Financial Aid for Students
This Information Web page, prepared by the Congressional Research Service for Members of
Congress, guides students through the process of locating and applying for
financial aid; and repaying student loans. [March 2006]
The basics: getting started
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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
US. Department
of Education Web page
Other Internet sites (search terms student financial aid OR assistance)
Ask questions: counselors may know if you have exceptional
circumstances that affect your eligibility.
Be organized: use calendars to keep on track.
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:
Cash for College
FinAid: The Smart Student Guide
to Financial Aid
Financial Aid: You Can Afford It
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
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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:
- Funding
Your Education
- Student Guide
- Loans are the most common federal aid and must
be repaid when you graduate or leave college:
- Stafford Loans include:
- Perkins
Loans for the most needy undergraduates; through participating schools.
- Scholarships/grants are mostly need-based and
require no repayment:
- Pell
Grants
- Federal
Supplemental Educational Opportunity Grants (FSEOG)
- Other grants, scholarships, and fellowships,
mostly graduate level: search the
Catalog of Federal Domestic Assistance (CFDA)
by Beneficiary, such as "Student or Trainee" or "Graduate Student".
- "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
- Search by Beneficiary in
the
Catalog of Federal Domestic Assistance
- Work study programs 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.
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:
FastWeb
Free Scholarship Search
Grants for Individuals
Scholarship Search
Targeted aid for special groups
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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).
Aid for
private K-12 education:
No direct federal assistance, check with schools themselves:
After
college, the federal government has ways to help you
repay your loans.
States, schools, and some private employers provide help in
repaying loans in exchange for public service.