Financial Aid Information

 While parents may be a primary source for financing education, there are many other avenues that students can pursue to find additional funding. 

Grants & Scholarships
This money does not have to be repaid. A grant is money awarded on the basis of financial need, while a scholarship is awarded based on many different criteria.

Federal Grants - Pell Grant Program
These yearly government grants are given to qualifying undergraduate students. Applications may be obtained through high schools or colleges. 

State Grants / Scholarships
There are state grants and scholarships available to students who are legal residents of the state. Most state programs insist that the student attend a local college or university, but a few have reciprocal agreements with other states.

College Grants / Scholarships 
Colleges and universities are an important source of aid for the student. Students must demonstrate need and/or meet certain requirements to be eligible. Here are some of the criteria for awarding a grant or scholarship:

• Academic Achievement
• Leadership Potential
• Artistic Talent
• Proposed College Major
• Athletic Ability
• Community Activities
• Special Interests

Reserve Officer Training Program (ROTC) 
Students who agree to serve in the military as commissioned officers after graduation can qualify for scholarships. Hundreds of colleges nationwide offer an ROTC program. High school guidance counselors have a list of ROTC schools.

Professional Associations
If you have already settled on a career or specialty, investigate professional associations related to your field of study. They may have scholarships to encourage students to pursue careers in their field. Your library is a good source for information about scholarships and grants offered from private organizations.

Stafford Loans
Loans offer an excellent source of financing for students. The traditional, government subsidized Stafford Loan is available to qualifying students based on a needs analysis. No repayment is required until six months after graduation. Borrowing amounts vary depending upon undergraduate and graduate study.

An Unsubsidized Stafford Loan provides assistance even if the family's income exceeds the guidelines. For more information, click here  or call 1-800-239-4376.

Parent Loan For Undergraduate Students (PLUS) and Grad PLUS Loan
Gives parents a new financial resource in paying for an education. Parents of undergraduate students are eligible to borrow regardless of income. Independent graduate students are eligible for the Grad PLUS Loan. A PLUS Loan is used primarily to help with the demands of very large tuition bills. For more information,  click here  or call 1-800-239-4376.

Other Options 
There are a number of other creative options to help lessen the burden of tuition payments:

• Parents can take out a home equity loan. This type of loan usually has higher borrowing limits than other loans because the loan is secured by the borrower's home. Interest on qualifying home equity loans may be tax deductible (consult your tax advisor for deductibility of loan interest). For more information, click here.
• Many colleges offer tuition budgeting plans. If tuition payments are spread out over a longer period of time, bills can become more manageable.  
• College work-study programs are subsidized by the federal government. Students can work part-time for either profit or non-profit organizations - with the employment usually on campus and jobs typically in the school cafeteria or library. 
• Some colleges offer jobs to students based on their abilities rather than financial need. Jobs may include teaching assistants and dormitory resident advisors. Ask about these programs when you are making your inquiries into colleges. 
  
  

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