Use this guide as
a starting point to research financial aid for
colleges and universities. If
you have questions after consulting these resources, contact a
librarian by visiting your local Monroe County Library System
library, calling a reference librarian (use the
Member Library Directory
to find phone
numbers), or by completing the
Ask a Librarian online
form.
This guide answers the following questions:
WHAT IS FINANCIAL AID?
Financial aid is
an umbrella term given to all kinds of monetary assistance to help
students pay for college tuition and expenses. Need-based aid in the
form of grants or loans is distributed according to a family’s
ability to pay. Merit-based aid in the form of scholarships may be
awarded to students who have demonstrated proficiency in academics,
extra-curricular activities, or athletics. (Click here for an
article on athletic scholarships.)
In general,
loans need to be repaid, scholarships and grants do not. But
sometimes federal loans are forgiven through programs that require
a service commitment such as joining the military or teaching in an
inner-city school. And even scholarships can have strings attached
such as maintaining a minimum grade point average, performing in a
college band, or playing on a sports team. It is important to become
well informed about all aspects of financial aid since little
details like these can have a big impact on what you pay for
college.
The Federal Work-Study Program, which subsidizes jobs for college students, is also
considered a component of financial aid and is administered through
college financial aid offices.
HOW CAN I LEARN MORE ABOUT FINANCIAL AID?
Your most valuable resource is the
financial aid officer at each school you are applying to. He or she
will be the expert on how financial aid is awarded at that college.
In addition, there are many sources of information, both in the
library and on the Internet, available to educate prospective
students and their families about the financial aid process. Keep in mind that it is important to check
the date of financial aid information because laws and procedures
change over time.
The ABCs of
Financial Aid is a good, short article to help you find answers
to commonly asked questions about financial aid. Also read
Financial Aid Myths and
Myths and
Misconceptions for more helpful information.
HOW DO I APPLY FOR FINANCIAL AID?
Step 1: Complete the FAFSA Form
Every college
will require you to complete the FAFSA (Free Application for Federal
Student Aid) form if you are applying for financial aid. This form
is used to determine your family’s ability to pay for college. The
financial information you provide on the FAFSA form is forwarded to
each school you list on the form. Most financial aid, no matter what
the source, is distributed through the college financial aid
offices. Each year, the form should be completed as soon after
January 1st as possible for the next academic year.
As you can tell from the title, the FAFSA (Free Application for
Federal Student Aid) form is used to apply for financial aid
distributed by the federal government – both loans and grants.
Filling out the FAFSA form is also the first step
for accessing aid given by the state governments and the colleges
themselves. Since nearly 80% of all financial aid comes from these
three sources (the federal government, state governments, and
colleges) completing the FAFSA form is the single most important
step you must take if you need money for college.
Free FAFSA forms
are available in the Social Sciences Division of the Central Library
of Rochester and Monroe County. You can also obtain copies of the
FAFSA form from other MCLS libraries, your high school guidance
office or by calling the Federal Student Aid Information Center,
800-433-3243 or TTY 800-730-8913.
Helpful FAFSA
Websites:
FAFSA on the Web has detailed information about the form and an online form you can
complete. The Department of Education website also includes
information on
completing the FAFSA form. Use this
web page
to look up each college’s Federal School Code, which you will
need for each college you are applying to.
Step 2: Check with colleges for additional financial aid forms
In addition to the FAFSA form, many
colleges have other financial aid forms for you to complete. Contact
the Financial Aid Office at individual colleges for their
requirements. (See How can I find financial aid
information for a specific college or university?)
Step 3: Review the Student Aid Report (SAR)
Approximately four to six weeks after
you have submitted a FAFSA form, you will receive a Student Aid
Report (SAR). The report will summarize the information you entered
on the FAFSA form. Be sure that all information is correct. In
addition, the report will list your Expected Family Contribution
(EFC). Your financial need for each college can be determined by
subtracting the Expected Family Contribution from the college cost.
The report does not state you will receive this aid. The Department
of Education has more
information on the SAR.
Step 4: Review the financial aid packages
Each
college where you are accepted will put together a financial aid
package for you for the upcoming school year. This package of
monetary assistance may bundle loans or grants from the federal
government, the state, and from the college’s own resources. The
financial aid packages will vary from college to college, and there
is no guarantee that your financial need
(college cost minus expected family contribution) will be met.
Step 5: Investigate additional options
If you have financial need that is
unmet through your college’s offer of financial aid or if you don’t
qualify for need-based financial aid, you may want to investigate
other options for paying for college, such as loans and
scholarships.
