1. Grants

Grants are called gift aid because they do not have to be paid back. Grants come from federal and state governments and from colleges. Most grants are need-based, which means they are usually given based on your or your family’s financial circumstances.

2. Scholarships

Scholarships are also gift aid. Scholarships come from colleges and private organizations. They may be awarded for academic or athletic ability, interest in a certain subject, or volunteer work, for example. Some scholarships are given based on membership in an ethnic or religious group. Companies may also give scholarships to children of employees.

3. Loans

Borrowing money from a bank, government or lending company is called taking out a loan. A loan must be paid back with an extra charge called interest. The federal government offers low-interest loans to students with financial need. Other lenders charge more interest.

4. Work-Study Programs

The Federal Work-Study Program offers paid part-time jobs to help students pay for part of their college cost.

Any student, regardless of income, who wants to be considered for federal, state, and school financial aid (this includes grants, scholarships, work study funds, and loans) will need to complete the FAFSA.  Students who complete the FAFSA will need a social security number or permanent resident ID. This application is completely free and you may file your FAFSA with your previous year's tax information. There is nothing hurt by applying to see what is possible. In the worst case scenario your family would not qualify for any grants, but still could qualify for loans through the federal government. This works in your favor because the interest percentage for the loans you would get from the government is much lower than the rate from any other institution offering loans. Another reason to take out a loan is to start building good credit. Also, some colleges award merit scholarships and require the FAFSA to be filled out in order to be considered for scholarships.

CLICK HERE to complete the FAFSA Form

Before You Apply:

• • • Complete your 2023 income tax return. When completing your FAFSA, you and your family will be able to use your most recent completed tax returns. You can transfer your income data directly from the IRS website to your FAFSA, making it easier to accurately complete the FAFSA.

    • Create an FSA ID. When you start your FAFSA on the web application, you will set up your account by creating a user ID and password. These will become your online identifiers for all federal student aid programs. You will need to provide your own email address and password. (Parents will create their own account using a different email address and password). Set up your user ID and password before you start your FAFSA.

Dec. 1st is the first day you can file the FAFSA!

Be sure to complete your FAFSA soon after it becomes available on Dec. 1 of Senior Year. Filling out your FAFSA as early as possible can help you get a jump on other financial aid applications (state or institutional aid) that may have early deadlines. It also will give you more information earlier about the financial aid you qualify for and will help you make an informed decision about which college is the best financial fit for you.  It is highly recommended to complete the FAFSA by December 31.

The Texas Applicaiton for State Financial Aid (TASFA) is used by participating institutions of higher education in Texas to collect information to help determine a students eligibility for state financial aid. 

Students who are classified as a Texas resident who cannot apply for federal financial aid using the FAFSA, are encouraged to complete the TASFA. To see if you qualify for the FAFSA, please visit  www.studentaid.gov Students should NOT complete both the FAFSA and the TASFA.

The TASFA is free to all students. There is an online and a paper version of the form (do not complete both).  The online TASFA is not available on spanish, but you can refer to the paper TASFA in spanish to help complete the Online TASFA in English. 

The TASFA for the 2025-2026 application year is scheduled to open on Oct. 1, 2024 (or as announced).  Deadlines for completion vary by institution, it is recommended that students contact the college they plan to attend to confirm final deadlines. Students are encouraged to apply as soon as possible to maximize their state financial aid options since funding is limited. 

CLICK HERE to access the online and paper TASFA

Federal Student Aid Estimator

Free web tool designed by Federal Student Aid to assist high school seniors and their families to find out hom much federal student aid they may be eligible for in the upcoming school year. 

• provides an early estimate of how much federal student aid they may be eligible for, and potential Federal Pell Grant eligibility

• usually takes 5-10 minutes

• students will need personal and financial information for themselves and their parent(s)

Big Future Financial Aid Quiz

Provides an estimated range of your Student Aid Index (SAI), which helps colleges and schools determine how much federal financial aid you may qualify for. 

• students will need information on parental household, income, assests, and student finances

FinAid

• Information on financial aid for college. Articles on loans, scholarships, and award letters. Online tools to help calculate estimated loan repayment, SAI, cost of college, etc. 

CSS Profile

• Provided by College Board, unlocks access to nonfederal aid. Students should check the list of partipating schools and scholarships before completing the CSS profile.

Going Merry

• Free scholarship finder, financial aid resources, budgeting calculator, financial aid insights, college cost comparisons and more. 

U*Aspire

• PDF flyers, videos and more on the financial aid process from preparing all the way through attending.

JM 2025-2026 Scholarship List

• Continually updating list of scholarships available to Madison students.