Financial Aid/Scholarship: Educational and Occupational Information: Career Development

What is financial aid?

Money to help meet college costs.

Where does it come from?

Federal and state governments, banks, the schools themselves, private donors, or other sources.

How much can you get?

This is based on your financial need and the kinds of aid available at the school you attend.

What types are there?

• Grants: Do not require repayment.
• Loans: Typically repaid after you leave school at much lower interest rates than regular bank loans, sometimes repaid through service.
• Scholarships: Generally granted on the basis of achievement.
• Work-Study: Money to create jobs for students, usually on campus.
• Private-Aid: Aid offered by private organizations.
• Special-Aid: Aid for special groups of students.
• Aid for Military Personnel: Financial aid opportunities that come with joining the military.

Financial Aid Programs:

• Financial Aid comes in the form of grants (e.g. Federal Pell grant); loans (e.g. Federal Stafford loan); employment aid (e.g. Federal work-study); and waivers (e.g. National Guard Tuition Waiver). Both full-time and part-time students are eligible for most financial aid; however, part-time students receive proportionally smaller amounts.
• Some scholarships are not based on financial need. Such scholarships go to students who do well academically or who meet other criteria such as religious affiliation, specific hobbies, specific interests, artistic ability, athletic ability, or career plans. These scholarships are available from groups such as businesses, unions, service organizations, community groups, and postsecondary institutions. Contact your high school counselor and the campus financial aid office for more information about scholarships.

How to Apply for Financial Aid:

• Apply for admission to the institution of your choice.
• Apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA) as soon after January 1 as possible. The FAFSA may be obtained by contacting a high school counselor or any campus financial aid office.
• The FAFSA is the "needs analysis" form used in North Dakota. The "needs analysis" process is a method of looking at the income, assets, and liabilities of you and/or your family to determine how much you/your family will be expected to contribute toward the cost of your education. As a result of completing a FAFSA, you are applying for financial aid and will receive an award letter from the institution of your choice telling you whether or not you will receive financial aid for the following year and how much it will be.
• Pursue other sources of financial aid by contacting your high school counselor and/or campus financial aid office. There are other sources of financial aid from private providers.
• Reapply for financial aid each January which you are in school in order to pursue financial aid for the following year.

For more information about financial aid, contact your local school counselor, career development counselor, or the financial aid officer at the postsecondary institution you plan to attend. The CHOICES Computer Assisted Guidance program has information on different scholarships. Counseling offices and public libraries also have resource books that will list many other financial aid sources.

Free scholarship searches can be located on the Internet at:

• CollegeBoard - Connecting students to college opportunity and success
• CollegeNET - Scholarship search and college resources
• FastWeb - Free scholarship search
• FinAid - The SmartStudent^TM Guide to Financial Aid
• Sallie Mae - Glossary of financial aid terms and online calculators
• Scholarship Resource Network Express - A one stop resource for financial aid

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