Financial Aid 101
Financial aid is an essential component to going to college---most students qualify for some type of aid. Aid comes in the form of loans, scholarships, and grants.
Grants and scholarships are free money. Loans are money that you must pay back.
Starting in January of your senior year, you can fill out the Free Application for Federal Student Aid, or the FAFSA. This application is sent to schools and the federal government, who then see if you qualify for aid based on your income.
Scholarships
Scholarships provide free money for college! Apply early and often to have the best chances of earning money. If you apply for one scholarship a week for the entirety of your senior year, that's 36 chances to get free money. I have a collection of scholarships in my office--come check it out!
There are three different types of scholarships:
- Institutional Aid: This type of financial aid is applied automatically once you submit you an application for a college if you meet the criteria. For example, the President’s Scholarship from Missouri State is given automatically to students who have a 32 ACT and 3.7 GPA.
- Departmental Aid: This kind of aid is given out to students in a particular program at a college. You can apply for these scholarships once you are admitted to the program. If you are going to Mizzou for a English degree, for example, there are scholarships particular to the English department that students outside of that program cannot apply for.
- Private Scholarships: These scholarships are not at all affiliated with a college or university. They are given by private companies or donors to students who meet the requirements. Wendy’s, for example, gives out a High School Heisman scholarship to student athletes every year. In order to be applicable, you must be a student athlete, and you will have to go to an interview. National scholarships are more competitive than state or local scholarships.
Here are some useful websites to use for scholarships:
- Cappex.com
- Zinch.com
- Scholarships.com
- Fastweb.com
- Meritaid.com
- Fastaid.com