What They Are: These financial aid dollars do not have to be repaid. There are federal, state, and institutional grants. Most grants are awarded based on financial need, but sometimes they are awarded to students who wish to pursue specific research in a given field.
How To Get Them: Filing the FAFSA is the most effective way to apply for federal and state grants. Colleges also use the information received from the FAFSA to award institutional grants to students with financial need.
Very Important: The closer to January 1 that you file your FAFSA, the better yourchances will be to get the most grant money that you're eligible for. You must file your FAFSA by Missouri's April 1 deadline to be eligible for state grants.
Never pay to file your FAFSA. The first word in the acronym is "FREE"!
Loans
What They Are: These financial aid dollars must be repaid with interest. There are several types of loans available to students (in order of lowest interest rate to highest interest rate): federal subsidized student loans, federal unsubsidized student loans, federal Parent PLUS loans, and private loans. All federal loans allow for a six-month grace period after a student graduates or drops below half time enrollment before the repayment period begins.
How To Get Them: Federal student loans and parent PLUS loans are awarded through the FAFSA. Private student loans can be found through a number of sources like banks, credit unions, credit card companies, etc.
Very Important: Federal loans are usually a better option than private loans. Federal loans offer a variety of repayment plans, lower interest rates, and are sometimes forgiven completely (if the student works in certain service positions after graduation).
Filing your FAFSA Seniors: Beginning on October 1, you may go online to file your FAFSA for the 2016-2017 school year.
What They Are: These financial aid dollars do not have to be repaid. Scholarships come from a variety of sources like colleges, organizations, businesses, and churches. They can be national, regional, or local, and they are awarded based on a variety of eligibility requirements like academics, financial need, community involvement, organizational affiliation, race, religion, essay writing, artistic ability, etc. Some are renewable, and some are awarded as a lump sum. With so many different scholarships, every student is sure to find at least one he or she can apply for. Most colleges have non-competitive academic scholarships available. To get these, you simply have to meet a minimum GPA and ACT/SAT score.
How To Get Them: Colleges award scholarships through an application process. Check with the financial aid office at each school you apply to see if you need to file a separate scholarship application. To find local scholarships, ask your counselor for leads and check with any organizations that you or your parents belong to. There are many reputable scholarship websites like fastweb.com or cappex.com where you can find national and regional scholarship applications that align with your academics and activities.
Very Important: Do not miss the scholarship application deadlines at the colleges you apply to! Scholarship deadlines are usually earlier than the application deadline.