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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. [Updated December 2004]
Information is readily available from:
- High school counselors
- College and career school financial aid offices (where you plan to attend)
- Local and college libraries
- U.S. Department of Education Web page
- Other Internet sites (search termsstudent financial aidOR assistance)
The Basics- Getting Started
- Ask questions: counselors may know if you have exceptional circumstances that affect your eligibility.
- Free information
- Start gathering information early. Use calendars to keep on track.
- Be organized with all of your forms and correspondence: you must reapply for aid each year.
- Keep copies: save money long before your child attends college.
College Savings Plan Network (state "Section 529" plans)
Tax incentives for higher education expenses - Parents of students
Student Aid and Where it Comes From
Basic assistance categories:
- Financial need-based
Factors include academic excellence, ethnic background, or organization membership. Corporations may also offer assistance to employees and children. - Non 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. - 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 theUnited States Department of Education:
- Funding Your Education
- Student Guide
Loans
- Stafford Loans
- Federal Family Education Loans (FFEL) from private lenders, such as banks and credit unions, guaranteed by the federal government.
- William D. Ford Direct Loans (DL) directly from the federal government.
- Federal PLUS Loans parental loans, not need-based.
- Perkins Loans for the most needy undergraduates; through participating schools.
- Scholarships/grants
Pell Grants
Federal Supplemental Educational Opportunity Grants (FSEOG) - mostly graduate level: search the Catalog of Federal Domestic Assistance (CFDA) by Beneficiary, such as "Student or Trainee" or "Graduate Student".