Financial Aid & Scholarship Resources
Scholarships are just one piece of the puzzle when it comes to post-secondary education. Below is more information about financial aid and other resources.
Scholarships are just one piece of the puzzle when it comes to post-secondary education. Below is more information about financial aid and other resources.
The first step in applying for financial aid is to fill out the FAFSA – Free Application for Federal Student Aid. Even if you are just starting to think about attending college or career training next year, you should fill out the FAFSA to find out what funding may be available to you. Over 77,000 students in CT received a Pell Grant, which is "free money", just by completing the FAFSA in 2023!
The 2024-2025 FAFSA is now open! While the roll-out of the new "Better FAFSA" faced some delays, the new form was designed to make the overall process simpler, with fewer questions to answer. Information and a video explaining how to fill out the FAFSA is available here - studentaid.gov/apply-for-aid/fafsa/filling-out
It's important to file your FAFSA as soon as possible. Many schools have priority processing deadlines for financial aid. These deadlines are important to keep in mind so that you can receive the most financial aid possible.
Once you are ready to apply, you will need to create an FSA ID which will be your login information and allows you to sign your FAFSA. Once your FSA ID is ready, you can then file your FAFSA through Federal Student Aid.
Upon completing your FAFSA, you will receive an email which will show your estimated Student Aid Index (SAI) along with what Federal Financial Aid you may qualify for. This may include the Pell Grant, Federal Student Loans, and/or Work Study. You will still need to wait to receive your financial aid award from your school, however this will give you a sense of what you are potentially eligible for. See below for more information about what types of financial aid you may see on your award letter.
When you receive your financial aid award letters from the colleges you are interested in, it’s important to understand them. Is the school offering you grants (which you do not have to repay), loans, and what will be your out of pocket cost? Below are a few resources and key terms to help compare financial aid awards.
This award letter comparison tool makes it easier to compare financial aid packages and college costs, on an apples-to-apples basis. It automatically calculates the net cost and out-of-pocket cost, highlights any unmet need, and helps you identify significant differences in costs (both overall and for specific line items) between two or more colleges - FastWeb’s College Gold financial aid award letter comparison tool
The Cost of Attendance is your total budget for the year at your college or university. It includes direct costs like tuition and fees or housing, and indirect costs like transporation and supplies. You can use resources like Big Future to research the Cost of Attedence for each school you ar looking at.
It's important to remember the cost of attendence is not what you will have to pay - it simply gives you a sense of what the total cost of the year could potentially be, before financial aid and scholarships.
The Pell Grant is the largest federal grant program offered to undergraduates. It is designed to assist students from low-income households. To qualify for a Pell Grant, a student must demonstrate financial need by completing and submitting the FAFSA® form. In 2023 students could receive up to $7,395 for the college of their choice!
A Direct Subsidized Loan is a federal student loan where a borrower isn’t generally responsible for paying interest while in an in-school, grace, or deferment period.
An unsubsidized loan through the Direct Loan Program offers students a low, fixed interest rate and flexible repayment terms. It’s not based on financial need.
Both of these are loans that are in the students name and the student is responsible for repaying. These are usually automatically offered just by completing a FAFSA - however students can decide to accept, decline, or just accept a partial amount of these loans through their financial aid office at their college or univeristy.
Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need. You’ll need to be awarded work-study by your school’s financial aid office and secure an eligible job.
While Federal Work-Study may appear on your financial aid award letter, it does not get applied to your bill. This is funding you would need to earn in wages through securing an eligible job on your campus. Reach out to your school’s financial aid office for more info.
A grant is a monetary gift for people pursuing higher education. It is often based on financial need and does not need to be repaid (unless, for example, you withdraw from school and owe a refund).
Scholarships are gifts that don’t have to be repaid and are designed to help students pay for an undergraduate degree. They can be a one-time gift or are renewable, depending on the scholarship.
A loan is money borrowed from the federal government or a private source like a bank or financial institution, and must be paid back with interest.
There are a number of great resources available to help guide you through the scholarship application process. Below are our top 5 tips for students, as well as links to other helpful guides.
American Savings Foundation is just one of many local and national organizations investing in students across Connecticut. Below is a list of some local funders that offer scholarships to students within our service area and national databases to search for other opportunities.
The Hartford Foundation for Public Giving maintains a searchable College Scholarship Directory for local opportunities and also offers a renewable scholarship for the communities it serves.
The Community Foundation of Greater New Britain manages nearly 50 scholarships which annually fund more than $200,000 in tuition assistance.
Helping students in Greater Waterbury and the Litchfield Hills achieve their dreams of attending college since 1989; the Connecticut Community Foundation administers nearly 100 different scholarship funds.
Supports the communities of Bristol, Burlington, Plainville, Plymouth, Southington and Wolcott, Connecticut. The Foundation administers over 55 named scholarship funds.
Big Future BigFuture is a free, comprehensive set of digital resources that helps all students take a productive first step after high school. Visit BigFuture today!
Fastweb Roughly 1.5 million scholarships are listed on Fastweb. There are scholarships for every student’s educational goals, activities and interests. Based on your profile, Fastweb will suggest available opportunities.
Scholarship America Not only does Scholarship America have resources for students and families, but they also manage thousands of scholarship programs.
American Savings Foundation strives to be accessible to anyone seeking information about grants, scholarships, or with general questions. Contact us today to get the assistance you need.