Do you need money for college? The reality is that most students do need financial assistance. With tuition costs rising roughly five percent annually, higher education "sticker shock" is a common first reaction when investigating how to pay for college. However, before you rule out a school based on cost, you and your family should consider the many opportunities available to you. A number of sources of financial aid are available to students from the federal government, state government, foundations and private lenders, and the colleges and universities themselves. In addition, there are four different forms of aid: grants, scholarships, loans, and work-study.
- Grants: Grants are given for athletics, academics, demographics, special talent potential, and/or need. Repayment is not required.
- Scholarships: Scholarships, also called "merit aid" are awarded for academic excellence. Repayment is not required.
- Loans: Student loans, which have lower interest rates, may be college sponsored or federally sponsored or may be available through commercial financial institutions. Loans must be repaid, generally after you have graduated or left school.
- College work-study: College work-study is a federally sponsored program that enables colleges to employ students. Eligible students work a limited number of hours throughout the school year.
The federal government is the single largest source of financial aid for students. The U.S. Department of Education's student financial aid programs make more than an estimated $40 billion available in loans, grants, and other aid to millions of students. To apply for federal student aid you must complete the Free Application for Federal Student Aid (FAFSA) - after October 1.
Student Loans of North Dakota (SLND) is administered by the Bank of North Dakota and offers a variety of loan programs to help students and parents finance a college education. SLND's College Information Service (CIS) also provides a wealth of free information about colleges and financial aid.
Completing the Free Application for Federal Student Aid (FAFSA®) is the first step toward getting federal aid for college, career school, or graduate school.
Free Application for Federal Student Aid (FAFSA)
Completing and submitting the FAFSA® is free and quick, and it gives you access to the largest source of financial aid to pay for college or career school.
In addition, many states and colleges use your FAFSA data to determine your eligibility for state and school aid, and some private financial aid providers may use your FAFSA information to determine whether you qualify for their aid.
Check out the U.S. Department of Education's Federal Student Aid page to begin the process of filling out the FAFSA.
Interested in learning about the different sources of financial aid, scholarships, completing the FAFSA (Free Application for Federal student Aid) and the hottest careers? You can learn about it on "Facebook Live", every Wednesday between October 4-November 15 from 7-7:45 p.m. CT. Bank of North Dakota hosts the event. Parents are asked to register by clicking on the following website and filling out the registration form: BND Registration Form You will be mailed materials upon request.
Federal Pell Grant
A federal grant for undergraduate students with financial need.
Federal Student Aid
Financial aid from the federal government to help you pay for education expenses an at eligible college or career school. Grants, loans, and work-study are types of federal student aid. You must complete the FAFSA to apply for this aid.
Federal Student Loan
A loan funded by the federal government to help pay for your education. A federal student loan is borrowed money you must repay with interest.
A federal student aid program that provides part-time employment while you are enrolled in school to help pay your education expenses.