Financial Aid

College is expensive, and costs are rising each year. But financial aid makes paying for college easier. Financial aid comes in two basic forms: gift aid, such as grants and scholarships that do not have to be repaid, and self-help, such as loans (which must be repaid with interest) and work-study (part-time jobs on campus). Do not eliminate a college because you think it costs too much. There are many types of aid available if you and your family qualify. (All links on this page opens a new browser window)

Here are some general principles about financial aid:

• Financial aid assists families in paying for college.
• The primary obligation of paying for college costs rests with the family.
• Generally, financial aid depends on your financial need.
• Families with similar circumstances are expected to contribute similar amounts.
• Financial aid distributes limited resources in an equitable manner.

There are several good scholarship search engines that you should use to identify scholarship opportunities:

• www.fastweb.com
• www.scholarsite.com
• www.scholarships.com
• www.meritaid.com
• www.gocollege.com/financial-aid/scholarships
• www.finaid.org/scholarships
• www.collegeplan.org
• www.collegeispossible.org
• www.mappingyourfuture.org
• www.collegescholarships.com
• www.collegenet.com
• www.nextstudent.com

To look for scholarships for minority students, go to:

• www.gmsp.org
• www.jackierobinson.org
• www.aspira.org
• www.hacu.net
• www.inroads.org
• www.collegescholarships.org/other-minority-scholarships.htm

Additional sources of information include:

• Books
  • The Scholarship Book, 12th Edition (National Scholarship Research Service)
  • The College Board Scholarship Handbook 2008
  • Kaplan Scholarships 2008
  • Scholarships, Grants, and Prizes 2008 (Petersons)
• College financial aid administrators
• Local library
• Community leaders
• Friends and neighbors

Beware of scholarship scams!

Students looking for scholarships and other sources of financial aid are frequently the target of scam artists. Here are some warning signs:

• If you must pay money to get money, it's probably a scam.
• If it sounds too good to be true, it probably is.
• Nobody can guarantee that you'll win a scholarship.
• Legitimate scholarship foundations do not charge application fees.
• Never send in money up front or pay a redemption or disbursement fee.
• Never disclose bank account, credit card, or social security numbers.
• Don't trust an organization just because it has an official-sounding name.
• Beware of unsolicited scholarships.
• Red flags:
  "guaranteed winnings"
  "everyone is eligible"
  "millions of dollars go unclaimed"
  "you've won"
  "you're a finalist"
  "first come, firt served"
  

Financial Aid Resources

• FAFSA – www.FAFSA.ed.gov
• PIN – www.pin.ed.gov
• PROFILE – www.collegeboard.com/profile/
• Student Aid – www.studentaid.ed.gov
• Financial Aid Information – www.finaid.org
• Financial Aid Calculator – www.finaid.org/calculators
• Scholarship Scams – www.finaid.org/scholarships/scams.phtml
• Education Planner – www.educationplanner.com
• Mapping Your Future – http://mappingyourfuture.org
• Peterson's Get a Jump! The Financial Aid Answer Book
• FastWeb! College Gold: A Step-by-Step Guide to Paying for College
• Meeting College Costs (A publication of the College Board)
• Higher Education Information Center 800-442-1171
• Federal Student Aid Center 800-4-FED-AID
• College Scholarship Service - PROFILE processing 800-778-6888
• Individual college financial aid offices