Paying for college is a major expense, however there are many resources to help you, from the resources on this Web site to staff in financial aid offices on college and university campuses. Be advised that your family's financial situation will directly affect the types and amount of assistance you may receive.
- Paying Out-of-Pocket
Financial aid may not be an option for families at the higher end of the income scale. If you plan to pay for college yourself, start saving early. When the time comes, if you need financial assistance, you may qualify for need-based financial aid, low-rate student loans, and merit-based aid.
- Need- and Merit-Based Financial Aid
Need-based financial aid programs look solely at your financial information and personal circumstances, and generally consist of grants that do not need to be repaid. These grants may be awarded by federal and state governments, individual colleges and universities, and through private sources. Scholarships are generally merit-based, awarded by a college, university, or external source for academics, abilities, and talents regardless of your financial situation. The types and amounts of scholarships vary, and may represent a combination of both financial and merit-based needs.
- Student Employment
Student employment is money that students work for as part of their financial aid. Called "College Work-Study," this type of aid is generally determined by financial need and consists of part-time employment on- or off-campus.
- Loans
Loans are money that you borrow from a financial institution or a university for your education that you have to pay back with interest. Two types of loans are available—subsidized and unsubsidized. Subsidized loans are determined by financial need; unsubsidized loans are not. You are eligible to apply for a number of loan programs to help finance your education.
To be considered for any financial aid, other than unsubsidized loans, you must first complete the Free Application for Federal Student Aid (FAFSA) with the U.S. Department of Education. The U.S. Department of Education must receive this annual application by March 10 each academic year that you wish to be considered for aid. After the application has been processed, the U.S. Department of Education will send you a Student Aid Report (SAR). The information on the SAR will allow your college's financial aid office to award loans, grants, scholarships, and employment opportunities. The types and amount of financial aid available will vary by institution.
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