Scholarships & Financial Aid
Milwaukee Scholarship Search
http://compassguide.org
Scholarships for Latino Students
www.latinocollegedollars.org
Scholarship search site
www.fastweb.com
Federal Student Aid—U.S. Department of Education
http://studentaid.ed.gov
Free Application for Federal Student Aid
www.fafsa.ed.gov
An Introduction to Financial Aid
http://heab.state.wi.us/intro.html
Financial Aid Information
http://finaid.org
College Scholarship Search
http://apps.collegeboard.com/cbsearch_ss/welcome.jsp
Scholarship search
www.schoolsoup.com/
Scholarship Coach
www.scholarshipcoach.com
Scholarship search
www.scholarships.com
http://compassguide.org
Scholarships for Latino Students
www.latinocollegedollars.org
Scholarship search site
www.fastweb.com
Federal Student Aid—U.S. Department of Education
http://studentaid.ed.gov
Free Application for Federal Student Aid
www.fafsa.ed.gov
An Introduction to Financial Aid
http://heab.state.wi.us/intro.html
Financial Aid Information
http://finaid.org
College Scholarship Search
http://apps.collegeboard.com/cbsearch_ss/welcome.jsp
Scholarship search
www.schoolsoup.com/
Scholarship Coach
www.scholarshipcoach.com
Scholarship search
www.scholarships.com
How to Apply for Financial Aid
Financial Aid Vocabulary
Definitions of terms associated with financial aid for college.
Financial Aid Sources
SCHOLARSHIPS
Scholarships are awarded to students based on their academic record, leadership ability, talents or need for financial assistance. Since many scholarships are awarded by colleges, students should apply to the colleges directly for information and applications. Other sources of scholarship aid are your parents’ employers, labor unions, civic and religious organizations, professional associations, and other private groups. Renewable scholarships will have continuing eligibility requirements, such as maintaining a certain level of academic or athletic performance, or showing evidence of continuing financial need.
FEDERALLY-FUNDED PROGRAMS
Federal Pell Grants
Scholarships are awarded to students based on their academic record, leadership ability, talents or need for financial assistance. Since many scholarships are awarded by colleges, students should apply to the colleges directly for information and applications. Other sources of scholarship aid are your parents’ employers, labor unions, civic and religious organizations, professional associations, and other private groups. Renewable scholarships will have continuing eligibility requirements, such as maintaining a certain level of academic or athletic performance, or showing evidence of continuing financial need.
FEDERALLY-FUNDED PROGRAMS
Federal Pell Grants
- Largest need-based student aid program
- Awarded to undergraduate students with extreme financial need
- Dollar range set annually by Congress
- Does not have to be repaid
- Awarded to undergraduate students with extreme financial need
- Priority goes to those students receiving Pell Grants
- Amount of award depends on available funds
- Does not have to be repaid
- On and off-campus employment
- Awarded to students who demonstrate financial need
- Amount earned may not exceed demonstrated need
- Salary must be at least minimum wage
- Does not have to be repaid
- Low interest rate loan
- Awarded to students with exceptional financial need
- Repayment begins nine months after graduation
- Variable interest rate loan
- Awarded to students who demonstrate financial need
- Federal government pays interest on loan while student is in school and for a six-month grace period after graduation
- Repayment begins six months after graduation
- Variable interest rate loan
- Available to students who do not qualify for a subsidized Stafford Loan
- Student responsible for paying interest during school and deferment period
- Repayment of principal and interest begins six months after graduation
- Variable interest rate loan
- Available to parents for the full cost of education less any other student aid received
- Repayment begins within 60 days of loan disbursement
- Tax credit of up to $1500 available to eligible tax payers who file a tad return and owe taxes
- Students must be enrolled at least half time and not have completed two years of undergraduate studies
Applying for Financial Aid
In recent years, financial aid for college students has not kept pace with the rising costs of a college education. Your family may need assistance meeting the annual cost of tuition, books, fees, room and board. If this is the case, you should be prepared to do a thorough search of available resources. The following steps will help you organize the application process:
§ Begin researching scholarships in the spring of your junior year. Look for scholarship information through a scholarship search on the internet either in the computer lab or at home.
§ Continue to investigate scholarship opportunities throughout your Senior year.
§ Find out what forms your colleges require and what the deadlines are.
§ Pick up the necessary financial aid forms from the guidance office.
§ Attend a financial aid workshop for an explanation of the financial aid process and for directions on filling out the FAFSA.
§ Complete the Application for Federal Student Aid (FAFSA) as soon as possible after January 1.
§ Review the Student Aid Report which will arrive about six weeks after you file the FAFSA. Make corrections if necessary.
§ Carefully compare financial award letters when they arrive in the Spring.
Once you have decided which college to attend, notify the financial aid office of your decision to accept all, part, or none of the financial award.
A trip to the college financial aid office should provide you with the following information:
§ What percentage of your demonstrated need will be met.
§ What the college’s loan default rate is. This affects the amount of federal funds the colleges will have available.
§ Whether the composition of the financial aid package changes from year to year, i.e. does the loan component increase significantly.
§ What tuition payment plans are available.
§ Begin researching scholarships in the spring of your junior year. Look for scholarship information through a scholarship search on the internet either in the computer lab or at home.
§ Continue to investigate scholarship opportunities throughout your Senior year.
§ Find out what forms your colleges require and what the deadlines are.
§ Pick up the necessary financial aid forms from the guidance office.
§ Attend a financial aid workshop for an explanation of the financial aid process and for directions on filling out the FAFSA.
§ Complete the Application for Federal Student Aid (FAFSA) as soon as possible after January 1.
§ Review the Student Aid Report which will arrive about six weeks after you file the FAFSA. Make corrections if necessary.
§ Carefully compare financial award letters when they arrive in the Spring.
Once you have decided which college to attend, notify the financial aid office of your decision to accept all, part, or none of the financial award.
A trip to the college financial aid office should provide you with the following information:
§ What percentage of your demonstrated need will be met.
§ What the college’s loan default rate is. This affects the amount of federal funds the colleges will have available.
§ Whether the composition of the financial aid package changes from year to year, i.e. does the loan component increase significantly.
§ What tuition payment plans are available.