Financial aid is money to help you meet after-high-school education costs. The money for financial aid comes from federal and state governments, banks, the schools themselves, and private donors. You must apply for financial aid to get it. (You apply for aid separately from admission to the school.) The amount and kind of aid you get is based on your financial need, your academic record, and on the kinds of aid available at the school you attend.
Most students who receive aid get a combination of grants, loans, and work-study funds. These sources of financial aid are put together in a "financial aid package" by the financial aid office at the school or college you have chosen. Financial aid applications are available from most high school counseling offices and college financial aid offices.
Free Application for Student Aid (FAFSA) is the basic application that must be filled out to secure all financial aid. The application may be obtained from high schools, colleges, public libraries, or by calling 1-800-4FedAid. In applying for financial aid, students should be aware of deadlines. Application deadlines for getting state financial aid are listed in the Free Application for Federal Student Aid.
Federal Supplemental Educational Opportunity Grants (FSEOG)
Gift-aid for undergraduates with exceptional financial need. A Pell Grant recipient
with the lowest Expected Family Contributions (EFCs) will be the first to get a
FSEOG. You can get between $100 and $4,000 a year, depending on when you
apply, your financial need, and the funding at the school you're attending. FSEOGs
are awarded only to undergraduate students who have not earned bachelor's or
professional degrees.
Federal Work-Study (FWS)
The FWS program provides part-time jobs for undergraduate and graduate students
with financial need. The program encourages community service work and work
related to the recipient's course of study. Your total FWS award depends on when
you apply, your financial need, and the funding level at your school.
Higher Education Adult Part-Time Student (HEAPS) Grant
The HEAPS program's purpose is to encourage and enable needy WV students
who desire to continue their education on a part-time basis at the postsecondary
level. Call 304-558-4614 or 888-825-5707
FEDERAL PELL GRANT PROGRAM
A Federal Pell Grant does not have to be repaid. Awarded only to undergraduate
students who have not earned Bachelor's or Professional degrees. Annual awards
are dependant upon how much program funding Congress provides. How much
you get will depend not only on your financial need, but on your cost of attending
school, whether you're a full-time or part-time student, and whether you attend
school for a full academic year or less.
FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS (FSEOG)
(See description above)
THE WEST VIRGINIA HIGHER EDUCATION GRANT PROGRAM
This grant is the primary state-funded financial aid program for West Virginia
students at the postsecondary level. The program is designed to assist needy
undergraduate students who require financial assistance in order to meet their
educational goals. For more information you may contact the WV Higher Education
Grant Program at (304) 558-4614, 1018 Kanawha Blvd., E., Suite 700 Charleston,
WV 25301 or the Financial Aid office at the educational institution you are interested
in attending.
The Federal Perkins Loans are a low interest (5%) loan for both undergraduate and graduate students with exceptional financial need. Federal Perkins Loans are made through a school's financial aid office. Your school is your lender, and the loan is made with government funds. Depending on when you apply, your financial need, and the funding level at the school, you can borrow up to $3,000 for each year of undergraduate study. The total amount you can borrow as an undergraduate is $15,000. You must repay this loan. If you're attending school at least half time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment.
THE FEDERAL & DIRECT STAFFORD LOANS
The Federal Subsidized Stafford Loan is a low interest loan awarded on the
basis of your financial need. If your school participates in the Direct Loans, the
(FAFSA) serves as your Stafford Loan application.
The Federal Unsubsidized Stafford Loan is awarded regardless of financial need
to undergraduate, graduate, and professional students. This loan differs from the
Subsidized Stafford Loan in that the interest begins accumulating while the student
is in school. If your school participates in the Direct Loans, the (FAFSA) serves as
your Stafford Loan application.
PLUS LOANS (PARENT LOANS)
PLUS Loans to meet students' education costs are available through both the
Federal Family Education Loan (FFEL) and William D. Ford Direct Loan programs.
Parents who do not have a bad credit history can borrow a PLUS Loan to pay the
education expenses of a child who is a dependent student enrolled at least half
time in an eligible program at an eligible school. Your parents will fill out an
application, which is available from your school's financial aid office. For more
detailed information on funding your education, you can go to the U.S. Department
of Education's Web Site, http://www.ed.gov/prog_info/SFA/FYE/FYE99/contact.html
or by calling a toll-free number, 1-800-433-3243.
PRIVATE AID PROGRAMS - Private endowed scholarships, grants and loans are offered by many clubs, associations and business firms. Check your local library and high school guidance office for information on such programs.
VOCATIONAL REHABILITATION ASSISTANCE - Vocational Rehabilitation programs offer college aid for qualified students.
AMERICORPS is a program that allows participants to earn education awards in return for national service. For more information, contact the Corporation for National and Community Service at 1-800-942-2677 or visit the web site at www.cns.gov.
The U.S. ARMED FORCES also offer educational programs and ways to pay for school or to reduce your school costs.
If one of your parents is a VETERAN, you might want to get a copy of the American Legion's Need a Lift? This publication is a good source of information on student assistance for children of Veterans or contact 1-888-442-4551.
The U.S. PUBLIC HEALTH SERVICE offers a variety of loans, scholarships, and faculty loan repayment programs for students in the health professions. Help in several areas, including dentistry, public health, optometry, and veterinary medicine, is available through the Public Health Service, a part of the U.S. Department of Health and Human Services. www.hrsa.dhhs.gov/bh-r/dsa/dsa.htm
Local Workforce Investment Boards offer assistance for job training and education for the economically disadvantaged, dislocated workers, and others facing employment barriers.
There are many private scholarship search services that provide lists of "sources" of financial assistance you may apply for. You should be aware that the U.S. Department of Education does not evaluate private scholarship search services. If you decide to use one of these services, you may check its reputation by contacting the Better Business Bureau or the State Attorney General's Office. People should be cautious of using these services. Chances for success in obtaining more scholarship money are small.
There are several ways to reduce the amount that going to a college or career school will cost you so that you can avoid borrowing too much. If you plan on working toward a Bachelor's degree, you might want to consider starting out at a two-year community college and then transferring to a four-year school. Community colleges are partially funded by local and state tax revenue and are, therefore, usually less expensive than four-year schools.
You can also save money by living at home and commuting to your local community college. You will want to make sure that the courses you take during your first two years will transfer to the four-year school you want to attend and that they will count toward your bachelor's degree.
Whether you choose a college or a career school, you can work part time to pay for some of your costs. If you do this, you should make sure that you save enough time for studying and that your work and school schedules do not conflict.