Financial Aid & Scholarships

You want to attend the school of your choice, but are afraid of the cost?  This is a common concern among students and their families as the "college decision" is made and may keep some students from applying to certain schools. The good news is there may be money available through financial aid and scholarships in order to help pay for some or all of the cost of post secondary education.

Non-need based scholarships are obtained regardless of financial security and can be earned through several methods.  Very good grades, solid ACT or SAT test scores, and athletic ability are the most well known scholarships.  Others include awards for leadership, community service, artistic or musical ability.  Your parents' company or business may also set aside money for children of employees.  Local organizations in Wheaton and Warrenville generously provide many opportunities for Senior students.  The WW South Guidance Office publishes a monthly scholarship bulletin starting in October dedicated to publicizing specific scholarship information of which we are aware.  You can pick one up in Guidance for details and descriptions.

Most Aid is awarded based upon financial necessity.  Need based aid comes in the form of scholarships, grants, loans, work study, or a combination of these.  A federal student aid form, known as FAFSA, must be completed by Seniors and their parents or guardians in order to access any state or federal education money.  The printed form, available by Thanksgiving in the Guidance Office cannot be postmarked until January 1, but should be submitted as soon as possible into the new year.  Completion can also be accomplished by visiting www.fafsa.ed.gov.

Understanding the following terms will also be very helpful in navigating through financial aid and scholarship information:

• Grants are funds that do not have to be repaid.  Grants are usually awarded on the basis of financial need alone.
• Scholarships are funds that do not have to be repaid.  Scholarships can be awarded on the basis of need and/or an infinite number of other criteria; such as, academic achievement, church affiliations, heritage, ethnic background, intended major, etc.
• Loans must be repaid.  Repayment is generally not requested until after graduation.  The interest rate on these loans is usually lower than personal loans.
• Work-study programs involve earning money from a job, usually on campus, which will help defray some college expenses.

Grants and scholarships are often called "gift aid."  Loans and work-study are referred to as "self-help aid."  In most cases, financial aid packages will include some combination of these. 

"Need" is the difference between what is costs to attend a particular college and what you and your family can afford to pay toward those costs.  Since the amount you can pay stays the same whether the costs are high or low, a student would be eligible for different amounts of aid at different colleges. 

Several post-secondary institutions also require their own application form for scholarships and loans.  Contacting the school's financial aid office is also an excellent source of information.  Worthwhile financial aid information can also be found on the web at the following sites:

    www.collegezone.com   

    www.fastweb.org                   

If you have any questions regarding the financial aid process, please contact your counselor.