Financial Aid & Scholarship Guide
Navigate the complex world of college financial aid, scholarships, grants, and student loans to make education affordable.
Make College Affordable
Don't let cost be a barrier to your education. Learn how to maximize financial aid, find scholarships, and make smart borrowing decisions.
FAFSA
Scholarships
Grants
Student Loans
Types of Financial Aid
🎁Grants
Free money that doesn't need to be repaid
- • Pell Grant: Up to $7,395 for low-income students
- • State Grants: Vary by state and residency
- • Institutional Grants: From colleges directly
- • SEOG: Supplemental Educational Opportunity Grant
🏆Scholarships
Merit or need-based awards
- • Merit-based: Academic, athletic, artistic
- • Need-based: Financial circumstances
- • Demographic: Ethnicity, gender, location
- • Field-specific: Major or career focus
💼Work-Study
Part-time employment to earn money
- • Federal Work-Study: Need-based program
- • On-campus jobs: Library, dining, tutoring
- • Off-campus jobs: Community service focus
- • Flexible hours: Work around class schedule
📋Student Loans
Money that must be repaid with interest
- • Federal Direct: Subsidized and unsubsidized
- • PLUS Loans: For parents and graduate students
- • Private Loans: From banks and lenders
- • Perkins Loans: Low-interest for high need
FAFSA: Your Gateway to Financial Aid
FAFSA Timeline
October 1
FAFSA opens for the following academic year
December - February
Priority deadlines for many states and schools
March - May
Receive Student Aid Report (SAR) and financial aid offers
June 30
Final deadline to submit FAFSA
Required Documents
- • Social Security card
- • Driver's license or state ID
- • Tax returns (yours and parents' if dependent)
- • W-2 forms and other earnings records
- • Bank statements and investment records
- • Untaxed income records
- • Federal Student Aid ID (FSA ID)
- • Alien Registration Number (if not a US citizen)
Pro Tips:
- • File as early as possible
- • Use the IRS Data Retrieval Tool
- • Don't skip questions
- • Update with tax information when available
Scholarship Search Strategy
Where to Find Scholarships
- • School counselor: Local and regional opportunities
- • College websites: Institutional scholarships
- • Scholarship databases: Fastweb, Scholarships.com
- • Professional organizations: Career-related awards
- • Community groups: Local businesses, clubs
- • Employers: Parent's workplace programs
- • Religious organizations: Faith-based awards
Application Best Practices
- • Start early and stay organized
- • Read requirements carefully
- • Tailor essays to each scholarship
- • Meet all deadlines
- • Get strong letters of recommendation
- • Proofread everything multiple times
- • Follow up appropriately
- • Apply to many scholarships
Scholarship Essay Tips
- • Answer the prompt directly
- • Tell a compelling personal story
- • Show, don't just tell
- • Demonstrate your values and goals
- • Use specific examples and details
- • Connect to the scholarship's mission
- • Write in your authentic voice
- • End with a strong conclusion
Smart Student Loan Strategies
Federal vs. Private Loans
Federal Loans (Recommended)
- • Fixed interest rates
- • Income-driven repayment plans
- • Loan forgiveness programs
- • Deferment and forbearance options
- • No credit check (for most)
Private Loans (Use Carefully)
- • Variable or fixed rates
- • Credit check required
- • Fewer repayment options
- • Limited forgiveness programs
- • May require cosigner
Borrowing Guidelines
- • Borrow only what you need for education expenses
- • Exhaust free aid first (grants, scholarships)
- • Consider future salary in your field
- • Keep total debt reasonable (under 1x starting salary)
- • Understand repayment terms before borrowing
- • Make interest payments while in school if possible
- • Graduate on time to minimize borrowing
Loan Limits (2024-25)
Freshman:$5,500
Sophomore:$6,500
Junior/Senior:$7,500
Annual Financial Aid Timeline
Fall (Sept-Nov)
- • Complete FAFSA
- • CSS Profile if required
- • Apply for scholarships
- • Research aid options
Winter (Dec-Feb)
- • Submit tax information
- • Update FAFSA if needed
- • Continue scholarship search
- • Meet priority deadlines
Spring (Mar-May)
- • Receive aid offers
- • Compare packages
- • Appeal if necessary
- • Accept aid offers
Summer (Jun-Aug)
- • Complete loan counseling
- • Sign master promissory notes
- • Prepare for disbursement
- • Plan for next year
Your Financial Aid Action Plan
Start Today
- ✓ Create FSA ID for FAFSA
- ✓ Gather required documents
- ✓ Research scholarship opportunities
- ✓ Calculate expected family contribution
- ✓ Understand school aid policies
- ✓ Create scholarship application timeline