Financial Aid for Students
As someone who used the federal student loan program to put herself through college and law school, Senator Heitkamp understands the importance of student loan programs. Below is information to help parents and students navigate through the programs and policies as they apply for and repay their student loans.
Getting started
Student aid and where it comes from
Targeted aid for specific groups
Repaying your loans
Getting Started
- Start gathering information early.
- Free information is readily available from high school counselors, college and career school financial aid offices, local and college libraries, Federal Student Aid, the Consumer Finance and Protection Bureau and many 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. See FinAid: for Parents, College Savings Plan Network (state "Section 529" plans) or Tax incentives for higher education expenses for more information.
- Good overviews of the process can be found on the following websites: About Financial Aid, FinAid: The Smart Student Guide to Financial Aid and Mapping Your Future.
- Beware of scholarship scams - don't pay for free information! Read more at the Department of Education and 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 at Student Aid on the Web and Financial Aid Resource Publications.
- Loans are the most common federal aid and must be repaid when you graduate or leave college.
- Stafford Loans
- Federal PLUS Loans: parental loans, not need-based.
- Perkins Loans: for the most needy undergraduates; through participating schools. - Scholarships/grants are mostly need-based and require no payments.
- Pell Grants
- Federal Supplemental Educational Opportunity Grants (FSEOG) - "Congressional" scholarships:
- Named for Member of Congress or other prominent individuals (such as Byrd Honors Scholarships,
Fulbright)
- 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
- USA Jobs: Welcome Students and Recent Graduates: jobs with the federal government - For question 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
- Check with your state higher education agency and guarantee agency.
- Consider preparid 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 websites and the institution's financial aid office when you apply for admission.
- Private foundations, corporations, and organizations offer scholarships or grants:
- FastWeb
- Free Scholarship Search
- Grants for Individuals
Targeted Aid for Special Groups
- Grants for minorites: Asians, Blacks, Hispanics, Latinos, Native Americans, and other ethnic groups
- Scholarships for African Americans
- Financial Aid for Students with Disabilities
- Financial Aid for International Students
- Scholarships for Hispanic Americans
- Financial Aid for Law School: Law School Admission Council
- Medical Students: Association of American Medical Colleges
- Native Americans: American Indian College Fund
- Study abroad (for U.S. and non-U.S. citizens): International Financial Aid
- Education Benefits for Veterans
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.
- Indian Health Service: Scholarships for American Indian/Alaska Native health profession students and loan repayment for persons working in IHS facilities.
- Military Academies
- U.S. Air Force Academy
- U.S. Coast Guard Academy
- U.S. Merchant Marine Academy
- U.S. Military Academy
- U.S. 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
- U.S. Air Force ROTC
- U.S. Army ROTC
- U.S. Navy ROTC - USA Jobs: Welcome Students and Recent Graduates: Employment, internships, cooperative education, scholarships, grants, and fellowships with federal agencies.
Aid for private K-12 education: No direct federal assistance, check with schools themselves
- Coverdall Education Savings Accounts: for elementary and secondary school expenses as well as higher education.
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.
- 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: Student Loan Repayment and Forgiveness
- Federal Employees: Federal Student Loan Repayment Program
- Consumer Financial Protection Bureau: Student debt repayment assistant
