|Types of Financial Aid: Financial aid is money from an external source to fund your college education. It is important that you understand the different types of financial aid that are available. Listed below are some common terms that will help in deciding which type of financial aid to search and apply for.
Grant / Scholarships - financial aid that students do not have to pay back. Grants are awarded on the basis of need while scholarships are awarded on the basis of criteria and/or achievement.
Work-study - lets the student work and earn money to help pay for school.
Federal Pell grant - is an award to help undergraduates pay for their education. Eligibility is determined by a standard formula, which produces an Expected Family contribution (EFC). How much the student will get depends on the EFC, the cost of the education, and whether the student is full or part-time.
Federal Stafford loan - a low interest loan made to students. Funds come directly to the student from the U.S. Government.
Federal work study - provides jobs for undergraduate and graduate students who need financial aid. It gives the student a chance to earn money to pay for educational expenses. The program encourages community service work and work related to the student's course of study.
Federal Perkins loan - low interest loan to help undergraduate or graduate students with exceptional financial need, as determined by the school. Your school is the lender and the loan is made with government funds. You must repay this loan to your school.
For more information, please contact your college or university's financial aid office. They can provide you with more information and application forms.
• The Marine Corps Scholarship Foundation is a private, non-profit organization that provides scholarship opportunities for dependent children of Marines for pursuit of higher education opportunities. Information is available at: www.marine-scholars.org
• The American Legion publishes a scholarship and financial aid handbook. The handbook, Need a Lift, provides information and resources to existing sources of aid throughout the nation. You can contact the American Legion by mail at P.O. Box 1050 , Indianapolis, IN 46206 or by phone at 1-888-453-4466. Information is also available at www.legion.org/educasst.htm.
• The U.S. Department of Education runs a number of financial aid programs benefiting civilian and military students. You can call the Federal Student Aid Information Center at 800-USA-LEARN from 0800 to 2000 EST weekdays. More information is available at www.ed.gov .
• The Smart Student Guide to Financial Aid is available on the internet. This site provides valuable information for researching financial resources, finding forms and instructions, and answering financial aid questions. www.finaid.org
• The Free Application for Federal Student Aid (FAFSA), commonly called the Pell Grant, is avilable online. This site answers frequently asked questions in additional to allowing the student to complete the application online, reducing the time needed for processing. www.fafsa.ed.gov
• Scholarship and Financial Aid Explorer - A growing number of military friendly organizations are offering scholarships and other financial aid to active duty/reserve/retired service member's and their family member. SFeX helps users quickly identify scholarship and financial aid offerings that best meet their needs. www.mcsfex.net
• Scholarship.com - Get instant access to an extensive list of college scholarship opportunities that are customized for you. Their database is constantly updated to offer current, relevant, and accurate college scholarships information. www.scholarships.com
• Military.com -Find millions of dollars in scholarships and grants exclusively for the military community! http://aid.military.com/scholarship/search-for-scholarships.do
***Financial Aid/Scholarship Information is available all over the Internet. BEWARE OF SCAMS! You should not have to pay anyone to give you information on the availability of financial aid. The best place to start is with the financial aid department of the school you are planning to attend. Also, the Lifelong Learning Center has a variety of printed financial aid resources that you can review at your convenience during working hours.