Loans
Loans can be subsidized or
unsubsidized; they can come from government, colleges, banks,
organizations, and companies. Some are extended to students and some
to parents. Some loans are available only to students who have
demonstrated financial need; some are available to any student. The
only thing that all loans have in common is that they have to be
repaid, except under certain federal loan forgiveness programs.
Scholarships
Scholarships are gifts of money for
college costs. Unlike loans they do not have to be repaid. However,
there may be requirements for use imposed by the granting
organization.
If you scored high on the National
Merit Qualifying Exam or you have a stellar high school record and
high SAT scores, colleges may be contacting you with offers of
merit-based scholarships. You may also receive offers of
scholarships or grants through a college’s financial aid package.
There are additional private sources of
funding sometimes referred to as outside scholarships (outside the
colleges’ resources), private scholarships (provided by private
organizations or companies), or portable scholarships (can be used
at any college). There are two major steps to applying for these
private scholarships, and both require large investments of time and
effort.
Step A: Identify scholarships
Use
print or online directories of scholarship programs to identify the
scholarships that match your qualifications.
FastWeb is a website where you
can search for scholarships. (Note: Use of this site is free but you
will need to complete a lengthy registration form.)
Step B: Apply
Determine application deadlines and
apply. This step may involve acquiring application forms, filling
out the applications, documenting your qualifications, and writing
essays. Keep in mind that you are competing with students from
around the country for a very small percentage of all the money that
is available to help students pay for college.
Two important caveats:
1. |
If your college has awarded you financial aid it may deduct all
outside scholarships you receive from the amount of aid that it is
offering. In other words, the scholarships you win may not decrease your Expected Family Contribution. Before you invest time
and effort into applying for private scholarships be sure to check
with your college to find out if the outside aid would benefit the
college rather than you.
Obviously if
your family is paying all college costs then any outside
scholarships you can win will reduce your family’s college costs. In
that case, go for it, and good luck!
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2. |
Beware of
scholarship scams. Consult this
web
page for more about scholarship scams.
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WHAT LIBRARY RESOURCES ARE AVAILABLE TO
HELP FIND FINANCIAL AID?
MCLS libraries have many books that explain the financial aid
process and directories that list specific scholarships. Search the library catalog,
LIBRAWeb, by using
the keywords: student financial aid. (The LIBRAWeb Tutorial is a good starting place to learn
how to do a keyword search.)
WHAT INTERNET RESOURCES SHOULD I USE TO FIND
FINANCIAL AID?
Start with:
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FinAid - one of the largest
and most comprehensive sources on college and university financial
aid. For
step-by-step instructions on how to apply for financial aid, click
on the box labeled "Students" at the bottom of the page. |
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FastWeb - a searchable
database of scholarships. While this site
is free you will need to complete a lengthy registration form. |
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The Student Guide
- a publication from the U.S. Dept. of Education website which
explains the federal financial aid programs, where most financial
aid comes from. The Guide is available in English and Spanish. |
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Federal Student Aid
- the U.S. Dept. of Education gives advice about funding and
repaying your college education. |
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FAFSA - where you can
electronically file your FAFSA form. This site is from the U.S.
Department of Education. |
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Completing the
FAFSA - instructions on how to complete the Free Application for
Federal Student Aid (FAFSA). |
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New York State Higher
Education Services Corporation - explanations of New York State's Tuition
Assistance Program (TAP). |
More web sites on college and university financial aid:
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New
York's Private Colleges & Universities has a booklet on the financial
aid process and programs for private colleges in New York. Note:
Paper copies are available for free at many libraries. |
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Collegeboard.com has
useful information on preparing for college, including a section
labeled "Pay for College" where you can search for scholarships. |
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SavingForCollege.com
explains state-sponsored college saving plans. |
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students.gov contains a
section on paying for your education as well as military educational
benefits. |
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Nellie Mae is a provider
of both federal and privately funded loans for higher education. |
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Sallie Mae also provides
loans for higher education. |
Search the Internet for other financial aid websites
Search the Internet with the search engine
Google using the phrase "student
financial aid" (be sure to include the quotes). Combine this phrase with specific
fields of study, such as: nursing student financial aid. (The
Google Tutorial is a good starting place to learn how to do a search on
Google.)
HOW CAN I FIND FINANCIAL AID INFORMATION FOR A
SPECIFIC COLLEGE OR UNIVERSITY?
Websites for Financial Aid Offices at local colleges and universities:
Non local colleges and universities:
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