
Apply for Scholarships
All students should apply for scholarships to minimize how much they have to borrow in student loans. When you apply to college, you may automatically be considered for internal awards, but you should double-check with the financial aid department to ensure there aren’t any separate applications you have to fill out.
LGBTQ students can also apply for scholarships designed for them. To find these opportunities, do a Google search for “LGBT” or “LGBTQ” scholarship.
You can also register on sites like Fastweb, Bold.org and Unigo.com where you can filter scholarships specifically geared toward LGTBQ students. Also, look for scholarships through nonprofits that support LGBTQ students, like The Pride Foundation and the LEAGUE Foundation.
You should also apply for merit, athletic, academic and other types of scholarships. For example, if you’re interested in journalism, search for scholarships for incoming journalism majors. You can also get even more specific and look for journalism scholarships for LGTBQ students.
Another common mistake students make is not looking for scholarships after they’ve enrolled in college. There are countless scholarships available for upperclassmen, and you should always keep applying.
Appeal Financial Aid
After you submit the FAFSA and apply to college, you’ll find out if you were accepted. If you were, the college will also send an award letter that shows how much and what kind of financial aid you will receive.
If the amount isn’t enough to cover tuition and living expenses, you can appeal the aid in a letter to the school. You have to show why your EFC isn’t close to reality. For example, if you aren’t receiving financial support from your parents, you may have to provide proof of that. This may include having documentation from a high school counselor or another adult who knows your situation.
Appealing your financial aid doesn’t guarantee that your request will be granted, but it’s always worth a shot. Just try to be as specific as possible.
Apply for Private Student Loans
If you don’t qualify for federal student loans and still need money for college, your next best option is a private student loan. Most private lenders require that a student include a cosigner on their loan application. A cosigner is an adult who has a good credit score and a solid income who agrees to be legally liable for your loans if you default.
However, if you don’t have anyone you can ask to cosign, you can apply for a loan through Funding U. Funding U does not require cosigners on its student loans. Instead, students will be judged based on their current major, GPA and other factors.
Disclaimers
