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Understanding Financial Aid

Overview
Scholarship and grant facts
Types of scholarship and grants
The scholarship and grant process
Scholarship pitfalls to avoid
Types of student loans
Federal Work Study
How to apply for financial aid
Scholarship and Grant Summary Chart
Loan Summary Chart

How To Apply for Financial Aid

CAMPUS-BASED SCHOLARSHIPS AND GRANTS (from the colleges themselves) – Your application for need-based and merit-based awards from colleges is most likely automatic when you submit your college admission application (some colleges require a short, additional form).  You also will be required to complete the FAFSAfinancial aid application and/or the CSS/PROFILE financial aid application. 

Other campus-based scholarships (such as athletic, alumni association, college major department, etc.) may require additional forms; check with each college for specific instructions.

PRIVATE SCHOLARSHIPS – Each private source of funding has its own application process and criteria for giving awards.  Ask your high school counselor or the sponsors of scholarships for details regarding applications, essays, required letters of recommendation, etc.  

FEDERAL STUDENT AID – Application for federal financial aid is automatic when the FAFSA application is submitted.  These awards are based solely on students’ financial situation.  You will be offered federal financial aid in the financial aid award letters (or Award e-mails) you will receive from your colleges in March and April.  Colleges will send additional forms (and promissory notes) for you to complete to accept financial awards.  You can accept or reject any or all of the awards offered.  If you have questions, contact the financial aid offices at your colleges. 

Federal student aid includes:
-   Federal Pell Grants.
-   FSEOG Grants (Federal Supplemental Educational Opportunity Grants).
-   Academic Competitive Grants (AC Grants)
-   Federal Work Study.
-   Federal Perkins Loans.
-   Federal Stafford Loans.
-   PLUS Loans (Parent Loans for Undergraduate Students).

STATE STUDENT AID – Application for state-based financial aid is usually automatic when the FAFSA application is submitted – check the requirements of your home state.  Additional application forms may be required, ask your high school counselor.  California students are required to complete the GPA Verification form (a simple, 1-page form) in addition to the FAFSA application.

PRIVATE and ALTERNATIVE LOANS – Applications for these loans are specific to each lending institution (each bank will have its own application forms).  Contact lenders for instructions.  A list of potential private lenders is shown on a Loan Summary Table.

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