Tips for Getting College Grants, Scholarships and Loans
If you need financial aid to attend college, you should make sure to choose a school that participates in federal student aid programs. These programs offer a wide variety of grants, scholarships and low-interests loans.
The first step in finding financial aid to help fund your college education is to fill out the Free Application for Federal Student Aid (FAFSA, http://www.fafsa.ed.gov). This application gathers information on the income of you and your parents, and based on those numbers, an Expected Family Contribution (EFC) is calculated and provided to you in a Student Aid Report (SAR). The EFC is how much you and your family will be expected to contribute to your education for the coming year. You must then give the SAR to the colleges you are interested in attending, and their financial aid department will create a payment plan for you based on your EFC.
The financial aid packages from your schools will most likely be combinations of grants and loans. Grants may come directly from the school, or you may be awarded a federal grant based on academic achievement. Loans are frequently from the Stafford, PLUS or Perkins federal programs. Some schools will offer more grant money than others depending on your academic achievement, and these are often the better financial choice.
What happens if you and your family will not actually be able to meet the EFC, as is often the case? You will have to turn to other sources, like private scholarships or loans with higher interest rates. Some state governments have educational loan programs for residents. Consult your high school guidance counselor and web sites like: FAFSA (Federal Student Aid)
Sources:
FAFSA
Federal Student Aid