The Foreign Service Journal, December 2016

76 DECEMBER 2016 | THE FOREIGN SERVICE JOURNAL EDUCATION SUPPLEMENT Francesca Kelly, a former FSJ AFSA News editor, is currently the university counselor at QSI International School in Tbilisi, Georgia, as well as a private essay tutor. She writes frequently on college admissions for the Journal . P aying for college in the United States can be a herculean task. But some of the burden can be reduced with scholar- ships. Unlike loans, scholarships and grants are gifts—and a gift is always better than a loan. The best source of funding—“inside” funding—comes in the form of merit scholarships and need-based grants from the colleges themselves. These are often renewed each year, as long as you keep your grades up and have no disciplinary problems while in college. Merit-based scholarships are awarded tion of grants and loans, often adminis- tered by the federal government, such as Pell Grants or Stafford Loans. Previously, this form was not avail- able until Jan. 1, creating challenges for students and schools trying to connect admissions decisions and financial aid decisions. Starting this year, the FAFSA became available on Oct. 1 and require s the previous year’s tax information (2015), which should alleviate delays in processing federal aid decisions. Once you submit the FAFSA, you almost immediately receive a number for “Estimated Family Contribution” (the EFC), which serves as a guide for what you can expect to receive in need-based financial aid. Actual financial aid packages vary from school to school and will be sent to you with your acceptance letter or shortly thereafter. Other Sources of Funds There are many additional, private (“outside”) sources for scholarship based on grades, test scores and other achievements. If a college really wants you to attend, you will often get a letter announcing a merit-based scholarship long before the usual April 1 acceptance notification, as those are not based on financial need. It pays to research colleges with large endowments that can afford to give out more money, as well as the many excel- lent private colleges that are less selective than the “top tier.” They often generously award students who rank in the top 25 percent of their high school class. Need-Based Aid Need-based financial aid is a differ- ent story. But it’s worth reviewing the basics of this, because there is increasing overlap in the forms required for both need-based and merit assistance. To be considered for federal aid, the student must submit the Free Applica- tion for Federal Student Aid. The FAFSA determines eligibility for need-based aid, which is generally awarded in a combina- Finding Money for College A Guide to Scholarships Scholarships can lighten the financial burden of a college education. Here are some tips on finding them. BY FRANCESCA KE L LY