Do you know how many different kinds there are?

Loans: Public and Private

Subsidized:
A subsidized loan is awarded on the basis of financial need. If you're eligible for a subsidized loan, the government will pay (subsidize) the interest on your loan while you're in school, for the first six months after you leave school, and if you qualify to have your payments deferred. More information on http://studentaid.ed.gov

Unsubsidized
You might be able to borrow loan funds beyond your subsidized loan amount even if you don't have demonstrated financial need. Your school will subtract the total amount of your other financial aid from your cost of attendance to determine whether you're eligible for an unsubsidized loan. Unlike a subsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it's paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (that is, added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay. More information on http://studentaid.ed.gov

PLUS Loans
Parents can borrow a PLUS Loan to help pay your education expenses if you are a dependent undergraduate student enrolled at least half time in an eligible program at an eligible school. More info on http://studentaid.ed.gov

Perkins
A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with financial need. Your school is your lender. The loan is made with government funds, and your school contributes a share. You must repay this loan to your school. More information on http://www.staffordloan.com

Private
As a general rule, students should only consider obtaining a private education loan if they have maxed out the Federal Stafford Loan. They should also file the Free Application for Federal Student Aid (FAFSA), which may qualify them for grants, work-study and other forms of student aid. Undergraduate students should also compare costs with the Federal PLUS Loan, as the PLUS loan is usually much less expensive and has better repayment terms. Please visit http://www.finaid.org/loans/privatestudentloans.phtml for much more information.

Scholarships

National, Regional, Local, and so many others!
Undergraduate scholarships and graduate fellowships are forms of aid that help students pay for their education. Unlike student loans, scholarships and fellowships do not have to be repaid. Hundreds of thousands of scholarships and fellowships from several thousand sponsors are awarded each year. Much more on http://www.famemaine.com/files/StaticPages/Education/Scholarship_Search.aspx

And don't forget to ask your guidance counselor and GEAR UP liaison about local scholarships!

The Anne Ford Scholarship - $10,000
http://www.ncld.org/content/view/725/508/
The Anne Ford Scholarship is a $10,000 award given to a high school senior with an identified learning disability (LD) who is pursuing an undergraduate degree.

Through the Looking Glass Scholaship - $1,000
http://lookingglass.org/scholarships/index.php
This scholarship is for high school seniors and college students who have parents with disabilities.

Grants

Pell
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. (In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant.) Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added. For more visit http://studentaid.ed.gov

Academic Competitiveness Grant
The Academic Competitiveness Grant provides up to $750 for the first year of undergraduate study and up to $1,300 for the second year of undergraduate study. The program became available for the first time for the 2006-07 school year for first year students who graduated from high school after January 1, 2006 and for second year students who graduated from high school after January 1, 2005. The Academic Competitiveness Grant award is in addition to the student's Pell Grant award. For more visit http://studentaid.ed.gov

What is the first step in getting financial aid?

The FAFSA. It is the Free Application for Federal Student Aid. It is ESSENTIAL to getting financial aid. This form is used to determine the amount of money a family is expected to contribute to the price of attending a postsecondary institution. The results of the FAFSA are used in determining student grants, work study, and student loan amounts. Both the student and their parents must fill out the FAFSA and get a PIN in November to complete the FAFSA as close to January 1st as possible.

Visit the federal FAFSA website for more information, worksheets, guidance, and much more. http://www.fafsa.ed.gov/

Free Financial Aid Publications - http://www.fsapubs.org/

Financial Aid Links & Resources

Finance Authority of Maine (FAME)
A GEAR UP Partner and great resource for all things related to financing your college education.
http://www.famemaine.com/Education_Home.aspx
http://www.famemaine.com/files/Pages/education/students_and_families/Non-Traditional_Students.aspx

College Goal Sunday
http://www.collegegoalsundaymaine.com/
Happens at the end of January at a location near you! (click the link to see a list of locations). College Goal Sunday is a nationwide program that provides information and assistance to Maine students and their families applying for financial aid for higher education. College financial aid officers and other qualified professionals volunteer their time to help college-bound students complete the Free Application for Federal Student Aid (FAFSA), which is the required federal financial aid form.

Adventures in Education (Texas Guaranteed Student Loan Corporation)
http://www.aie.org/students/index.cfm
Middle school students can click on “The Great College Mystery “ to learn about financial aid.

QuestBridge
http://www.questbridge.org/
This program “links bright, motivated low-income students with educational and scholarship opportunities at some of the nation's best colleges.”

FAQ about Financial Aid
http://www.finaid.org/questions/faq.phtml

The Mitchell Scholarship Program
http://www.mitchellinstitute.org/scholarships.html

Academic Competitiveness Grant & National SMART Grant
http://studentaid.ed.gov/PORTALSWebApp/students/english/NewPrograms.jsp

College Board's Scholarship Search
http://apps.collegeboard.com/cbsearch_ss/welcome.jsp

Financial Aid Resource Publications from the U.S. Department of Education
http://studentaid.ed.gov/students/publications/student_guide/index.html

Financial Aid - Peterson’s
http://www.petersons.com/finaid/file.asp?id=780&path=ug.pfs.financial

College Toolkit
http://www.collegetoolkit.com/

The National Data Base Scholarships
http://www.free-4u.com/

Free Scholarship Search
http://www.freschinfo.com/

Scholarships Scams
http://www.ftc.gov/scholarshipscams

Comprehensive Lists of Categorized Resources (Compiled by Martha Wiseman, retired guidance director and counselor
(Click on General Financial Aid Information)
http://www.wisemantech.com/guidance/index.html