September 8, 2010

Financial Aid/Scholarships

Many students receive financial assistance for attending a college or university. Below are descriptions of some of the financial aid options available to most students. Check with your counseling office for more information.

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FAFSA (Free Application for Federal Student Aid) - The  federal financial aid form that should be completed by all college-bound graduating seniors and parents/guardians who have a Social Security Number. The results will be used by colleges and some scholarship-granting agencies. A PIN (personal identification number) will be generated to provide and access information online. www.fafsa.ed.gov is the main website, although www.pin.ed.gov is a good place to check PIN status. There is also a FAFSA4caster available to help predict the amount a student may be awarded, but it does not replace completing a actual FAFSA. 

CSS Profile - Some universities require prospective students to fill out a CSS Profile in addition to the FAFSA form in order to determine that student's individual need for financial aid.  There is a fee for processing this form.


Grants - money for college which does not need to be paid back, usually based on financial need. The Pell Grant is the first of several federal grants for which a student may be considered through the FAFSA.

Loans - money for college which does need to be paid back. Some student loans are deferred, meaning they do not need to be repaid until after the student has finished school.

Scholarships - money for college earned by being selected after completing the application process (usually an application form, essay, transcript, letters of recommendation, and a personal statement) for an organization or college. Usually guidelines and expectations for renewal are included. 

• A merit-based scholarship is one based on the worthiness of the student, usually a reflection of grades and/or achievements-- not based on financial need or financial considerations. 

• A scholarship for first-generation students is one for students whose parents did not graduate from college. The student is then the first generation to attend college. The student's sisters and brothers (who may or may not have attended college or graduated from college) are also considered first-generation.


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How to Obtain Scholarships

Scholarships are funds awarded to students who meet specific criteria set by the donor(s). Scholarships are competitive! Frequently-used criteria include: academic performance, ancestry, career goal, race, ethnicity, religion, gender, specialized skills (i.e. music, athletics, drama, dance, etc.). Scholarships are an excellent way to help pay for college costs and do not require re-payment.

Students should maintain a scholarship portfolio or keep this information in their 4+4 Folder, as this is the information generally requested for scholarship applications: 

• copies of college and scholarship applications with due dates (postmark or received) noted 

• personal statement 

• letters of recommendation 

• current transcript with ACT/SAT test scores, if available 

• a projected budget for the next school year 

• samples of work from an essay or art contest

 

To increase your chances of receiving a scholarship, participate in school activities and events, sports, and summer programs that will enrich your experiences. Seek leadership and creative opportunities.



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Search for scholarships on websites such as:


Beware of Scams - Bring any questionable offers your receive about paying for college directly to your counselor.  Students and parents are being scammed if a company or scholarship "source" promotes its offerings with:

• "The scholarship is guaranteed.": No one can guarantee anything; this is a lie. 

• "You cannot get this information anywhere else.": Legitimate scholarship information is available through public sources. 

• "I need your credit card or bank account number for this scholarship.": This commonly-used scam is a way to get money out of parents' or students' accounts in the future without permission. 

 

See the Post-Graduate Planner for more examples of scams.


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Financial Aid Resources for Students Regardless of Immigration Status

Federal and State Financial Aid
State and federal grants are awarded only to U.S. citizens or eligible non-citizens. To apply for a federal or state grant, you must complete the Free Application for Federal Student Aid (FAFSA), which requires the student's social security number. To qualify, you must be a U.S. citizen, U.S. national or an eligible non-citizen. You are an eligible non-citizen if you: 

  • are a U.S. permanent resident with an Alien Registration Card (I-551)  
  • are a conditional permanent resident with an I-551C card    
  • have an Arrival Departure Record (I-94) from the Department of Homeland Security with any of the following designations: a refugee, asylum granted, a parolee, a Cuban-Haitian entrant, a victim of human trafficking or a holder of T-Visa.

    Visit          GetReadyForCollege.org  Seek out national or local organizations that may offer or list private scholarships:

Private Financial Aid
Private scholarships that do not specify U.S. citizenship or lawful presence in the scholarship eligibility criteria, or that do not require a social security number for the application, may be available to students regardless of their immigration status. Review each scholarship opportunity to understand eligibility requirements.