• The basics: getting started
• Student aid and where it comes from
• Targeted aid for specific groups 
• Repaying your loans

The basics: getting started   TOP

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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.

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

Good overviews:

• About Financial Aid
• FinAid: The Smart Student Guide to Financial Aid
• 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   TOP

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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:
  • Student Aid on the Web
  • Financial Aid Resource Publications
• Loansare the most common federal aid and must be repaid when you graduate or leave college.
  • Stafford Loans (FFELs and Direct Loans) include:
    • Federal Family Education Loans (FFEL) from private lenders, such as banks and credit unions, guaranteed by the federal government.
    • Federal PLUS Loans parental loans, not need-based.
  • Perkins Loans [Download a free PDF reader] for the most needy undergraduates; through participating schools.
• Scholarships/grantsare mostly need-based and require no repayment:
  • Pell Grants
  • Federal Supplemental Educational Opportunity Grants (FSEOG)
• "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:
  • Federal Work Study Program: college campus jobs
  • Student Educational Employment: jobs with the federal government
• 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.

• Check with your State Higher Education Agency and State Guarantee Agency.
• Consider prepaid tuition and college savings ("Section 529") plans: College Savings Plans Network.
• Search your Internet browser under terms such as student financial aid or assistance AND your state.

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

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  Grants for Minorities: Asians, Blacks, Hispanics, Latinos, Native Americans, and Other Ethnic Groups
• African Americans: For Students: Scholarships
• Disabled students: Financial Aid for Students with Disabilities
• Foreign students: Financial Aid for International Students
• Hispanic Americans: Scholarships
• Law school students: LSAC Resources: Grants
• Medical students: Financing Your Medical Education
• Native Americans: American Indian College Fund
• Study abroad (for U.S. and non-U.S. citizens): International Financial Aid
• Veterans: Education Benefits

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).

• 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.
• Student Educational Employment
  Employments, internships, cooperative education, scholarships, grants, and fellowships with federal agencies.
• Indian Health Service
  Scholarships for American Indian/Alaskan Native health profession students and loan repayment for persons working in IHS facilities.
• Military academies:
  • United States Air Force Academy
  • United States Coast Guard Academy
  • United States Merchant Marine Academy
  • United States Military Academy
  • United States Naval Academy
• National Health Service Corps
  Scholarships and loan repayment for health profession students who agree to work in underserved areas.
• Nursing Scholarships
  Offered in exchange for two years of service in areas with critical nursing shortages.
• Reserve Officers Training Corps (ROTC)
  For students who want to be commissioned as officers after graduating from college.
  • United States Air Force ROTC
  • United States Army ROTC
  • United States Navy ROTC
• Student Educational Employment
  Scholarships, grants, fellowships, internships, and cooperative education with federal agencies.

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

• Coverdell Education Savings Accounts: for elementary and secondary school expenses as well as higher education. 

 

Repaying your loans   TOP

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After college, the federal governmenthas 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.
• Loan Consolidation: combine your federal loans into a single loan with one monthly payment.
• Sometimes loans may be canceled in exchange for public service.
  • Teachers: Cancellation/Deferment Options
  • Health professions: National Health Service Corps
  • Law school graduates: State Loan Repayment/Forgiveness Programs
  • Law school graduates: Loan Repayment Assistance Programs
  • Medical school graduates: Loan Repayment Program
  • Federal employees: Federal Student Loan Repayment Program
• If you are having problems with your loan and all other approaches fail, contact the Department of Education's Office of the Ombudsman.
• Consumer Financial Protection Bureau, Student Debt Repayment Assistant.