Financial Aid 101: How do I apply?
Federal and State Financial Aid
ICW Scholarships
Average Financial Aid Package
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There are many sources of financial aid available from the federal and state governments, colleges and universities, and private organizations. Financial aid significantly lowers the amount of tuition you will have to pay. To apply for federal student financial aid, and to apply for many state student aid programs, students must complete a Free Application for Federal Student Aid (FAFSA).

FEDERAL FINANCIAL AID

Pell Grants are awarded to eligible undergraduate students who have not earned a bachelor's or professional degree. The maximum award for the 2006-07 academic year is $4,050. The amount a student receives depends on the student's financial need and the cost of attending that particular college.

The FSEOG (Federal Supplemental Education Opportunity Grant) is for undergraduates with exceptional financial need; Pell Grant recipients have priority for funds. The amount depends on the student's financial need, the amount of other aid received, and the availability of funds at the school. The grant is anywhere between $100 and $4,000.

The Federal Work Study program provides jobs for undergraduate and graduate students with financial need. It encourages community service work and work related to a student's course of study. The salary is at least the current federal minimum wage and students, on average, earn $2,000 to $5,000 a year.

The Perkins Loan is a low-interest (five percent) loan for undergraduate and graduate students with exceptional financial need. The loan is made with government and institutional funds. The college or university is the lender, and the loan is repaid to the institution. An undergraduate may borrow up to $3,000 a year and graduate students may borrow $5,000 a year.

To receive a Federal Subsidized Stafford Loan, the student must have financial need. Under this program, the federal government pays the interest on the loan during the time the student is attending school and during the six-month grace period following graduation. Unsubsidized Stafford Loans are available to students who do not meet the financial need requirements. Students are then responsible for full repayment of the loan.

The PLUS loan is a financial aid resource available to all families regardless of their income. The loan is made directly to the parents and permits them to borrow up to the cost of attendance minus any financial aid received. The interest rate is not to exceed nine percent. Repayment usually begins within 60 days after receipt of the funds. Applications are available at lending institutions.

STATE FINANCIAL AID
The State of Washington continues to support higher education through a series of financial aid programs. For additional information on Washington State funding, please visit the Washington State Higher Education Coordinating Board.

To receive the Washington State Need Grant, students must demonstrate financial need, be a resident of the state, enrolled half-time or greater, be an undergraduate in an eligible degree-seeking program, and have family income below 70 percent of the median family in come (about $50,400 for a family of four). This grant is awarded based on the filing of the Free Application for Financial Aid (FAFSA) form. As with federal grants, the SNG does not have to be repaid. The maximum grant at independent colleges in 2006-07 is $5,390.

The Washington State Work Study program helps students from low- and middle-income families earn money for college while gaining experience whenever possible in jobs related to their academic and career goals. Awards vary, but students generally earn between $2,000 and $5,000 per year. You will be considered for work study when you file a FAFSA.

The Education Opportunity Grant program provides $2,500 as an incentive to financially needy "place-bound" residents, who have completed the first two years of college, to complete their upper-division study at eligible institutions. Place-bound students are considered those who are unable to continue their education without the grant, due to family or work commitments, health concerns, financial need, or other similar factors.