Finding Financial Aid for Students

Confused about financial aid? Not sure where to start searching for money for college?

When searching for college financial aid, the secret to saving the most money over your lifetime is to remain as low as you can in the financial aid pyramid:

Financial Aid Pyramid

Financial aid for college takes time to do right. Use these 7 steps to get you started:

1. The FAFSA – The FAFSA is the Free Application for Federal Student Aid. It is the most important financial aid application that you will complete. To apply for financial aid like federal grants and loans, visit the U.S. Department of Education website. What NOT to do! Beware of sites that charge a fee to complete your FAFSA paperwork. Completing it yourself is free and protects your personal data.
2. Student Aid Report (SAR) - After you complete your FAFSA each year, the Department of Education sends you a Student Aid Report (SAR). The SAR lets you know if you are eligible for federal grants, the Work-Study Program, and federal student loans.
3. Award Letters - The government sends your SAR to the schools you listed on your FAFSA. Each school compares this government data to their Cost of Attendance, adds any grants, Work-Study or other monies that may be available to you directly from the school and sends you an Award Letter. Award Letters let you know the real cost of attending that college or university.
4. Scholarships and Grants – Scholarships and grants are the best money to find and spend – because you never have to pay them back! Learn more about scholarships and grants.
5. Work-Study and Co-Op Programs - Work-Study Programs allow you to earn money tax-free while in school, usually through an on-campus job. If you are eligible for Work-Study, the school will tell you in your Award Letter. Co-operative (co-op) jobs are paid positions, usually off-campus, that allow you to work in a field related to your major to earn both money and college credit. It will take research to find a co-op position; begin by checking with your professors or financial aid office.
6. Federal Loans – Examples of federal loans include the Perkins Loan, the Stafford Loan and the PLUS Loan for parents and graduate students. Learn more about federal loans.
7. Private or Alternative Loans – When you need to borrow for school and government loans don't meet your needs, a private loan can be the answer! Learn more about private loans.