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U.S. Constitution

Financial Aid for Students

The information below guides students through the process of locating and applying for financial aid. The information was prepared by the Congressional Research Service for Members of Congress, updated October 2008.

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.
 
Be organized: use calendars to keep on track.
 
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: 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 percent of student aid under loans, grants and ork/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:
  • Loans are the most common federal aid and must be repaid when you graduate or leave college.
§        Stafford Loans (FFELs and Direct Loans) include:
o       Federal Family Education Loans (FFEL) from private lenders, such as banks and credit unions, guaranteed by the federal government.
o       William D. Ford Direct Loans (DL) directly from the federal government.
o       Federal PLUS Loans parental loans, not need-based.
§        Perkins Loans for the most needy undergraduates; through participating schools.
States offer residents a variety of scholarships, loans, and tuition exemptions.

Colleges and universities provide nearly  20 percent of aid, mostly 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:

TARGETED AID: For Special Groups
Interested in public service?
Federal assistance programs seek to encourage people to work in geographic areas or professions with 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).
  • AmeriCorps Education Award:Volunteers who complete one year of service receive an education award for current higher education expenses or to repay student loans.
  • Army Tuition Assistance:Additional benefits for Army personnel.
  • Bureau of Health Professions: Scholarships and loans to needy health profession students from disadvantaged backgrounds.
  • e-Scholar: Scholarships, grants, fellowships, internships, and cooperative education with federal agencies.
  • Indian Health Service: Scholarships for American Indian/Alaskan Native health profession students and loan repayment for persons working in IHS facilities.
Aid for private K-12 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.