A college education is expensive.
The good news is, financial aid—and plenty of
it— is available for prospective students.
Financial Aid
Cost and Financial Aid
While you shouldn't select a school solely on the basis
of cost, it is often a primary factor. If cost is a
major concern, keep in mind that many public institutions
offer excellent engineering programs and are generally
less expensive than private institutions. Scholarships,
grants, and loans as well as part-time employment and
co-op and work-study programs are all ways to lessen
costs.
Applying for Aid
Some aid is awarded to students who are outstanding
academically or who have a special talent—in music,
science, or a sport, for example. These students may
or may not have to demonstrate financial need.
Most federal, state, and college aid, however, is
based solely on need. Need is defined as the difference
between what it costs to attend your college and what
you and your parents can afford to pay based on your
income and other assets and expenses. The amount is
often called your Expected Family Contribution (EFC).
To be considered for federal and many other types
of aid, you must complete the Free Application for Federal
Student Aid (FAFSA). If you need a form, call 800-4-FED-AID,
or you can download the form from the Department of
Education's financial aid page. About four weeks after
you file your FAFSA, you should receive a Student Aid
Report (SAR), which indicates your EFC.
Federal Aid
The federal government provides 75 percent of all available
student aid through a number of need-based grant and
loan programs.
- Grants are outright financial
gifts that you do not have to repay.
Loans are borrowed funds that must be repaid with
interest. (For more information on loans, see the
Department of Education's William D. Ford Federal
Direct Loan Program page.)
- There are two types
of federal programs—
- Student-based:
If, based on your FAFSA, you are eligible, the
federal government gives you the money. These
programs are Pell Grants and subsidized Stafford
Loans.
- Campus-based:
Schools get money from the federal government
to give to students. These programs are Federal
Supplemental Education Opportunity Grants, Work-Study,
and Perkins Loans. You can find a complete description
of the programs, eligibility requirements, deadlines,
and application materials at the U.S. Department
of Education Guide to Student Financial Aid.
State Aid
States award more than $3 million in student aid each
year. In most cases, the FAFSA links you up with your
home state's programs. You usually have to live and
attend school in that state to qualify for state aid,
but some states have reciprocal agreements. To find
out about state financial aid contact your guidance
counselor, local school board, or state department of
education.
Other Aid
College-based Scholarships
Colleges have their own pool of money for student loans
and scholarships. Check with the financial aid office
at the college you are planning to attend.
Private Scholarships
There are many types of private scholarships. Some
are administered by national organizations. Others are
awarded by the U.S. military, clubs, fraternal organizations,
and corporations. These scholarships can be based upon
merit or financial need, and their amounts can vary
greatly.
If you bring in private scholarships, your FAFSA may
not use that money to reduce your EFC but may include
the scholarship as part of your financial aid package.
Private scholarships don't necessarily reduce your out-of-pocket
costs, but they can be used to replace loan elements
of your package, thus reducing the amount you must repay.
Loans
There are also loans available for students and their
parents regardless of their income or assets. These
loans are:
- Unsubsidized Stafford Loans and Federal Direct Student
Loan Program for Parents
- Please select the link to the individual programs
or go directly to the U.S. Department of Education
Guide to Student Financial Aid for a complete description
of the programs, eligibility requirements, deadlines,
and application material.
Financial Aid Links
- A glossary
of financial aid terms.
- CollegeNET
Provides online applications for colleges in
the U.S. and abroad. Also offers a scholarship database.
- CSS/Financial
Aid PROFILE
The financial aid application service of the College
Board. Many of the member colleges, universities,
graduate and professional schools, and scholarship
programs use the information collected on PROFILE
to help them award nonfederal student aid funds.
- Collegeboard.com
— Paying For College
- U.S.
Dept. of Education Programs
- FAFSA
Interactive Web version of the Free Application for
Federal Student Aid.
- FASTWEB
A free and searchable scholarship database that locates
possible sources of financial aid.
- FinAid
Free scholarship search, financial aid calculators,
glossary, and bibliography.
- Get
Recruited by Colleges and Universities
All students can get recruited by colleges, universities,
and graduate schools.
- Guaranteed
Scholarships
Scholarships guaranteed by individual colleges to
ALL admitted students meeting the criteria listed.
- Minority
Scholarships and Fellowships
A searchable index from the Federal Information Exchange.
- National
Action Council for Minorities in Engineering
Information on financial aid programs.
- Students.gov
A cooperative effort between federal agencies, students,
and other parts of the higher education community,
under the leadership of the U.S. Department of Education.
- The
Student Guide
Financial aid primer from the U.S. Department of Education,
plus FAFSA links.
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