Institutional and Private Financial Aid

Institutional Financial Aid

Depending on the college or university you plan to attend, your financial aid award package may include institutional aid along with federal and state aid. Institutional financial aid is money provided by the college or university itself. While some of this aid is based on financial need, there are also merit-based awards available, meaning that a student may receive institutional aid for strong academic performance, athletics or admission to a certain program within the institution.

Types of Institutional Aid

• Need-based or merit-based grants
• Scholarships
• Work-study programs

Application Process

The Financial Aid Office at each college or university can explain what type of aid is available and the application procedures.

Application Deadlines

Deadlines vary by institution, so make sure to contact your college financial aid office for details.

Private Financial Aid

In addition to money provided by your college or university, private financial aid is also a way for you to receive money for college expenses from a variety of sources outside of your institution. This aid is most likely not awarded through your financial aid award package and you often have to seek out and apply on your own. Private financial aid may be available through:

• Local businesses
• Civic groups
• Churches
• Private benefactors
• National organizations

Where to Look

• High school counselors
• Local college access providers
• Businesses, civic groups, churches, etc.
• Public libraries
• The internet! Some good websites include:
  • Fastweb
  • FinAid
  • Scholarships.com

Tips

• Use all free options from local high school, college and Internet services first.
• Exercise caution when using professional help to find scholarships, and only after you try all the free options. There are many organizations and individuals who provide scholarship-finding services for a fee, and unfortunately, some of them are not looking out for your best interests. If you have any questions or concerns about these professionals, ask your high school counselor.
• Visit the Federal Trade Commission's How to Avoid Scholarship and Financial Aid Scams website for helpful information.

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