PAYING FOR COLLEGE

There are four kinds of financial aid:

1. Grants are funds that do not have to be paid back. Grant money is usually awarded on the basis of financial need alone.

2. Scholarships are funds that do not have to be repaid. Scholarships can be awarded on the basis of need and/or on an infinite number of other criteria such as ethnic background, intended major, etc.

3. Loans must be repaid. Repayment is generally not requested until after you have graduated. The interest rate on these loans is usually lower than personal loans.

4. Work-study programs involve earning money from a job, usually on campus, which will help defray some of your college expenses.

If you receive financial aid from your college, the chances are that you will get a package that is a combination of these different types of aid from a variety of sources.

 APPLYING FOR FINANCIAL AID

Most colleges provide financial aid to students who demonstrate need. The following steps should be followed in applying for financial aid:

December: All students applying for financial aid should complete the FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). The College Scholarship Service (CSS) sends your FAFSA information to the colleges you list on the FAFSA application. There is no charge for this service. The FAFSA form will be available in the guidance office in December. You may also fill out the FAFSA application online.

January: You will not be able to send in the FAFSA until January 1. Some colleges have deadlines for this information, but in general, you should plan to send in the FAFSA by the end of February. Some applicants should complete the CSS/Financial Aid Profile only if it is a requirement from the college to which you are applying.

March : Receive acknowledgement of your FAFSA from the colleges to which you have applied. This will include your Estimated Family Contribution (EFC) and your Student Aid Report (SAR). Review this acknowledgement, make any necessary changes, and return the form. If no changes are needed, send a signed copy of the SAR to the college's financial aid office.

May/June: Receive an award letter from your college's financial aid administrator. Although your college will attempt to meet all of your financial needs, you may not receive the total amount of aid for which you were determined eligible.

Check out this site on In-State Tuition for Military Families

https://www.hrc.army.mil/SITE/Education/InState/index.htm

Need More Ideas and Help on Funding College?

CLICK HERE

and see what the Guide for Federal Student Aid has to offer

Other Financial Aid & Scholarship Web sites

www.800headstart.com …………Scholarship Search.

www.collegenet.com/mach25 .....Scholarship Search, College Search.

www.collegebound.net …………Variety of information including Art & Design Schools, Culinary Schools, Beauty & Wellness Schools, Career Schools.     

www.collegequest.com …………Peterson's College Search, Visual & Performing Arts, International, On-line learning, Career Colleges   .   .

www.collegeexpress.com ………College Search, Scholarship Search, Loan Search.  

www.ed.gov ……………………..(U.S. Department of Education) Grants, Financial Aid, Career Colleges & Technical Schools .   

www.fastaid.com ………………..Scholarships, Internships, Loans.   

www.finaid.org …………………..Scholarships, Loans, Military Aid, Grants, Fellowships, Calculators (FAFSA's expected family contribution)

www.mapping-your-future.org …Career Planning, Selecting a College, Student Loans, Financial Aid.

www.review.com ………………….(The Princeton Review) College & Career Search, Admissions Testing prep, Scholarships, Financial Aid.

www.salliemae.com …………….Federal Loans.

www.scholaraid.com …………...Student Federal Loans, Loan Consolidation.

www.scholarships.com …………Scholarship Search, Federal Loan

www.ed.gov   State Depts. of Education & Higher Education Commissions - a comprehensive guide to scholarships, grants, and loans that are available only in specific states.  At this site you can link up with your state and see what's out there.