Revised by: Kim Moy 9/14/05

HOW AM I GOING TO PAY FOR COLLEGE?

These are several basic ways to pay for college:

1. Scholarship– An award given to honor or reward a student who has exceptional talent, ability, or special qualifications (academic, sports, music, debate, etc.)  It does not have to be repaid and, usually, financial need is not a factor.

2. Grant– Gift of money which does not have to be repaid.  Financial need is considered.

3. College Work Study– Employment given to the student by the college or obtained by the student.  Work experience usually (work study) relates to student career interests, and usually involves 15 hours per week or more.

4. Educational Loan– Money borrowed for a specific length of time but must be repaid.  Repayment is not required until after the student graduates.

5. Parent Loan– Application forms are obtained directly from lenders or from the financial aid office.

6. Tuition Exemptions– Some tuition and/or fees are exempt for eligible students such as valedictorian, three-year graduates, families receiving TANF, and others.

Students who complete the recommended or distinguished achievement graduation plan and demonstrate financial need are eligible for the Texas Grant.  Students are urged to inform the college financial aid office of their interest.  Financial aid includes money from state and federal governments, from private foundations, corporations, clubs, organizations, and from the colleges and universities themselves.  Monies are provided on a first come, first serve basis.  Check with you school counselor for the best information.   Apply early.

To apply for need-based aid:

To be considered for most sources of aid, you must file the Free Application for Federal Student Aid (FAFSA).  In addition, some colleges require the submission of the College Scholarship Service Financial Aid Profile and their own institution application.

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