Services:

Financing College

The following information is provided by the Congressional Research Services, and contains helpful advice for how to finance your education.
 
 
The Basics: Getting Started
 
  • 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 of counselors: you may 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.

    FinAid: for Parents
    College Savings Plan Network (state "Section 529" plans)
    Tax incentives for higher education expenses

  • Good overviews:

    Cash for College
    FinAid: The Smart Student Guide to Financial Aid
    Financial Aid: You Can Afford It
    Looking for Student Aid
    Mapping Your Future
    Paying for College

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

    Department of Education
    Federal Trade Commission

     

     

     Student Aid And Where It Comes From

    Basic assistance categories:

    • 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.
    • 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 U.S. Department of Education:
    • Student Aid on the Web
    • Financial Aid Resource Publications
    • Loans are the most common federal aid and must be repaid when you graduate or leave college.
    • Stafford Loans (FFELs and Direct Loans) include:
    • Perkins Loans for the most needy undergraduates; through participating schools.
    • Scholarships/grants are mostly need-based and require no repayment:
    • Pell Grants
    • Federal Supplemental Educational Opportunity Grants (FSEOG)
    • Other grants, scholarships, and fellowships, mostly graduate level: search the Catalog of Federal Domestic Assistance (CFDA) by Beneficiary, such as "Student or Trainee" or "Graduate Student".
    • "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 study programs allow you to earn money while in school:
    • Federal Work Study Program: college campus jobs
    • Student Educational Employment: jobs with the federal government
    • For questions not covered by the Department of Education website, 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 websites 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

    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 education education: No direct federal assistance, check with schools themselves:

    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.