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Overview of Financial Aid
Overview of Financial Aid
In the US, any education beyond K-12 public school is viewed as the financial responsibility of the student/family. However, there are ways to seek financial aid to help afford further education and training beyond high school.
What is financial aid?
Financial aid is money to help pay for college or trade/apprenticeship programs. See below for different types of financial aid.
Where does financial aid come from?
Federal Government, State Government, Institutions, and Various Organizations
What types of financial aid exist?
Grants: Awarded based on financial need, Do not need to be repaid
Scholarships: One time or renewable awarded based on merit or certain qualifications, Do not need to be repaid
Loans: Both Federal (subsidized and unsubsidized) and Private, Student loans and Parent Plus loans, Need to be repaid
Work-study: Part-time job on campus, money goes directly to the student
Merit Aid vs. Need-Based Aid
Merit aid is awarded by colleges based on their high school academic performance or special talent the college values. Each college assesses this different and students should research this thoroughly in 11th grade when builing their list. (Ex: Randolph-Macon gives different level of merit scholarships depending on a student's GPA.)
Need-based aid means the student's family falls below a certain income level. The Pell Grant is a federal form of need-based aid. Some colleges have made committments to ensure there is no gap in aid that will cover the cost of attendance for families making under a certain amount of money (ex: families of 4 making under $100,000/year). The FAFSA must be completed to qualify for federal or college aid.
How much will college cost?
Use the Net Price Calculator to estimate cost at a particular college or university. Keep in mind that the sticker price of private colleges can often be competitive with public colleges due to more merit and need-based scholarships.
How much federal student aid will I qualify for?
Use the Federal Student Aid Estimator to get a better idea of how much federal aid you may be awarded.
What do colleges use to determine financial aid packages?
Colleges often require the FAFSA and/or CSS Profile in order to award aid. Each college has their own deadline for when these are due. In Virginia for example, UVA, University of Richmond, and William & Mary require the CSS Profile.
FAFSA
FAFSA
(Free Application for Federal Student Aid)
(Free Application for Federal Student Aid)
This "aid estimator" will provide some idea of how much federal aid a student may qualify for. The FAFSA (Free Application for Federal Student Aid) opens in October each year and must be completed if students want to be considered for federal, state, and instutituonal aid. First, students and their parents should apply for an FSA ID and meet with their high school's GRASP representative. ECMC created this great step by step guide for creating an FSA ID.
Note that some colleges require completion of the FAFSA to be considered for scholarships at their institution.
Virginians who are nonimmigrants, undocumented, have Deferred Action for Childhood Arrivals (DACA) status or are otherwise ineligible to file the FAFSA and would like to be considered for state financial aid. The VASA application provides access only to state financial aid.
Invest529
Invest529
Savings Plan
Savings Plan
Invest529 is the new name for Virginia 529. According to the their website, "A 529 savings plan is a type of investment account that can be used for education savings. These accounts can be opened by almost anyone, there are no income limits, and anyone can contribute. A 529 account works much like a Roth IRA by investing your after-tax contributions into investment portfolios like a mutual fund.
529s are highly flexible, allowing you to use your savings at in-state, out-of-state, public or private schools. This includes community colleges, trade schools, graduate programs and some international schools. You can also use a 529 account to pay for up to $10,000 in K–12 tuition, registered apprenticeship programs, and up to $10,000 in student loan repayment. For withdrawals made after July 4, 2025, you can use your 529 for more K-12 education expenses (up to the annual $10,000 limit) and for recognized postsecondary credentials and credential programs."
Scholarships
Scholarships
Scholarships are one form of financial aid and do not require repayment. Scholarships come from a number of sources and requirements will vary. It's important for students to start early, get organized, do their research to ensure they meet the qualifications, and proofread! The vast majority of scholarships outside of a college are $500-1,000 per year. Below is a list of places to search for scholarships:
Family - Employers, community organizations where parents are a member, GI Bill
Colleges
Build a college list that includes colleges that are known for awarding strong scholarships and aid. Consider trying AI to search for what you are looking for. An example might be: "medium size colleges within 100 miles of Richmond, VA who offer merit based scholarships".
Many colleges will consider a student for scholarships automatically if they submit their application by a priority deadline. Here is a list of hidden scholarships from colleges across the country.
The largest scholarships come from the colleges where you are above average compared to most applicants. The most generous aid tends to be merit aid from schools that might be your "likely" schools.
