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Guides students through the process of locating and applying for financial aid. Prepared by the Congressional Research Service for Members of Congress, updated May 2012.
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
Student Aid on the Web (U.S. Department of Education)
Other Internet sites (search terms student financial aid OR assistance)
Ask questions: counselors may know if you have exceptional circumstances that affect your eligibility.
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:
About Financial Aid
FinAid: The Smart Student Guide to Financial Aid
Looking for Student Aid
Mapping Your Future
Beware of scholarship scams -- dont 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:
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 institutions financial aid office when you apply for admission.
Private foundations, corporations, and organizations offer scholarships or grants:
College Board Scholarship Search
FastWeb
Grants for Individuals
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 theres 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:
Repaying your loans |
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After college, the federal government has ways to help you repay your loans.