Financial Aid
Financial Aid
Don’t wait until senior year to explore ways to pay for college. The sooner you have a plan, the less shocked you will be in this age of increasing tuition costs. Types of financial aid include grants, scholarships, loans and work-study.
Grants
Federal Pell Grant
Federal Pell grants are available to low and moderate income families. Other forms of financial aid can be added to Pell grants received.
FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS
Federal Supplemental Educational Opportunity Grants (SEOG) are available to families that demonstrate exceptional financial need and are Pell grant recipients.
ACADEMIC COMPETITIVENESS GRANTS
Academic Competitiveness Grants (ACG) are available to first and second year college students that completed rigorous high school curriculums and maintain a 3.0 GPA.
National Smart Grants
National SMART Grants are available during the third and fourth years of undergraduate study to full-time students who are eligible for the Federal Pell Grant and who are majoring in physical, life, or computer sciences, mathematics, technology, or engineering or in a foreign language determined critical to national security.
College Grants
College grants are offered by many colleges to help close the gap between college costs and what a family is expected to pay.
State Grants
State grants are available in many states but may require that you study in state. They are often called merit grants or merit scholarships.
Scholarships
Scholarships are monies awarded to individuals to assist with paying for college. They vary greatly in amounts, ranging from <$50 to amounts that cover full tuition and fees. Scholarships are based on many different criteria. These include:
- academic promise or excellence
- special talent like music or dance
- special interests like being an equestrian
- selected college major
- racial/ethnic group
- religious beliefs
- disabilities
Loans
Federal Stafford Loan
Interest rates are usually very favorable on Stafford Loans. The amount a student can borrow increases each year as they progress through college. Depending on the student’s need, the loans can be subsidized (government assumes interest while student in college) or unsubsidized (interest accumulates while in college).
Federal Perkins Loan
A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need. Repayment begins 9 months after graduation from school.
PLUS Loans
Parent’s Loan for Undergrad Students (PLUS) has a variable interest rate and hinges on an examination of the family’s credit history. Repayment of PLUS loans must begin within 60 days of disbursement. These are sometimes used to help cover unexpected or overlooked costs that you need a little more time to pay.
Work-Study
If a student qualifies for financial aid, they will most likely be expected to participate in the Federal Work-Study program. The government allocates resources to colleges to enable the college to pay students who work in campus jobs.
The following sites for numerous resources related to getting money for school including questions and answers, financial aid tips, college cost calculators and thousands of scholarships
