College Financial Aid: What are your options?

Financial Aid from the Government

FAFSA/CSS Profile - The Free Application for Federal Student Aid (FAFSA) is a form that is used to receive financial aid from the US government. Most schools require applicants to fill out the FAFSA to help decide how much aid the school will provide. The CSS Profile is required by many private institutions and provides more detail than the FAFSA. You are charged an additional fee for each school it is submitted to since it is organized by the College Board and not the federal government.

Stafford Loan - this program allows students to choose between two options, the Federal Family Education Loan Program (FFELP) and the Federal Direct Student Loan Program (FDSLP). Private institutions, such as a bank or credit union, provide FFELP loans, while on the other hand, FDSLP loans are provided directly to the student by the US government.

Perkins Loan - this loan is based solely on financial need. The federal government provides each school with a certain amount to award to its students, and the school is then responsible to distribute the money to its undergraduate and graduate students.

Parent Loans - The Parent Loan for Undergraduate Students (PLUS) allows parents to make up the difference in the financial package their child receives. It is important to note that the parent is responsible for the loan, not the student.

Financial Aid from Private Sources

Private Loans - these are loans provided to you by private institutions, such as your local bank, and do not require any federal forms to be filled out.

Scholarships - these are "gifts" given to you by various organizations and institutions for qualifying under certain requirements. There are millions of scholarships out there; it's just a matter of finding which ones are right for you. The first place to start is your school's guidance department, if you are still in high school. They usually have a current list of local and major national scholarships. If you aren't in high school, you might want to check out your local library or FastWeb and try a scholarship search. They have over $1 billion dollars in scholarships, so you are likely to find a couple that apply to you.

Employee Benefits - Many people exploring technical training options are currently employed and plan to remain employed, at least on a part-time basis, during their training period. Check with your employer before making a final decision on your approach to pursuing your IT education. Many companies provide partial or full tuition reimbursement for individual courses and/or complete certification or degree programs. Often the courses being taken must be relevant to your current job, but this is not always the case. Sometimes a certain grade must be achieved for full reimbursement, with lower grades earning less reimbursement. Refer to your employee handbook and speak to an HR representative before you enroll in any program. You may find that working at your current job while attending school can provide you the best "financial aid" - a free education!