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Financial Aid for Students
This guide is for students looking for help with locating and applying for financial aid. Those interested in further financial aid information are encouraged to follow the included links, or for other related questions call 812-288-3999.
The basics: getting started
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Start gathering information early.
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Free information is readily available from:
- High school counselors
- College and career school financial aid offices (where you plan to attend)
- Local and college libraries
- Federal Student Aid (U.S. Department of Education)
- Other Internet sites (search terms student financial aid OR assistance)
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Ask questions of counselors: you may have exceptional circumstances that affect your eligibility.
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Keep copies of all forms and correspondence: you must reapply for aid each year.
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Parents of students: save money long before your child attends college.
- FinAid: for Parents
- College Savings Plan Network (state "Section 529" plans)
- Tax incentives for higher education expense
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Good overviews:
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Beware of scholarship scams -- don't pay for free information!
Student aid and where it comes from
Basic assistance categories:
- Financial need-based: Remember that students and their parents are responsible for paying what they can-- financial aid is a supplement, not a substitute, for family resources.
- Non need-based: Factors include academic excellence, ethnic background, or organization membership. Corporations may also offer assistance to employees and children.
Federal Student Aid:
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Provides nearly 70% of student aid under Loans, Grants and Work/study programs.
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Available to all need-based applicants; some loans and competitive scholarships for non need-based.
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Free information from the U.S. Department of Education:
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Loans, the most common federal aid, must be repaid when you graduate or leave college.
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Federal PLUS Loans parental loans, not need-based.
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Perkins Loans (Campus-based Aid) for the most needy undergraduates; through participating schools.
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Scholarships/grants are mostly need-based and require no repayment:
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Other grants, scholarships, and fellowships, mostly graduate level: search the Catalog of Federal Domestic Assistance (CFDA) by Beneficiary such as "Student or Trainee" or "Graduate Student".
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"Congressional" scholarships:
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Named for Members of Congress or other prominent individuals (such as Byrd Honors Scholarships, Fulbright fellowships)
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Merit-based and highly competitive
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Members of Congress do not play a role in selecting recipients
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Work study programs allow you to earn money while in school:
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Federal Work Study Program: college campus jobs
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USA Jobs: Welcome Students and Recent Graduates: jobs with the federal government
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For questions not covered by the Department of Education website, call the Federal Student Aid Information Center at 1-800-433-3243.
Targeted aid for specific groups
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Grants for Minorities: Asians, Blacks, Hispanics, Latinos, Native Americans, and Other Ethnic Groups
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African Americans: For Students: Scholarships
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Disabled students: Financial Aid for Students with Disabilities
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Foreign students: Financial Aid for International Students
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Hispanic Americans: Scholarships
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Law school students: Financial Aid for Law School
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Medical students: Association of American Medical Colleges
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Native Americans: American Indian College Fund
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Study abroad (for U.S. and non-U.S. citizens): International Financial Aid
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Veterans: Education Benefits
Interested in public service?
Federal assistance programs seek to encourage people to work in geographic areas or professions where there's a particular need (such as doctors in underserved areas); encourage underrepresented groups to enter a particular profession; and provide aid in exchange for services provided (such as military service).
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AmeriCorps Education Award - Volunteers who complete one year of service receive an education award for current higher education expenses or to repay student loans.
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Bureau of Health Professions - Scholarships and loans to needy health profession students from disadvantaged backgrounds.
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Indian Health Service - Scholarships for American Indian/Alaskan Native health profession students and loan repayment for persons working in IHS facilities.
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National Health Service Corps - Scholarships and loan repayment for health profession students who agree to work in underserved areas.
- Navy Personnel Assistance - Additional benefits for Army personnel
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Nursing Scholarships - Offered in exchange for two years of service in areas with critical nursing shortages.
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Reserve Officers Training Corps (ROTC): For students who want to be commissioned as officers after graduating from college.
U.S. Air Force ROTC
U.S. Army ROTC
U.S. Navy ROTC -
Tuition assistance - additional help for specific military personell
Army Tuition Assistance
Navy Tuition Assistance
Marine Corps Tuition Assistance -
USA Jobs: Welcome Students and Recent Graduates - Employments, internships, cooperative education, scholarships, grants, and fellowships with federal agencies.
Aid for private K-12 education: No direct federal assistance, check with schools themselves:
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Coverdell Education Savings Accounts: for elementary and secondary school expenses as well as higher education.
Repaying your loans
After college, the federal government has ways to help you repay your loans.
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Eligibility depends upon the type of loan, when it was made, and whether it's in default. Check with your loan officer to find out if you qualify.
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Loan Consolidation: combine your federal loans into a single loan with one monthly payment.
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Sometimes loans may be canceled in exchange for public service.
Teachers: Cancellation/Deferment Options
Health professions: National Health Service Corps
Law school graduates: Loan Repayment Assistance Programs
Law school graduates: Student Loan Repayment and Foregiveness -
Federal employees: Federal Student Loan Repayment Program