Financing a College Education
There are numerous ways to finance a college education. Check out the information and resources below. Be sure to start your financing inquiries early.
The financial aid process can change each year, and a family’s financial picture may also change each year. It is an annual process from the senior year of high school through college.
TERMS
Free Application for Federal Student Aid (FAFSA)– Available each fall. Determines federal aid eligibility for Pell Grant, Federal Supplemental Education Opportunity Grant (FSEOG), and Federal Direct Student Loans. Complete at https://studentaid.gov/fsa-id/
CSS Profile – Required by 500+ colleges and universities as a supplement to the FAFSA. Produced by the College Board, and there is a fee per school. Available each year on Oct. 1. https://cssprofile.
NEED-BASED AID
Pell Grant – Federal Pell Grants are usually awarded only to undergraduate students who display exceptional financial need.
Federal Direct Student Loans – If a student qualifies for a “subsidized” loan, the student is not charged interest while they are enrolled in school at least half-time and during any deferment periods. If a student qualifies for an “unsubsidized” loan, interest begins to accrue after disbursement of the loan funds; however, the student may choose to have the payment of the interest deferred during enrollment and later capitalized (added to principal) at the time of repayment. Federal Direct Subsidized/Unsubsidized Loan (Student)
Federal Direct PLUS Loan (Parent) – The Federal Direct PLUS Loan provides a borrowing option for parents of dependent undergraduate students. Based upon a parent’s credit history, a parent may borrow through this federally guaranteed, non-need-based loan program. Federal Direct PLUS Loan (Parent)
Federal Work Study Program – Gives students an opportunity to gain valuable work experience on campus or in the nearby community. Average hours are 6-12 hours per week.
Searching for outside scholarships can be time-consuming, but very rewarding. You may need to apply for many to get one. Increase your odds by applying for local or lesser-known scholarships. There is no limit to how many you can apply for, so apply for all that are applicable.
The peak outside scholarship application season is December through March of your senior year. We recommend you apply early!
Many scholarships repeat year over year. Make a list of scholarships that you want to apply for and use that as your guide during your senior year. Don’t miss deadlines!
Scholarship search tips
- Watch for scams. You should never pay money to be honored with a scholarship. Do not pay any fees for searches or to apply for merit or need-based funds.
- Policies vary by institution regarding outside scholarships. Some may decrease loans, institutional grants, or other sources of funding.
- Continue the scholarship search process while you’re in college. Check out online search engines, financial aid at your college, and the department with your major.
- Create a spreadsheet of possible scholarships that match your criteria. Include name, deadline, requirements, website, etc. Sort in deadline order and stay on top of it!
Search Engines
- BigFuture
- cappex
- Chamber of Commerce
- fastweb
- Going Merry
- Greater Kansas City Community Foundation
- Scholarship America
- Unigo
Additional Resources
- Your employer
- Your parents’ employer
- Church
- Community foundations
- Associations related to major(s) or interest areas (e.g., Society of Women Engineers)
- Local civic organizations (e.g., Elks, Daughters of the American Revolution)