Not Just Loans!
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Financial aid comes in many forms. Scholarships and grants are the least expensive route to financing an education. Work-study is a great way for your student to get work experience while decreasing the amount he or she is borrowing. Loans are available for those who cannot find other ways of financing educational expenses.
Scholarships
Scholarships are awarded by public and private institutions, as well as high schools and colleges. There is no single listing of scholarships, and finding them requires time and research. Major public libraries are good sources, and so are high school counselors and the schools themselves. Be very careful about paying for a list of scholarships, particularly from vendors who make extravagant promises implying guaranteed results.
Even if your student is not an "A" student, don't skip this search. Many scholarships are awarded for other reasons, such as a particular talent, participation in extra-curricular activities or community service.
Hunting for scholarships is a good summer project for your student to take on between junior and senior high school years. Start early - many schools require applications early in the senior year, and almost all like to have them by March. Early application increases your chances of winning the money!
Grants
Similar to scholarships, grants do not require repayment and can significantly reduce borrowing. The largest and most common of these is the Federal Pell Grant, which may be awarded during the financial aid process to families of relatively limited means.
Other grant programs available to your student may include Supplemental Educational Opportunity Grant, State Need Grant programs or Institutional Grant programs. These grant programs are determined by the financial aid office and are usually based on your family's financial need. School financial aid offices can advise you of other opportunities.
Work-Study
Many schools participate in subsidized work-study programs that are either state or federally funded. These programs allow schools to provide paid work to a portion of their students.
Schools usually offer a variety of on-campus and off-campus work-study positions. Typically, off-campus positions give students the opportunity for valuable experience in a professional environment. Studies show that students generally perform better academically when they work 10-15 hours weekly.
Have your student visit the financial aid office at his or her potential school to inquire about available work-study positions.
Loans
Federally-insured loans make up a substantial portion of postsecondary education funds each year. Chief among these are the Perkins Loan, popular Stafford Loans (both subsidized and unsubsidized) and PLUS (parent) Loans. Recent regulatory changes make it possible for virtually every student or family to borrow for an education at an accredited school. Also available are a growing number of "alternative" or "private" loans, not insured by the government, and usually subject to credit considerations.
Scholarships
Scholarships are awarded by public and private institutions, as well as high schools and colleges. There is no single listing of scholarships, and finding them requires time and research. Major public libraries are good sources, and so are high school counselors and the schools themselves. Be very careful about paying for a list of scholarships, particularly from vendors who make extravagant promises implying guaranteed results.
Even if your student is not an "A" student, don't skip this search. Many scholarships are awarded for other reasons, such as a particular talent, participation in extra-curricular activities or community service.
Hunting for scholarships is a good summer project for your student to take on between junior and senior high school years. Start early - many schools require applications early in the senior year, and almost all like to have them by March. Early application increases your chances of winning the money!
Grants
Similar to scholarships, grants do not require repayment and can significantly reduce borrowing. The largest and most common of these is the Federal Pell Grant, which may be awarded during the financial aid process to families of relatively limited means.
Other grant programs available to your student may include Supplemental Educational Opportunity Grant, State Need Grant programs or Institutional Grant programs. These grant programs are determined by the financial aid office and are usually based on your family's financial need. School financial aid offices can advise you of other opportunities.
Work-Study
Many schools participate in subsidized work-study programs that are either state or federally funded. These programs allow schools to provide paid work to a portion of their students.
Schools usually offer a variety of on-campus and off-campus work-study positions. Typically, off-campus positions give students the opportunity for valuable experience in a professional environment. Studies show that students generally perform better academically when they work 10-15 hours weekly.
Have your student visit the financial aid office at his or her potential school to inquire about available work-study positions.
Loans
Federally-insured loans make up a substantial portion of postsecondary education funds each year. Chief among these are the Perkins Loan, popular Stafford Loans (both subsidized and unsubsidized) and PLUS (parent) Loans. Recent regulatory changes make it possible for virtually every student or family to borrow for an education at an accredited school. Also available are a growing number of "alternative" or "private" loans, not insured by the government, and usually subject to credit considerations.
