About Financial Aid

Funding for financial aid may come from the federal government, state government, private sources, and from the colleges and universities themselves. Financial assistance consists of several types: grants and scholarships, loans and work-study. 

The goal for many students is to maximize scholarships and grants and minimize loans.

Scholarships and Grants

Scholarships and grants are outright gifts of money. Most of the time, they are based upon need. Some are awarded for academic excellence and promise, or for special achievements or abilities. This is also known as gift aid.

Loans

Loans are a significant part of most aid packages. They must be repaid, but most often not until after graduation. Interest rates on these loans are usually lower than on other types of loans. The payback period on college loans varies from two or three years up to 30 years. 

Work-Study

Work-study is part-time employment for a student usually on-campus, to help with college expenses.

Top 10 mistakes on the FAFSA 

Navigating Financial Aid

• • Contact the financial aid offices of the colleges to which you are applying for financial aid information specific to that college. 

  • In September, get your FAFSA ID (FSA ID).  You will do this 2 times, once for the student with the student's email address and once for a parent with their email address.  This ID will be necessary for e-signatures, to check filing status, and to make changes on your FAFSA. Both student and a parent need a FAFSA ID and be sure to make a note of the email address and password you each chose.  

  •  The FAFSA is available beginning on October 1 for the following school year.  Some financial aid is first-come, first-serve so fill it out AS SOON AS YOU CAN.  NOTE: Use Fafsa. 

Do not go to fafsa.com. They are a fee-charging organization.

• • If a school requires the "CSS/Financial Aid PROFILE", complete this very detailed profile of your financial situation before January 1. Click here for a list of schools that require the CSS. NOTE: Early Decision/Early Action schools often require the CSS Profile at the same time as the application deadline (usually mid-November).