Financial Aid

You’ve come this far, now you just have to fund it. The majority of students attending college will qualify for some sort of financial aid. Listed below are some of the options available to help you finance your education.

The Federal Government
If you’re not expecting a large inheritance from your Great Aunt Mildred, you can at least count on Uncle Sam, like millions of collegiate Americans do. The Department of Education is the largest contributor to students’ educations. Depending on how great the financial need, students will either qualify for a loan or a grant. Loans must be paid back and can vary from those assessing interest (Stafford) to interest-free loans (Perkins). Unlike a loan, grants do not need to be repaid.  To find out if you qualify, fill out the Free Application for Federal Student Aid, also known as FAFSA, available at www.fafsa.ed.gov.

Institutional Aid
Colleges and universities may offer financial aid packages to students applying for admission. Many private colleges will require the CSS/Profile in addition to the FAFSA. The CSS/Profile is the second most prevalent way students find money for college. Unlike FAFSA, each application requires a fee and more detailed information (such as where you plan to go to school, how much your family can contribute to your education, etc.). As a part of the financial aid package, students may be offered loans or work-study opportunities.

Scholarships and Fellowships
Scholarships and fellowships are most frequently considered to be an option for students with exceptional abilities and qualifications in the realm of academia, athletics, or the arts. Awards are also available for students who show a particular interest and aptitude in specific fields of study, who are members of underrepresented groups, who live in certain areas of the country, or who demonstrate financial need. Repayment is not required.

Loans
There are two types of loans to consider once the above options have been exhausted. PLUS loans are funds that parents can borrow to pay for their child’s education and are either FFELP (provided by  private lenders) or Direct (provided by the federal government). Parents may also consider Alternative Education Loans if they do not qualify for enough government funds or if they wish to defer payment until the student graduates, an option not available with PLUS. Private loans are offered by private lenders and there are no federal forms to complete. Eligibility for private student loans often depends on your credit score.

For further information about financial aid, check out www.finaid.org or see our “Resources” page.