Financial Aid

It is never too early to begin your scholarship search!  Learning about scholarships as early as your freshman year will provide you with information about eligibility requirements that you can work toward throughout your high school career, and potentially qualify for by the time you graduate.  Some scholarships may be available to you before your senior year, but many will require submission during your senior year of high school.  Some scholarship awards will provide continual funding throughout your entire postsecondary education, and some will require you to re-apply every year.  So begin the research early, but continue to re-apply and look for new sources of funding throughout your postsecondary education!

Begin by finding out what is available in your own community. Often, your counselor or career resource room will have lists of scholarships available in your area.

A great new scholarship for Alaskans is the Alaska Performance Scholarship, which provides awards of up to $4,755 a year for qualifying students.  

You can also find scholarships online, were you can search nationally. Some online scholarship search engines may try to charge you a fee. There’s no need to pay, as the most reputable comprehensive searches are free:

• You can create a free Alaska Career Information System (AKCIS) portfolio and save custom scholarship searches at www.akcis.org.
• When you create a profile at www.fastweb.com, you can choose to get e-mail notifications every time a new matching scholarship is added to the database.
• You can do a quick keyword or detailed profile scholarship search at www.collegeboard.com.

A web search may also lead you to reputable national organizations that provide scholarships for specific groups. For example, the American Indian Graduate Center is a source of college funding for Native American and Alaska Native students.

In addition, don’t forget to apply for your campus-based scholarships. Your financial aid office can tell you what scholarships are available, and when the deadline to apply is. Applications are usually due in early February, but you need to verify deadlines as early as possible.

Many organizations require you to file a Free Application for Federal Student Aid (FAFSA) to be considered for their scholarships, so be sure to submit yours by the scholarship deadline.

State funding includes grants, scholarships, and loans.

You must submit a Free Application for Federal Student Aid (FAFSA) to be considered for the AlaskAdvantage Education Grant. Awards range from $500 to $3,000 per academic year for qualifying undergraduate students.

The new Alaska Performance Scholarship, created in 2010, provides funding to students who complete a rigorous high school curriculum and meet other criteria. Eligible graduates of the class of 2011 will receive the first awards.

If you are an Alaska resident or attending school in Alaska, you can apply for supplemental loans under the AlaskAdvantage Loan Program®.

Everyone should fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA examines income and assets of students and their parents, and results in financial assistance to those who need it most.

What is the FAFSA used for? The FAFSA is used by the U.S. Department of Education to evaluate a family’s eligibility for federal student financial aid programs such as the Pell Grant, federal work-study, and federal student loans. Many other organizations also use your FAFSA information to determine if you are eligible for their financial aid programs. The Alaska Commission on Postsecondary Education uses information from the FAFSA to award the AlaskAdvantage Education Grant and the Alaska Performance Scholarship, as well as for some loan programs. Most college campuses require the FAFSA for their campus-based aid. Many private and public organizations use the FAFSA to determine if you are eligible for their scholarships.

When do I fill out the FAFSA? The best time to submit your FAFSA is between January 1st and February 15 of your senior year in high school. Some schools have earlier FAFSA deadlines – check with your school to find out. You will need to submit a new FAFSA every year while you attend school. Fill out your FAFSA at www.fafsa.gov.

Federal student aid programs include:

• federal grants:
  • Pell Grant Teacher
  • Educations Assistance for College and Higher Education Grant (TEACH Grant)
  • Federal Supplemental Educational Opportunity Grant
• federal work-study
• federal student loans:
  • Stafford Loan
  • PLUS Loan
  • PLUS Loans for Graduate and Professional Degree Students

Detailed information on federal student aid programs is available at www.studentaid.ed.gov.

Think creatively about other sources of financial aid. The military, student exchanges, and public service are among alternative sources of aid. And of course - don't forget your own savings.

The military provides financial aid programs for members of the armed services, including the reserves. If you’re a member of or considering joining the military, research military aid:

• Military Education www.military.com/education/
• GI Bill and New GI Bill www.newgibill.org or www.gibill.va.gov
• Student Veterans of America www.studentveterans.org
• Military to College Guide for student veterans - From Combat to Campus

Just because you want to study out of state doesn't mean you need to pay full out-of-state tuition:

• Western Undergraduate Exchange (WUE) - The WUE program is administered by the Western Interstate Commission for Higher Education (WICHE), a nonprofit regional organization with 15 member states. Tuition for students at WUE institutions in those states is generally each institution's in-state tuition plus 50% of that amount, a considerable savings over non-resident rates. For more information, visit wue.wiche.edu.
• Western Regional Graduate Program (WRGP) - Over one hundred master’s and doctoral programs in 15 states are available through the Western Regional Graduate (WRG) program, sponsored by WICHE. Programs are selected on the basis of quality and limited availability. WRGP institutions waive the non-resident tuition surcharge for students admitted to these programs. For more information, visit wrgp.wiche.edu.
• Professional Student Exchange Program (PSEP) - This program makes qualifying professional education available to students when opportunities are not available in their home states. For more information, visit www.wiche.edu/psep. Alaska students in the PSEP pay in-state tuition and a support fee. That fee can be funded through the AlaskAdvantage PSEP Loan.

Some Alaska institutions may also offer other exchange programs.

AmeriCorps provides opportunities for 75,000 Americans to give back in an intensive way to their communities and country each year. After you successfully complete a term of public service with AmeriCorps, you may be eligible to receive a Segal AmeriCorps Education Award. You can use the award to pay education costs at qualified institutions of higher education, for educational training, or to repay qualified student loans. For more information, visit www.americorps.gov.

Alaska offers a college savings plan that provides the opportunity for tax-advantaged savings. For more information, visit the UA College Savings Plan at www.uacollegesavings.com