Paying for College / Fellowships, Scholarships, Grants, Loans,
 and Work Study

Student Financial Aid Terms You Should Know:

Fellowship – a scholarship or grant awarded to a graduate student in a college or university.

Scholarship – financial aid that usually is awarded for merit or academic achievement.  A scholarship considered gift aid and does not have to be paid back.

Grant – a gift aid that does not have to be paid back.

Loan – money which must be repaid.  Loan programs have varying repayment provisions.

Work Study – this program provides jobs that enable students to earn a portion of school costs through employment at the institution.

Need – the term “need,” as used in financial aid, usually refers to the difference between the resources available to the student (from parent’s, student savings and summer jobs, etc.) and the cost of attending the student’s selected postsecondary institution.   The process of determining “need” is often referred to as a “need analysis.”

Self Help – financial resources provided by the student.

Family Contribution – the combined contribution reasonably expected during the enrollment period from the student (and his or her spouse if applicable), as well as from the student’s parents if the student is a dependent.

Free Application for Federal Student Aid (FAFSA) – a free form distributed by the U.S. Department of Education to collect information used to determine a student’s need for federal financial aid. 

Conversion scholarship/loan –  A scholarship that requires you to provide certain services, such as teaching or nursing, for a certain length of time. If the services are not provided, the scholarship becomes a loan which must be paid back with interest.

Waiver – An agreement that allows attendance at a school without having
to pay tuition or other costs if certain eligibility requirements are met.

Below you will find links to various state, regional and national websites that will help you with financial planning for college. 

State Sources:

Alabama College Loan Program
Student loans for Alabama students.

Alabama Teacher Recruitment Incentive Program (ATRIP)
One-hundred high school seniors will be awarded 4-year $20,000 scholarships and additional scholarships will be awarded to professionals seeking an alternative degree in teaching.  All scholarships are based on four critical areas of teaching:  Math, Special Education, General Science, and English Language Arts.  To qualify, you must also have good grades, a financial need and plan to enroll in college for fall semester 2008. 

Alabama Mentor
Alabama Mentor is an online resource to help students and their families select a college, apply for admission, and plan to finance higher education. 

State of Alabama Financial Aid Programs
For description and value, who may apply, and how to apply, click on the link above.

Alabama Student Assistance Program
Alabama Education Grant Program
Alabama National Guard Educational Assistance Program
Police Officer’s and Firefighter’s Survivor’s Educational Assistance Program
Technology Scholarship Program for Alabama Teachers
Alabama GI Dependents' Educational Benefit Program
Alabama Nursing Scholarship Program
Alabama Prepaid Affordable College Tuition Program
Alabama Scholarships for Dependents of Blind Parents
American Legion Auxiliary Scholarship Program
American Legion Scholarship Program
Junior and Community College Athletic Scholarship Program
Junior and Community College Performing Arts Scholarship Program
Senior Adult Scholarship Program
Two-Year College Academic Scholarship Program

Alabama Pre-paid Affordable College Tuition Program (PACT)
Through the PACT Program, you can purchase a contract to prepay 135 semester hours of college tuition and 8 semesters of qualified fee payments at any Alabama public college or university. PACT may also be used at private or out-of-state institutions. Flexible plans are available to pay for the contract that is priced according to the age of the child. In essence, you are purchasing college tuition today for tomorrow’s use.

Alabama Education 529 Fund
The Alabama Higher Education 529 Fund allows you to participate in an investing program, managed by Van Kampen Investments, in which you select from a number of professionally crafted investment strategies. The beneficiary of the account may be a child, adult or even yourself. Withdrawals from the account can be used to pay for tuition, fees, books, room and board at any accredited college, trade or graduate school.

J. Craig Smith Scholarship
A newly formed foundation designed to fund college scholarships for deserving students throughout Alabama.

Kentucky Higher Education Assistance Authority
In 1995 the United States Department of Education designated the Kentucky Higher Education Assistance (KHEAA) as the official guarantee agency for Alabama institutions participating in the Federal Family Educational Loan Program.

Minority Doctoral Scholarship Program
The Southern Regional Education Board's State Doctoral Scholars Program was developed with support from The Pew Charitable Trusts and The Ford Foundation. It is part of a nationwide initiative, the Compact for Faculty Diversity, to produce more minority Ph.D.s and to encourage them to seek faculty positions.

Regional Sources:

Southern Regional Education Board’s Ways in Mentor – Financial Aid

National Sources:

Student Guide to Financial Aid (Federal Aid programs) 

Smart Student Guide to Financial Aid