Need money for school? Let's face it, post-secondary education in America isn't cheap. But it's definitely worth the expense! And there are a variety of options to help you pay for your education at one the Hebrew, Rabbinical or Talmudic colleges and universities in the US. There are two main funding options: awards and aid.
Awards: Awards for new students can come from different sources. On one hand, you have awards offered through the universities and colleges. These may be of four types: institutional, private, state and federal.
Institutional: Many universities and colleges offer scholarships on the basis of academic exceleence or other special achievement. Merit scholarships, which range between around $5,000 to $10,000 per year and are renewable for 4 years, are generally for outstanding academic achievement. In some cases, all first-year applicants are automatically considered for certain scholarships, while others require an application. Check with the school. Some merit awards are offered only to students demonstrating excellence in leadership and service. These are also renewable and eligibility is not tied to the student's entrance GPA; however, satisfactory academic standing must be maintained for the award to be renewed each year. Separate scholarships for students with financial need are usually also available.
Private: Private scholarships are administered by the school, but the funds are provided by donors outside the university or college. These awards may range from a few hundred dollars to several thousand and can come from small local service organizations, large corporations, professional or cultural organizations or even government departments. Find out from the various organizations in your community if they have scholarships and what their criteria are. Once you know what you want to major in, look up any professional associations to see what awards may be offered for students studying a particular subject.
State and Federal: For information on specific state and federal scholarships and awards, check out the student assistance office of your state as well as the US Dept of Education website. Some of these awards may be limited to applicants to particular programs.
On the other hand, you have scholarships available through outside organizations. These organizations may specialize in funding higher education at Jewish institutions or may focus more generally on providing financial support for Jewish students. Often, these awards are regional, so be sure to look at both national and local organizations. For example, consult groups such as Hillel, Jewish Family and Children's Services, Jewish Vocational Services and B'nai B'rith. Synagogues and communtiy centres may be able to offer ideas as well, so ask anyone you think might be able to help: every bit counts when trying to finance an edcuation!.
Aid Student financial aid can be divided into two categories: federal student aid and college aid.
Federal Aid programs include grants, work-study, Stafford loans and PLUS loans.
Grants: Unlike loans, grants may be based on financial need and don't need to be repaid. The US Department of Education runs a number of different grant programs which can give you up to just under $5,000 per year. Not everyone is eligible for every grant, however: each type of grant may have different eligibility requirements and conditions, so be sure to check them all to see which ones you might qualify for. You may even be eligible for more than one!
Federal Work-Study (FWS): FWS is another federal aid option that does not involve repayment These positions differ from other campus jobs only by their funding source. By filing a FAFSA (Free Application for Federal Student Aid), you also apply for FWS, which is based on your financial eligibility.
Stafford Loans: These are loans for students, with the money coming either from the federal government or a bank, credit union, or other lender that participates in the program. Students entering into first year can apply to borrow between $5,500 and $9,500. These loans do need to be repaid, but the repayment schedules may differ. To apply for these loans you need to fill out a FAFSA (Free Application for Federal Student Aid), which you can do online.
PLUS Loans: These are loans for parents who are supporting dependant undergraduate students. These funds are sent to the school and applied to your account, and will also eventually need to be repaid.
College aid involves several types of funding. On one hand, colleges administer federal campus-based aid programs. This need-based aid is made up of three federal programs that are administered directly by the colleges. Not all schools participate in all three, so check with the colleges you are considering. These campus-based programs provide a limited amount of funds for each school to administer each year, so be sure to apply for federal campus-based aid early. Each school sets its own deadlines for campus-based aid which differ from the FAFSA deadlines.
On the other hand, institutional or college grants help make up the difference between college costs and what a family can be expected to contribute for tuition and housing. Grants are given according to financial need, but also for students from specific situations, such as out-of-state or diversity grants for under-represented students. Most universities and colleges have a division or department of financial aid where you can often find a cost/ financial aid calculator, lists of financial aid available and the necessary downloadable forms. Some grants come with certain obligations, so you'll want to find out about the types of grants awarded by each school you are considering: don't be shy about contacting the school's financial aid office for information.
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