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Complete List of Financial Aid Options

Federal Student Aid (FAFSA)

• FAFSA (Free Application for Federal Student Aid) – Everyone should complete this form, which could result in grants or low-interest federal loans.

Grants/Scholarships

• Grants are need-based awards. The most common grant is the Pell Grant, which is awarded based on the FAFSA.
• Scholarships awarded by a school are generally merit-based. Some types of scholarships include Academic, Athletic, Departmental, and International Student.
• Other scholarships may be awarded by local civic clubs, associations, businesses, or religious organizations.

Investments

• IRAs – You can withdraw from your IRAs for education expenses without incurring an early withdrawal penalty. Find out more at www.irs.gov.

Loans

• Federal – Several types available. Check qualification for these by filling out the FAFSA.
• Private – Apply for a loan through a private lender.
• Short-Term – Usually a small amount of money can be borrowed from an institution or private lender to pay for expenses like books, rent, or food until a student’s financial aid comes in.

Military Service

• The ROTC (Reserves Officers Training Corps) program is available at about 600 schools in the nation.
• VA Benefits – Go to www.va.gov for information on federal benefits for veterans and dependents.

State Agencies

• Contact your state’s education department to find out about state-sponsored financial aid programs.

Tax Credits

• The IRS allows you to claim one of two educational credits: Hope Tax Credit or Lifetime Learning Tax Credit. Find out more at www.irs.gov.

Work Programs

• AmeriCorps offers assistance in paying for college in exchange for a year of service when you graduate. Find out more at www.americorps.org.
• Federal Work Study – A program that gives students part-time employment to help pay their college expenses.
• Graduate Assistantships – Allows students pursuing a master’s degree to work for tuition reimbursement.
• Job Partnership Act – A program sponsored by the Department of Labor offers tuition assistance to those facing employment obstacles. Find out more at www.doleta.gov.
• Peace Corps – Volunteering can earn partial student loan debt forgiveness. Find out more at www.peacecorps.gov.
• Volunteers in Service to America (VISTA) – Earn partial student loan debt forgiveness here as well. Find out more at www.friendsofvista.org.