Student Financial Aid
Financial Aid for Students
The basics: getting started |
Start gathering information early.
Free information is readily available from:
High school counselors
College and career school financial aid offices (where you plan to attend)
Local and college libraries
Government agencies: Federal Student Aid (U.S. Department of Education) and the Consumer Financial Protection Bureau
Other Internet sites (search terms student financial aid OR assistance)Ask questions: counselors may know if you have exceptional circumstances that affect your eligibility.
Keep copies of all forms and correspondence: you must reapply for aid each year.
Parents of students: save money long before your child attends college.
FinAid: for Parents
College Savings Plan Network (state "Section 529" plans)
Tax incentives for higher education expensesGood overviews:
About Financial Aid
FinAid: The Smart Student Guide to Financial Aid
Mapping Your FutureBeware of scholarship scams -- don’t pay for free information!
Department of Education
Federal Trade Commission
Student aid and where it comes from |
Basic assistance categories:
Financial need-based
Remember that students and their parents are responsible for paying what they can -- financial aid is a supplement, not a substitute, for family resources.Non-need-based
Factors include academic excellence, ethnic background, or organization membership. Corporations may also offer assistance to employees and children.
Federal Student Aid:
- Provides nearly 70% of student aid under Loans, Grants and Work/study programs.
- Available to all need-based applicants; some loans and competitive scholarships for non-need-based.
- Free information from the United States Department of Education:
- Loans are the most common federal aid and must be repaid when you graduate or leave college.
- Notable federal student loan programs include:
- The William D. Ford Federal Direct Loan Program
- Direct PLUS Loans parental loans, not need-based.
- Perkins Loans [Download a free PDF reader] This program no longer exists, but information is available on how to pay a Perkins Loan back if you received one before 2017-2018.
- Notable federal student loan programs include:
- Scholarships/grants are mostly need-based and require no repayment:
- "Congressional" scholarships:
- Named for Member of Congress or other prominent individual (such as Fulbright fellowships)
- Merit-based and highly competitive
- Members of Congress do not play a role in selecting recipients
- Work study programs allow you to earn money while in school:
- Federal Work Study Program: college campus jobs
- USA Jobs: hiring pathways into federal government jobs for students and recent graduates
- For questions not covered by the Department of Education website, consult the Federal Student Aid Online Help Center or call the Federal Student Aid Information Center at 1-800-433-3243.
States offer residents a variety of scholarships, loans, and tuition exemptions.
- Check with your State Higher Education Agency and State Guarantee Agency.
- For CNMI institutions, consult the Department of Education's list of relevant agencies.
- Consider prepaid tuition and college savings ("Section 529") plans: College Savings Plans Network.
- Search your Internet browser under terms such as student financial aid or assistance AND your state.
Colleges and universities provide some 20% of aid, most need-based. Check the website of the college or university and consult the institution’s financial aid office when you apply for admission.
Private foundations, corporations, and organizations offer scholarships or grants:
College Board Scholarship Search
FastWeb
CareerOneStop Scholarship Finder
Targeted aid for special groups |
- Grants for Minorities: Asians, Blacks, Hispanics, Latinos, Native Americans, and Other Ethnic Groups
- African Americans: For Students: Scholarships
- Disabled students: Financial Aid for Students with Disabilities
- Foreign students: Financial Aid for International Students
- Hispanic Americans: Scholarships
- Law school students: Law school students
- Medical students: Association of American Medical Colleges
- Native Americans: American Indian College Fund
- Study abroad (for U.S. and non-U.S. citizens): International Financial Aid
- Veterans: Education Benefits
Interested in public service?
Federal assistance programs seek to encourage people to work in geographic areas or professions where there’s a particular need (such as doctors in underserved areas); encourage underrepresented groups to enter a particular profession; and provide aid in exchange for services provided (such as military service).
- AmeriCorps Education Award
Volunteers who complete one year of service receive an education award for current higher education expenses or to repay student loans. - Army Tuition Assistance
Additional benefits for Army personnel. - Indian Health Service
Scholarships for American Indian/Alaskan Native health profession students and loan repayment for persons working in IHS facilities. - Military academies:
United States Military Academy
United States Naval Academy
United States Air Force Academy
United States Merchant Marine Academy
United States Coast Guard Academy - National Health Service Corps
Scholarships and loan repayment for health profession students who agree to work in underserved areas. - Nursing Scholarships
Offered in exchange for two years of service in areas with critical nursing shortages. - Reserve Officers Training Corps (ROTC)
For students who want to be commissioned as officers after graduating from college.
United States Army ROTC
United States Navy ROTC
United States Air Force ROTC - USA Jobs: Welcome Students and Recent Graduates
Scholarships, grants, fellowships, internships, and cooperative education with federal agencies.
Aid for private K-12 education: No direct federal assistance, check with schools themselves:
- Coverdell Education Savings Accounts: for elementary and secondary school expenses as well as higher education.
Repaying your loans |
After college, the federal government has ways to help you repay your loans.
- Eligibility depends upon the type of loan, when it was made, and whether it’s in default. Check with your loan officer to find out if you qualify.
- Loan Consolidation: combine your federal loans into a single loan with one monthly payment.
- Sometimes loans may be canceled in exchange for public service.
Teachers: Teacher Loan Forgiveness
Health professions: National Health Service Corps
Law school graduates: Loan Repayment Programs
Medical school graduates: Loan Repayment Program
Federal employees: Federal Student Loan Repayment Program - Certain public-sector and nonprofit workers: Public Service Loan Forgiveness Program
- Consumer Financial Protection Bureau, Student Debt Repayment Assistant.