Where to Begin: Applying for College Scholarships and Financial Aid

As the cost of a quality post-secondary education continues to skyrocket, students are scrambling to come up with money to finance the coursework that typically is necessary for a degree and successful career. Scholarships and financial aid packages remain your best source of educational money in this context, but you must know where to get started and be proactive in your application efforts.

The FAFSA
The Free Application for Federal Student Aid (FAFSA) is a form that allows you to simultaneously determine whether you’re eligible for hundreds of federal and state aid programs, including Pell grants, work study and federal student loans. Due to the fact this single application allows you to be considered for so many different sources of financial help, many individuals consider it to be a “gateway” application you should complete before looking anywhere else for cash. Most funds are allocated on a first-come, first-served basis, however, so you’ll want to submit your application online, by mail or via telephone as early as possible (applications are accepted starting January 1st ).
 
College-Based Applications
Once you’ve submitted your FAFSA, your next step is to see what financial aid the colleges to which you want to apply can give you. Much of this aid comes from alumni gifts and other donations and is dispersed as scholarships, loans and grants. The bulk of institutions will use information from your FAFSA for this process, but they also may require other paperwork such as the CSS/Financial Aid PROFILE and often have their own separate applications you need to fill out. Contact the financial aid office at each college to figure out exactly what you need to submit and what the deadline is. Like the FAFSA, many colleges have made their forms available online.
 
Private Awards
Private awards typically include scholarships and grants, although some programs offer internships instead. These monies come from businesses or other agencies that are looking to give back to their communities, support their industries through specific areas of study or that are seeking tax deductions. The awards often have a much narrower range of individuals who can apply and may include eligibility requirements such as being a certain ethnicity or being a resident of a specific town, county or state. The amounts awarded usually are lower, too, but the money still can cut away at what you’d pay out of pocket for things like books or course-specific tools. Each award usually requires its own application, so to be effective and efficient with your time, concentrate on the ones where you feel you are an ideal candidate. Deadlines and paperwork required can vary enormously, so contact the administrator for the award to be sure you are following their requirements to the letter. You can find listings of private awards available through your school guidance counselor or in the careers section of your library, as well as on sites like Fastweb.
 
Conclusion
When you’re trying to pull together money for college, submitting your FAFSA should be your starting point. From there, turn to monies provided by the academic institutions themselves. The last funding source to explore is scholarships and grants from private organizations and businesses. Applying as early as possible typically increases your odds of getting enough funding, as does double checking with financial aid officers or award administrators to verify when, what and how to submit your documents.