Common App - Common App's scholarship matching feature will match students with potential scholarships under the "Financial Aid" tab. In order to be matched, students can actually create a first year student account in 11th grade and start part of their Common App filling in the Profile and Education sections.
FAFSA - Be sure to check each college's priority filing date (usually Jan or Feb). The FAFSA can be completed starting in October of 12th grade.
GRASP (GReat Aspirations Scholarship Program)- A non profit organization with a representative at each high school to assist families with the FAFSA. They, too, have scholarships.
SchooLinks - HCPS maintains a list of local and community scholarships. Students can access this list by going to SchooLinks - Colleges - Scholarship Matching. The large majority of scholarships are posted January - March of Senior year. See more info below.
HCPS Senior Scholarship Application - Seniors can complete this Aug. 1- Dec. 31 to be considered for any scholarships awarded by their high school. See more info. below.
Search Engines - Scroll down this page to Internet Searches for links to additional scholarship search engines.
Hanover County Public Schools
Scholarship Database
Hanover County Public Schools publishes a list of community, regional, and national scholarship opportunities for Seniors. This list is located in SchooLinks under the Colleges tab, then Scholarship Matching. This list is updated regularly starting each fall. Many of these scholarship deadlines tend to fall February through April. Three items many scholarships tend to request are: updated transcript, a resume, and a personal statement. We recommend students prepare each of these items in advance as it will make applying to scholarships a little easier (scholarship application tips). Each application should have the student's name clearly listed on all items.
Hanover County Public Schools
Senior Scholarship Application
In addition to the HCPS Scholarship List, seniors currently enrolled in HCPS high schools can complete the senior scholarship application, which opens August 1 each year. This will qualify HCPS seniors for consideration of scholarships through their high school’s Scholarship Committee. This checklist is available to reference before seniors start completing the application. The deadline for seniors to complete the application is December 31.
FREE FINANCIAL AID HELP IN EACH HIGH SCHOOL
GRASP: Great Aspirations Scholarship Program
A representative from GRASP visits each high school weekly meeting with families to help navigate the financial aid process. GRASP is a non-profit, charitable, college-access organization that assists students and families in obtaining funding for post-secondary education. Services for the GRASP program include assistance with financial aid, FAFSA or VASA, and a list of scholarship opportunities. See below for contact information for GRASP representatives at each of the high schools in Hanover County Public Schools. Also, GRASP has a great Instagram account to follow for helpful tips, reminders and resources throughout the year @grasp4virginia.
GRASP en Español. Para pedir una cita con su mentor, por favor contacta de la oficina de los consejeros estudiantiles. Para mas apoyo, contacta Conchy Alvarez, la mentora hispanohablante de GRASP: espanol@grasp4va.org.
GRASP
Hanover HS
HHS families can schedule an appointment on Mondays here. Meetings are in the libary.
This is a great program for students looking for career training that also have financial need. From the G3 website, " If you’re a Virginia resident who qualifies for in-state financial aid – and your household income is roughly $111,000 or less — G3 could be the difference maker to a great job or second career. You can use G3 funding to pursue training in one of six of Virginia’s most in-demand, well-paying industries."
Free Resource: Opportunities Book
Free Resource: Opportunities Book
ECMC is a nonprofit corporation providing services in support of higher education finance, who assists students and families in their efforts to plan and pay for college. Each year, they release a FREE guide for Virginia families that helps with college admission and planning, as well as helps to navigate the financial aid process. Paper copies can be found in the high school counseling office. A digital copy can be accessed here.
Internet Scholarship Searches
Internet Scholarship Searches
Scholarship Scams
Scholarship Scams
There are many free services and opportunities for scholarships. Students must take care not to be distracted by fraudulent, deceptive, and unfair business practices. Here are a few quick tips to help avoid scams.
Most scholarships do not require an applicaiton fee. Beware of any program or service that requests a fee.
Don’t be distracted by official-sounding names and logos. If you have questions about an offer, see your school counselor or GRASP advisor.
Be cautious with announcements that you have been selected as a finalist in a contest that requires additional fees.
Legitimate scholarships are usually available through multiple avenues. Scholarship seekers should be wary of services that advertise exclusive offers not found elsewhere.
There is no one program or service that can guarantee that you will be awarded scholarships. Even refund guarantees may have strings attached.
Researching financial aid and scholarship opportunities requires time and patience. Students should approach scholarship searches as a long-term project by identifying eligibility and deadlines for opportunities. Students should always consult with their school counselor, GRASP advisor or college financial aid officer.
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