Financial aid can make or break a student’s success in college. The thirst for knowledge and desire to apply oneself is only part of the battle. The other part, of course, is funding. Knowing where to look can make a big difference in receiving aid or not. The summer before college should be the busiest time in a student’s life, as he or she scours the internet in a mad scholarship search. No stone should be left unturned. While there may be limits on awards, there are no limits as to how many opportunities can be applied for, so it’s best to cast a wide net.

FAFSA is one of the most common types of student financial aid. According to the US Department of Education, nearly 70% of this financial aid comes from their programs, like the Free Application for Federal Student Aid. By filling out an application form, students can receive one of the following; Federal Stafford Loans, Federal PLUS Loans, Federal Direct Loans or Federal Perkins Loans. The awards of this program are based on demonstrated financial need. Students should apply for these loans well ahead of the semester. If approved, they will receive an award letter stating how much they’ll get and when. They then submit the check to their school office to cover tuition fees and dorm expenses and the rest of the money is returned to them in cash. For most loans, students will be expected to pay this money back gradually upon graduation.

The Department of Education also doles out financial aid money that does not need to be repaid. For instance, Federal Pell Grants, Federal Supplemental Educational Opportunity Grants and Academic Competitiveness Grants are awarded to promising students or students in need, with no strings attached. As of 2010, the maximum allowance for a Federal Pell Grant is $5,350. The award depends upon financial need, cost of tuition and full-time or part-time status. The Federal Supplemental Educational Opportunity Grant can range from $100 to $4,000 per year, depending upon when the student applies, their financial need and school policies. The Academic Competitiveness Grant varies from $750 to $1,300. There are a number of special requirements for this type of grant and it is always combined with the Federal Pell Grant program. Grants scholarships should be the first place students look for extra cash because they will not graduate in debt.

Fellowships are a third type of financial aid similar to student scholarships, but they are awarded to students who are committed to a particular field. Private donors and non-profit organizations will put up as much as $5,000/year for students pursuing careers in science and technology, journalism, health care, librarian, fine arts, engineering, mathematics, community service and more. Like a scholarship, this money does not need to be repaid by recipients. Students can find these opportunities at www.idealist.org, www.finaid.org, www.whitehouse.gov/fellows and www.ssrc.org.

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