FINANCIAL AID SOURCES
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SCHOLARSHIPS
Scholarships are awarded to students based on their academic record, leadership ability, talents, or need for financial assistance. Since colleges award many scholarships, students should apply to the colleges directly for information and applications. Other sources of scholarship aid are your parents' employers, labor unions, civic and religious organizations, professional associations, and other private groups. Renewable scholarships will have continuing eligibility requirements, such as maintaining a certain level of academic or athletic performance, or showing evidence of continuing financial need.
Free online scholarship searches:
According to the Federal Trade Commission, be cautious about scholarship scams! Be aware of the following statements:
“The scholarship is guaranteed or your money back.”
“You can’t get this information anywhere else.”
“I just need your credit card or bank account number to hold this scholarship.”
“The scholarship will cost money.”
“You’ve been selected by a national foundation to receive a scholarship” or “You’re a finalist” in a contest you never entered.
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FEDERALLY-FUNDED PROGRAMS
Federal Pell Grants
Largest need-based student aid program
Awarded to undergraduate students with extreme financial need
Dollar range set annually by Congress
Does not have to be repaid
Federal Supplemental Educational Opportunity Grants (FSEOG)
Awarded to undergraduates with extreme financial need
Priority goes to those students receiving Pell Grants
Amount of award depends on available funds
Does not have to be repaid
Federal Work-Study (FWS)
On and off-campus employment
Awarded to students who demonstrate financial need
Amount earned may not exceed demonstrated need
Salary must be at least minimum wage
Does not have to be repaid
Federal Perkins Loans
Low interest rate loan
Awarded to students with exceptional financial need
Repayment begins nine months after graduation
Federal Stafford Loans - Subsidized
Variable interest rate loan
Awarded to students who demonstrate financial need
Federal government pays interest on loan while student is in school and for a six-month grace period after graduation
Repayment begins six months after graduation
Federal Stafford Loans - Unsubsidized
Variable interest rate loan
Available to students who do not qualify for a subsidized Stafford Loan
Student responsible for paying interest during school and deferment period
Repayment of principal and interest begins six months after graduation
PLUS Loans (Loans to parents)
Variable interest rate loan
Available to parents for the full cost of education less any other student aid received
Repayment begins within 60 days of loan disbursement
Hope Scholarships
Tax credit of up to $1500 available to eligible tax payers who file a tax return and owe taxes
Students must be enrolled at least half time and not have completed two years of undergraduate study
Lifetime Learning Credit
Tax credit of up to $1000 available to eligible tax payers who file a tax return and owe taxes
Students must be enrolled at least halftime in an eligible program and have completed at least two years of college.
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STATE-FUNDED PROGRAMS
Virginia College Scholarship Assistance Program (CSAP)
Awarded to students who demonstrate extreme financial need
Must be enrolled at least half time in a public or private school in Virginia
Virginia Transfer Grant Program (VTGP)
Awarded to “other race” students who are enrolled in traditionally white or black Virginia public colleges or universities.
Must meet minimum merit criteria to qualify as a first-time transfer student
Provides full tuition and fees or remaining need, whichever is lower
Last Dollar
Awarded to minority students enrolled for the first time in a student supported college or university
Based on extreme financial need
Virginia Tuition Assistance Grant (TAG) Program
Available to Virginia students attending private colleges or universities in Virginia
No financial need requirement
Award limit set annually by the Virginia General Assembly
Virginia Guaranteed Assistance Program (VGAP)
Awarded to students who demonstrate extreme financial need plus merit
Must be enrolled full-time at a public institution in Virginia
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SPECIAL PROGRAMS
Reserve Officer Training Corps (ROTC) Scholarship
Offered by Army, Navy, Marine Corps, Air Force
One- to four-year scholarships available
Pays for tuition within limits, books, fees and a monthly allowance
Obligation of service, some of which may be active duty
Highly competitive, Interview required
Applications available from recruiters in spring of junior year
Montgomery GI Bill
Available to enlistees, either active-duty or reserve
Service member contributes to an education fund; the Veteran's Administration contributes additional funds up to a specific dollar amount.
Funds obligated for college, vocational or job training, correspondence courses or flight training
Benefits available only while on active duty or within ten years of discharge
Unused benefits not refundable
SREB Academic Common Market
An education agreement among sixteen states
Enables students to receive a waiver of out-of-state tuition for certain specified majors at public institutions outside their home state
List of majors and participating states available on the SREB web site (www.sreb.org)
Some degree programs offered electronically at in-state tuition rates
Americorps
Federal program that provides volunteer services to communities in need
Participants receive an education benefit of $4725 per year for two years in addition to living allowance and medical coverage
Education benefits must be used to pay off future or existing student loans
Cooperative Education (Co-op)
Combines formal studies with an off-campus job related to the major
Emphasis placed on learning rather than work3
Offered at 2-year and 4-year colleges
Typically adds an additional year to the degree program
Money earned defrays college costs
Can become a source of employment after graduation
Internships
A job that lasts a limited length of time
Compensated flat amount, hourly rate, or non-paid
Real advantage is experience
Learn the working life of a company or organization
Clarify expectations up front and seek a mentor
Can launch you into the “real world”