Financial Aid & Scholarships
FAFSA (Free Application for Federal Student Aid) should be filed by ALL students between January and June of the 12th grade. This is the database used by most colleges for awarding local funds as well as federal funds. While restrictions do occur regarding total family income, the debt ratio is more important in the awarding of funds.
Scholarships are monies that do not need to be repaid. They may be a one time award or may be renewable each year a student attends full time classes. Employers, churches, rotary clubs, labor unions, and other organizations are potential sources of merit aid, and all should be researched. The internet has a number of excellent scholarship search sites. But, be careful if you are asked to pay a fee to apply for or search for a scholarship.
Grants are monies that do not need to be repaid. They are often awarded for special interest or projects.
Loans are monies that must be repaid. Subsidized loans do not need to be repaid until after graduation. Unsubsidized loans begin to accumulate interest the monies are borrowed and often have a repayment schedule which began before graduation. Perkins Loan generally awarded to students with the greatest need with a fixed interest rate. Stafford Loan are made directly to students with a variable interest rate. Parent Loans for Undergraduate Students (PLUS) are loans made to parents of dependent students with a variable interest rate. Service cancelable loans are loans which are repaid by serving a specified numbers of years in a profession and sometimes in a specific location. (Example: nursing in a rural area)