Financial Aid for Students

  • Print

 

The basics: getting started   TOP

Start gathering information early.

Free information is readily available from:

  • High school counselors
  • College and career school financial aid offices (where you plan to attend)
  • Local and college libraries
  • Student Aid on the Web (U.S. Department of Education)
  • Other Internet sites (search terms student financial aid OR assistance)

Ask questions: counselors may know if you have exceptional circumstances that affect your eligibility.

Keep copies of all forms and correspondence: you must reapply for aid each year.

Parents of students: save money long before your child attends college.

Good overviews:

Beware of scholarship scams -- don't pay for free information!

 

Student aid and where it comes from   TOP

Basic assistance categories:

1. Financial need-based
Remember that students and their parents are responsible for paying what they can -- financial aid is a supplement, not a substitute, for family resources.

2. Non need-based
Factors include academic excellence, ethnic background, or organization membership. Corporations may also offer assistance to employees and children.

 

Federal Student Aid:

  • Provides nearly 70% of student aid under Loans, Grants and Work/study programs.
  • Available to all need-based applicants; some loans and competitive scholarships for non need-based.
  • Free information from the United States Department of Education:
  • Loansare the most common federal aid and must be repaid when you graduate or leave college.
  • Scholarships/grantsare mostly need-based and require no repayment:
  • "Congressional" scholarships:
    • Named for Member of Congress or other prominent individual (such as Byrd Honors Scholarships, Fulbright fellowships)
    • Merit-based and highly competitive
    • Members of Congress do not play a role in selecting recipients
  • Work studyprograms allow you to earn money while in school:
  • For questions not covered by the Department of Education Web site, call the Federal Student Aid Information Center at 1-800-433-3243.


States offer residents a variety of scholarships, loans, and tuition exemptions.

Colleges and universities provide some 20% of aid, most need-based. Check university Web sites and the institution's financial aid office when you apply for admission.

Private foundations, corporations, and organizations offer scholarships or grants:

College Board Scholarship Search
FastWeb
Grants for Individuals 

 

Targeted aid for special groups   TOP

Interested in public service?

Federal assistance programs seek to encourage people to work in geographic areas or professions where there's a particular need (such as doctors in underserved areas); encourage underrepresented groups to enter a particular profession; and provide aid in exchange for services provided (such as military service).

Aid for private K-12 education: No direct federal assistance, check with schools themselves:

 

Repaying your loans   TOP

After college, the federal governmenthas ways to help you repay your loans.