Financial Aid

Although funding for higher education was originally designed to go to those who need it the most, it actually goes to those who know the most about the process. Typically, the more you know about deadlines, strategies, where funding comes from, and who is most likely to be awarded funding, the more money for college you will receive.

Planning for financial assistance now will be time well spent. With successful preparation, your child will most likely be able to gain admission to his or her dream school or program and receive enough money to attend. Below are some tips to help you and your child with that preparation.

 

Complete the Free Application for Federal Student Aid (FAFSA)

Financial aid is available, but you will not receive any assistance unless you apply. To do that it is critical you fill out the FAFSA form as early as possible. Your child can pick up a paper version at his or her high school guidance office or your local library, or you can fill it out online at www.fafsa.ed.gov.

The application requires information about your family’s finances, and a copy of your tax forms. A few weeks after filling out the FAFSA you will receive your results, which will include an estimate of what you can afford to spend on your child’s education. Your results will also go to the federal government, your state government, and the schools to which your child has applied.

The FAFSA can be submitted any time after January 1 of your child’s senior year in high school, but don’t wait too long. Financial aid is awarded on a first come, first served basis to eligible students, and some deadlines start passing in March. Get your forms in quickly so you don’t miss out.

 

Look for scholarship and grant opportunities

Are you or your spouse a teacher? Is your child a talented musician, athlete or artist? Are you or your spouse in the military? Do you have a unique family background? These are just a few of the thousands of categories that may qualify your child for a scholarship or grant.

Do your research. Some financial assistance may be available through your child’s high school or your community, and thousands of other national opportunities are out there as well. Explore every option because when it comes to paying for higher education, every penny will help. 

 

Here are some helpful Internet resources to assist with your financial planning:

Education Planner
Whether you are a high school student deciding on what you want to be, or a parent figuring out how to pay for college, this site will help you choose a college, prepare for college, and pay for college.

College Board’s Scholarship Search

Search for scholarships, internships and grants at FastWeb

Search for scholarships at Tuition.com

Search a database of over 3,000 scholarships at Scholarships.com

Delaware’s SEED Scholarship Program

State-sponsored financial aid programs just for Delaware residents

Learn about financial aid, advice and tools at FinAid