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Last Updated: October 1, 2009
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Financial Aid and Scholarships

Financial aid, simply put, is assistance that reduces your out-of-pocket educational expenses. A typical financial aid package could include the following options:

Scholarships

With the more than 1 million scholarships available through various sources, you will quickly find that there are scholarships available for every brand of student. Scholarships are the best and most desired type of financial aid because they do not require repayment. The most popular types of scholarships pertain to the following: academic performance in high school, intended field of study in college, or artistic and athletic awards. Awards may also be available to students who live in a certain geographic region, who are members of underrepresented groups, or who demonstrate financial need.
Do not overlook scholarships offered by the schools you are applying to. Every college and university who offers merit-based scholarships will list their scholarship offerings as well as how and when to apply on their Web site. Also, be sure to pay attention to application requirements and deadlines. Some scholarships require essays and recommendations separate from your admissions application process.
Don’t overlook the list of scholarships available on your personal Naviance website.  Scholarships are added to this list on a weekly basis.  I recommend this list because most of the awards are local- or regional-based awards; therefore, the competition is not as fierce as some of the national awards you would find on other sites.  In fact, you would be surprised to learn that some scholarships have only a handful of applicants.  In this case, your chances of winning the scholarship are very good. 

Grants

Grant is another term for “free money”; you are not required to pay it back as you would a loan. There are different types of grants available to students: federal, state, and institutional.  Grants differ from scholarships based on their strictly need-based eligibility.  Click here for examples of specific grant offerings.  Most of the grants listed will require completion of the Free Application for Federal Student Aid (FAFSA) to determine exact level of eligibility.

Loans

Educational loans are available to students (and parents) but require repayment, with interest.  Loans fall into three different categories:  student loans, parent loans, and alternative student loans (or private student loans).  Click here for specific loan options.  Most, but not all, loans require completion of the Free Application for Federal Student Aid (FAFSA). 

Work-Study (Student Employment)

Federal Work Study (FWS) is based on need and is funded by federal and university dollars. FWS may be a part of the financial aid award package. Typically, an average FWS award is $1,500, which means a student can work about 10 hours a week earning minimum wage.

Applying for Financial Aid

In order to determine your eligibility for need-based financial aid, you will need to submit the Free Application for Federal Student Aid (FAFSA).  For students entering college in the 2010-2011 academic year, the FAFSA will be available for completion starting January 1, 2010.  When sent to the schools you are applying to (up to 10 permitted), the Financial Aid office at each school will use the information from your FAFSA to award a financial aid package.  Some schools will require additional forms to obtain information not included on the FAFSA.  One such option is the College Board’s CSS/Financial Aid Profile which assists schools in awarding nonfederal student aid funds.   
Before completing and submitting the FAFSA, students and at least one parent/guardian need to apply for a PIN.  The PIN is used to access your Federal Student Aid records online and also serves as your electronic signature. Click here to apply for a PIN.