Financial Aid
There are several sources to help you pay for college:
- Grants
- Scholarships - check out FastWeb's free scholarship search
- Loans
- Work-study earnings
- Savings
About the Financial Aid Process
To determine your eligibility for financial aid, you must first complete the FAFSA. The FAFSA determines your "expected family contribution," or EFC. After you contribute the full amount of your EFC, schools try to meet your remaining financial need through a financial aid package that combines grants, loans, and work-study from federal, state, school, and private sources.
Different schools can offer very different financial aid packages, so apply broadly. For example, one college may meet your need with more grants—which don't have to be paid back—while another college may meet your need with more loans—which must be repaid. Because financial aid packages can vary, it's valuable to apply to several schools. Then you can pick the best offer...or even use that offer to negotiate with a school that has offered you a less desirable financial aid package.
Even if you don't qualify for financial aid, you can still apply for many scholarships and private loans.
For more information on financial aid and paying for college, check out FinAid.org.
Recommended Reading
College Financial Aid for Dummies
The Complete Idiot's Guide to Financial Aid for College
How to Go to College Almost for Free
