Guides students through the process of locating and applying for financial aid. Prepared by the Congressional Research Service for Members of Congress, updated April 2015 .
-
Start gathering information early.
-
Free information is readily available from:
High school counselors
College and career school financial aid offices (where you plan to attend)
Local and college libraries
Federal Student Aid (U.S. Department of Education)
Other Internet sites (search terms student financial aid OR assistance)
-
Ask questions: counselors may know if you have exceptional circumstances that affect your eligibility.
-
Keep copies of all forms and correspondence: you must reapply for aid each year.
-
Parents of students: save money long before your child attends college.
College Savings Plan Network (state "Section 529" plans)
Tax incentives for higher education expenses
-
Beware of scholarship scams—don’t pay for free information!
Department of Education
Federal Trade Commission
Basic assistance categories:
-
Financial need-based
Remember that students and their parents are responsible for paying what they can—financial aid is a supplement, not a substitute, for family resources.
-
Non need-based
Factors include academic excellence, ethnic background, or organization membership. Corporations may also offer assistance to employees and children.
Federal Student Aid:
- Provides nearly 70% of student aid under Loans, Grants and Work-Study programs.
- Available to all need-based applicants; some loans and competitive scholarships for non need-based.
- Free information from the United States Department of Education:
- Loans are the most common federal aid and must be repaid when you graduate or leave college.
- Scholarships/grants are mostly need-based and require no repayment:
- "Congressional" scholarships:
- Named for Member of Congress or other prominent individual (such as Byrd Honors Scholarships)
- Merit-based and highly competitive
- Members of Congress do not play a role in selecting recipients
- Work study programs allow you to earn money while in school:
- For questions not covered by the Department of Education website, call the Federal Student Aid Information Center at 1-800-433-3243.
States offer residents a variety of scholarships, loans, and tuition exemptions.
Colleges and universities provide some 20% of aid, most need-based. Check university Web sites and the institution’s financial aid office when you apply for admission.
Private foundations, corporations, and organizations offer scholarships or grants:
College Board Scholarship Search
FastWeb
Grants for Individuals
Interested in public service?
Federal assistance programs seek to encourage people to work in geographic areas or professions where there’s a particular need (such as doctors in underserved areas); encourage underrepresented groups to enter a particular profession; and provide aid in exchange for services provided (such as military service).
Aid for private K-12 education: No direct federal assistance, check with schools themselves:
After college, the federal government has ways to help you repay your loans.
Biden-Harris Administration's Student Debt Relief Plan
In August 2022, the Biden administration announced a plan to forgive up to $10,000 in federal student loan debt for low-income and middle-class borrowers making under $125,000 (or $250,000 for families filing taxes jointly) and up to $20,000 for Pell Grant recipients.
The administration also announced a restructuring of loan repayments that will require borrowers to pay no more than 5% of their discretionary income monthly on undergraduate loans, down from the current 10%.
To find out if you qualify, apply, answer your questions, and sign up for alerts click here. You'll have until Dec. 31, 2023 to apply.
Get details about one-time student loan debt relief.
