Financial aid research requires time, effort, and attention to detail. By following these best practices you can make informed decisions and maximize your opportunities for receiving financial aid for college. If you have any questions or need additional clarification, please reach out to your school counselor, or contact the Financial Aid Office at your university.
Your first step in the financial aid process will be to educate yourself on the different types of aid that are available to you. Below are the four most common types of aid for college students.
Type of federal student aid; do not need to be repaid (unless: 1) you withdraw from school 2) do not fulfill a requirement of the grant (e.g. not fulfilling the service obligation under a TEACH grant), 3) scholarships received negate your need for financial aid)
Awarded via FAFSA based on financial need
Tip: UW Madison offers a program called the “Badger Promise” to students who qualify for the Pell Grant via FAFSA and are 1) transfer students from a 2-year UW branch campus, 2) a Wisconsin resident, and 3) a first generation student.
Students who qualify for the Badger Promise will receive grant-aid for two semesters of tuition at UW-Madison.
Tip: The Wisconsin Tuition Promise is a new financial aid program beginning fall of 2023 for students attending UW schools; students need to complete the FAFSA to be considered for this program
There are a number of eligibility requirements for this program that can be found at the link above. If a student meets the requirements, the Wisconsin Tuition Promise will provide any additional financial aid needed to fully fund tuition after other federal and state aid is accounted for.
Loans need to be paid back with interest. If you complete the FAFSA, your college or university may offer you loans as a part of your financial aid package
Private Loans
Loans applied for and received by banks or other financial institutions
Do not qualify for federal loan forgiveness programs or income driven repayment plans
Federal Student Loans
Lower interest rates than private loans
Direct-Subsidized = financial need
Direct-Unsubsidized = not need-based
Direct PLUS = graduate of professional level students only; not need based; credit check is required
Direct Consolidation = combine all eligible federal loans into a single loan with a single loan servicer
Tip: direct consolidation can be very helpful when applying for a loan forgiveness program (Public Service Loan Forgiveness, repayment plan-based student loan forgiveness, etc.)
A need-based type of financial aid that you will need to complete the FAFSA to be eligible for.
A student who received a work-study award will work part-time for their school in order to help fund their education. In addition, they will earn at least minimum wage while working. Eligibility depends on:
Financial need
When you apply
Your school’s funding level
This is money for college that does not need to be repaid. Students can apply for scholarships through the university they are planning on attending, or they can explore scholarships opportunities elsewhere:
Elmbrook specific scholarships are available on this website; see "BCHS Scholarships", "Elmbrook Scholarship Resource Guide", and "Elmbrook Education Foundation" at the top of this page
Merit-based scholarships (awarded by universities based on college entrance exam scores, GPA, PSAT-NMSQT score, etc.)
Reputable websites like Fastweb
Private organizations: employers often offer scholarships, various foundations and non-profit organizations, etc.
***Here is another reminder to utilize the FAFSA as a source of financial aid for college. You can find more information about FAFSA on the "FASFA" link at the top of this webpage.***
Complete the FAFSA and start early!
When completing the FAFSA, apply as soon as possible after the application opens in December. Check your school’s priority deadline to be sure that you have your FAFSA completed and submitted by then.
Organize all of the materials that you will need for the FAFSA before beginning; this will make the process a lot smoother for you: you can find a list of the items you will need at studentaid.gov
Apply! Apply! APPLY!
There is so much free money out there for college students, but you cannot receive it unless you apply - pay attention to deadlines and get those applications out there your senior year!
Be cautious of scams
If you are required to pay to apply for a scholarship, it is a scam.
Be wary of any offers that seem too good to be true or require up-front fees
Research and verify the legitimacy of any organization before sharing personal or financial information
More information about financial aid, how to apply, and best practices can be found at https://studentaid.gov/