Guides students through the process of locating and applying for financial aid. Prepared by the Congressional Research Service for the U.S. Senate, updated January 2010.
Getting started |
Start gathering information early. Free information is readily available from:
Fill out the Free Application for Federal Student Aid (FAFSA)
Parents: Save money long before your child attends college.
Good overviews:
Beware of scholarship scams -- don't pay for free information!
Financial Aid for Students: Print and Web Guides for Students (updated February 2010) - Guides students through the process of locating and applying for financial aid.
Student aid and where it comes from |
Basic assistance categories:
Need Based Student Aid: Federal Grants
Merit, or Non-Need Based Student Aid
Factors include academic excellence, ethnic background, or organization membership. Corporations may also offer assistance to employees and children.
Federal student loans must be repaid when you graduate or leave college. Free information from the U.S. Department of Education can be found at: Student Aid on the Web and Financial Aid Resource Publications.
"Congressional" Scholarships: Named for Member of Congress or other prominent individual (such as Byrd Honors Scholarships and the Fulbright Scholarship Program). Merit-based and highly competitive. Members of Congress do not play a role in selecting recipients.
Work Study programs allow you to earn money while in school.
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:
For more information, call the Federal Student Aid Information Center at 1-800-433-3243.
Targeted aid for special groups |
Grants for Minorities and Other Groups:
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 volunteer and military service).
Repaying your loans |
After college, the federal government has ways to help you repay your loans. Eligibility depends upon the type of loan, when it was made, and whether it's in default. Check with your loan officer to find out if you qualify.
You may also qualify for federal tax breaks while you are in school and while you are repaying your loans. For more information, see Students' Page - Higher Education and Tax Incentives for Higher Education at the IRS website.
If you are having problems with your federal student loan and all other approaches fail, contact the Department of Education's Office of the Ombudsman.