Finding College Financial Aid Online

With the current economic recession, many people are going back to school to beef up their resumes and to learn new skills that will interest employers once they start hiring again. Whether attending a community college, a traditional university, an online school, or any other institute, added text on your resume comes with a pricetag. For some it may be minimal, for others it may be exuberant. For most, it is money they don't currently have available.

Everybody knows (or should know) about the FAFSA - Free Application for Federal Student Aid. It is a free application consisting of basic personal and tax information for the student (and the student's parents, if under age 24 and considered a dependent based on other criteria). That information is used to calculate the student's Estimated Family Contribution (EFC) - basically, how much that student and their family is expected to be able to pay towards college. A person's EFC is then used to decide his or her eligibility for various federal grants, federal loans, work study, and other student financial aid. This number is also commonly used by the college to determine eligibility for institutional financial aid (financial aid given by or through the college). You can apply for the FAFSA online and find out more about federal student aid on their website.

Unfortunately, many of us (or our parents) have income that looks pretty on paper, specifically on the FAFSA, that makes for a high EFC; yet we all have bills and debts that take up so much of that income. In reality, people can't afford to pay as much as the EFC says they should. Federal aid is also limited - our government is in debt as well, and they have to spread their contribution across a family of over 1,000,000 (yes, that's one million!) people. So where do you turn next?

Federal Aid is only one source, one fountain or mountain spring among many. Scholarships are everywhere, if you know where and how to look. Fastweb.com will provide a list of available scholarships based on detailed information about you and your parents listed on your profile. You can also use Fastweb to find colleges, jobs and internships, as well as articles about financial aid and more. GoCollege.com provides a lot of great information on financial aid, applying to college, college life, and more.

At Zinch.com, like on Fastweb, you fill out a basic profile consisting of detailed personal information, which is then used to match scholarships to you. You can also use this profile as an online resume. Additionally, there is a scholarship profile consisting of information about military experience, past/current employers, memberships, and similar information about your parents. This is used to get better matches to scholarships. Besides finding scholarships through Zinch and taking advantage of scholarships that Zinch hosts, you can also connect with other users of Zinch.com, including classmates and friends. One of the great things about Zinch is that they will match the money amount of any scholarship that you win when you find and apply to it through Zinch.com. Also, if you refer (invite) friends to Zinch.com and one of those friends wins a scholarship through Zinch, Zinch will match the scholarship amount and pay it to you (in addition to matching the amount and paying to the winner of the scholarship).

Another good website is ScholarshipPoints.com, which has monthly drawings for $1,000 scholarships, and quarterly drawings for $10,000 scholarships. Once you've joined the site, you can earn points through a variety of means, from updating your profile to reading articles, to participating in offers and filling out surveys. You can then enter those points into the current drawings for a chance to win. Most things are very easy to do, and the points can really rack up! You even get five points every day just for logging in! ScholarshipPoints.com also provides a scholarship search and other resources to help you find and learn about other student financial aid.

Scholarships are free money, but some of them can be harder to apply for, consisting of any number of essay responses, references, and other information. Plus, many scholarships are targeted at a specific demographic - religious or political affiliation, sexual preference, gender (most commonly for women), ethnic background, the type of degree being pursued, or any combination thereof. Of all the thousands of scholarships available, you may only be eligible for a handful. But not all hope is lost! There are other ways!

Grants are also free money. They are similar to scholarships - completely free, abundant, and often based on demographics - but are typically based on need and academic excellence; they typically don't require you to write essays, and you are not competing with hundreds of people to be one of few to recieve the money. Instead, funds are dispersed to those who qualify and are most in need, as long as funds last. CollegeScholarships.org/Grants is a great resource for more information on types of grants available, including listings of specific grants searchable by type. GoCollege.com also has information on grants (gocollege.com/financial-aid/college-grants).

Last but not least, there are always loans, both federal and private. You can use the FAFSA to apply for federal loans, but private loans are ones you seek out yourself, and make a contract with a bank or other loan company. Loan money is money you have to repay, however many student loans are subsidized (no interest until after you finish college) and several are also deferred (no payments until 6 months after you finish college). Loans, in my opinion, are best used to cover any college cost that can't be covered by scholarships and grants. Why use only loans, money that has to be paid back plus interest, money that will be debt incurred upon completion of your degree, when you can pay for some or even all of your education for free with scholarships and grants?

Whether you are going to college fresh out of high school, are returning for an additional degree, are going for the first time as an adult, or are going back to finish a degree, the money is out there waiting for you to grab it! No matter where you live in the United States, no matter what school you are going to, and no matter what category you fit into, financial aid is available. The links in this hub will get you started. Don't forget to check with your institute of choice for financial aid available directly through them, and remember to get that FAFSA filed!