When you first see the cost of college, you may think that it is too expensive for your family. There is a lot of financial aid available so don’t assume you that can’t afford college. There are four main sources of aid: Federal, State, Institutional and Private.

Need-Based Financial Aid: is money that is given or loaned to you, to help pay college costs, and is based on financial need. Financial aid can come from federal and state governments, colleges, and private and social organizations.

Merit-Based Financial Aid is money that is given to students based on their personal achievements. Most scholarships are considered merit aid, as they are generally awarded for success in school, the arts, athletics or another area.

Financial Aid Office: A college office that serves as a resource for students who need help paying for college costs. Financial aid officers can help you to apply for and receive grants, loans, scholarships and work-study employment. The financial aid office may also offer programs to help you manage your money.

COA-Cost of Attendance: The total amount of college expenses before financial aid. Cost of Attendance includes money spent on tuition and fees, room and board, books and supplies, and living expenses. What is quoted is not always what you will have to pay as many schools offer generous grants and scholarships.

Tuition and Fees: the charge or fee for instruction plus expenses for things like lab classes.

Room and Board: lodging and meals (A place to live and food to eat).

Books and Supplies: the estimated cost of the books and school supplies that you will need for one year of college.

Living Expenses: the estimate of how much money you will need for incidentals during one year of college.

EFC-Expected Family Contribution: The amount of the Cost Of Attendance that a family is expected to pay. This is roughly the COA minus financial aid. States and colleges use this number to help determine your financial aid award. The EFC is calculated using information you supply about your family’s financial circumstances.

Demonstrated Need: The difference between your expected family contribution (EFC) and the total cost of attendance (COA) for a particular college.

Net Price: Net price is the true amount a student will pay for a college.

Net Price Calculator: An online tool that gives you a personalized estimate of what it will cost to attend a specific college. Most colleges are required by law to post a net price calculator on their websites.

Federal Financial Aid: this is money from the Federal Government.  To apply for this, you go to https://studentaid.gov/apply-for-aid/fafsa/filling-out and complete the FAFSA (Free Application for Federal Student Aid).  There are three types of Federal Financial Aid:

Grants: These are also called gift aid because grants don't have to be repaid and you don't need to work to earn them. Grant aid comes from federal and state governments and from individual colleges. Grants are usually awarded based on financial need.  

Work-Study: Student employment and work-study aid helps students pay for education costs such as books, supplies and personal expenses. Work-study is a federal program that provides students with part-time employment to help meet their financial needs and give them work experience.

Loans: This is aid that MUST be repaid. Most loans that are awarded based on financial need are low-interest loans sponsored by the federal government. These loans are subsidized by the government so no interest accrues until you begin repayment after you graduate. If you take a loan that isn’t subsidized by the government, you will most likely also have to pay interest on this loan even while in college.  These types of loans should be avoided.

 

State Aid: this is money that comes from your state of residence.

Hathaway Scholarship: The main source of aid in Wyoming is the Hathaway Scholarship which can be used at the University of Wyoming and the Wyoming Community Colleges (see a full list at: http://hathawayscholarship.org/colleges/)

Western Undergraduate Exchange Program (WUE): Students who are residents of WICHE states (Wyoming is a WICHE state) are eligible to request a reduced tuition rate of 150% of resident tuition at participating two- and four-year college programs outside of their home state.  The WUE reduced tuition rate is not automatically awarded to all eligible candidates. Many institutions limit the number of new WUE awards each academic year, so apply early.  http://www.wiche.edu/wue

 

Institutional Aid: private colleges and universities often offer scholarships that are funded by their school or by graduates of their school.  Students are usually automatically considered for this aid when they apply to the school.

Private Aid: this is money that comes from private sources, like local scholarships funded by the Rotary Club and The National Museum of Wildlife Art.  To receive this aid, students need to apply for each scholarship.  JHHS has the list of local scholarships available in the Counseling Office.

Scholarships:  these are also called gift aid because scholarships don't have to be repaid and you don't need to work to earn them. Scholarships may be awarded based on merit or partially on merit. That means they’re given to students with certain qualities, such as proven academic or athletic ability. Scholarships are usually awarded by individual colleges or private organizations. 

Outside Scholarships: also called “private scholarships”.  A scholarship offered by a private organization — not the government or a college. Outside scholarships are offered by all kinds of groups, individuals, corporations and nonprofit organizations.