Financial Aid
For both students and parents, it's crucial to stay on top of college preparation while in high school. A major part of that preparation is financial aid. Often people only think of the Free Application for Federal Student Aid (FAFSA) when talking about financial aid, and often the terms are used interchangeably. Here we will discuss all types of aid from scholarships, grants, to education on student loans.
Types of Aid
Scholarships
Grants
Loans
Savings
Grants
Loans
Savings
Scholarships
Scholarships are the best source of financial aid you will receive to pay for college. Scholarship money is given to you and you are not required to pay it back. Scholarships are given for a number of reasons, with a majority focusing on merit. There are all types of scholarships to look for. You may be required to write an essay. There are those that will require performance whether artistic or athletics. There are many sources of scholarships including:
Institutional Scholarships- this is a scholarship awarded to a student who plans to attend the specific institution and meet the scholarship requirements of that institute. It is common for the bulk of ones scholarships to come from the actual college. Once you have narrowed down your list of schools, you should visit the institutions website for scholarship or contact the financial aid/scholarship office to determine the scholarships, the amount and the requirements.
A-Z College and University Institutional Scholarships - The colleges and universities on this list may have other external scholarships listed. The links provided here are directly to the school's institutional scholarship information.
Community Scholarship- These scholarships are provided by local business and/or organizations. These scholarship have different requirement all independent of themselves. Some may be merit based, requiring a certain grade point average, while others may be based on your volunteer work and how you have served your community. Most will have components of both. It is important that you listen to your morning announcements for these scholarships. Also visit the guidance office for applications and more information. And always check back here during the school year.
Union County has a comprehensive list of scholarships available to El Dorado High School Student. Each Scholarship has its own requirements and rules. Most scholarship applications from UCCFAR do not open until February 20 but please check the actual application for specific dates.
More info Scholarship Full List Online Application
State Scholarships- These scholarships are offered at the state level and are based on the fact that you/you're parents are legal tax paying residents. Click here for a full list of scholarships offered by the state of Arkansas through the state lottery system. You can apply for all scholarships at once by completing the YOUniversal application (click the link and select start).
Fund My Future- This tool is a free scholarship search. Which is a collection of hundred of scholarships and grants for which Arkansas students may be eligible.
Arkansas Community Foundation - The Community Foundation is a nonprofit organization working statewide that offers tools to help Arkansans. There are numerous scholarship opportunities students will need to create an account and complete the eligibility assessment for a list of applicable scholarships.
National Scholarships - These scholarship are offered to all students throughout the nation. There are specific requirements depending on the company, organization, etc. You will find most of these through specific scholarship search engines (listed below). The type of scholarships you will find in these engines will be wide ranging from those that focus on a certain industry (i.e STEM) to those focusing on a unique hobby or trait. Remember you are competing with a lot more people than you would community or institutional scholarships. You should take the time and create a profile on one or two of the following engines:
Other Scholarship & Resources
Scholar Snapp- helps students save time by allowing them to move their own personal information between application forms- securely and seamlessly
Centennial Bank
Dell Scholars- scholarship and college completion program that nurtures and empowers students on their path to a college degree (Upward Bound student qualify)
Coco-Cola Scholars Foundation - Current high school students graduating in 2020 eligible to apply
Thurgood Marshall College Fund- TMCF offers four types of unique scholarships that are merit, plus need-based
Institutional Scholarships- this is a scholarship awarded to a student who plans to attend the specific institution and meet the scholarship requirements of that institute. It is common for the bulk of ones scholarships to come from the actual college. Once you have narrowed down your list of schools, you should visit the institutions website for scholarship or contact the financial aid/scholarship office to determine the scholarships, the amount and the requirements.
A-Z College and University Institutional Scholarships - The colleges and universities on this list may have other external scholarships listed. The links provided here are directly to the school's institutional scholarship information.
Community Scholarship- These scholarships are provided by local business and/or organizations. These scholarship have different requirement all independent of themselves. Some may be merit based, requiring a certain grade point average, while others may be based on your volunteer work and how you have served your community. Most will have components of both. It is important that you listen to your morning announcements for these scholarships. Also visit the guidance office for applications and more information. And always check back here during the school year.
Union County has a comprehensive list of scholarships available to El Dorado High School Student. Each Scholarship has its own requirements and rules. Most scholarship applications from UCCFAR do not open until February 20 but please check the actual application for specific dates.
More info Scholarship Full List Online Application
State Scholarships- These scholarships are offered at the state level and are based on the fact that you/you're parents are legal tax paying residents. Click here for a full list of scholarships offered by the state of Arkansas through the state lottery system. You can apply for all scholarships at once by completing the YOUniversal application (click the link and select start).
Fund My Future- This tool is a free scholarship search. Which is a collection of hundred of scholarships and grants for which Arkansas students may be eligible.
Arkansas Community Foundation - The Community Foundation is a nonprofit organization working statewide that offers tools to help Arkansans. There are numerous scholarship opportunities students will need to create an account and complete the eligibility assessment for a list of applicable scholarships.
National Scholarships - These scholarship are offered to all students throughout the nation. There are specific requirements depending on the company, organization, etc. You will find most of these through specific scholarship search engines (listed below). The type of scholarships you will find in these engines will be wide ranging from those that focus on a certain industry (i.e STEM) to those focusing on a unique hobby or trait. Remember you are competing with a lot more people than you would community or institutional scholarships. You should take the time and create a profile on one or two of the following engines:
Other Scholarship & Resources
Scholar Snapp- helps students save time by allowing them to move their own personal information between application forms- securely and seamlessly
Centennial Bank
Dell Scholars- scholarship and college completion program that nurtures and empowers students on their path to a college degree (Upward Bound student qualify)
Coco-Cola Scholars Foundation - Current high school students graduating in 2020 eligible to apply
Thurgood Marshall College Fund- TMCF offers four types of unique scholarships that are merit, plus need-based
El Dorado Promise
The El Dorado Promise is a unique scholarship program established and funded by Murphy Oil Corporation. The Promise provides graduates of El Dorado High School with a scholarship covering tuition and mandatory fees that can be used at any accredited two- or four-year, public or private educational institution in the US. The maximum amount payable is up to the highest annual resident tuition at an Arkansas public university.
Grants
Grants are also monies given that do not have to be paid back. The most common grant for college students is the Free Application for Federal Student Aid or FAFSA as you will come to know. Grants are mostly funded on a need basis. Whether there is a need for what you are doing/pursuing or you show a financial need. FAFSA is money given to you by the United States Government based on financial need alone.
FAFSA FYI
More FAFSA Facts
FAFSA FYI
- Based on prior years income
- Can be submitted electronically or by mail
- Both You and Your parent will have to create an FSA ID
- Application opens October 1
- Do NOT use your school email (you will not have this email after you graduate HS)
- Some scholarship require that you have completed FAFSA
- You have to complete FAFSA even for student loan
More FAFSA Facts
Student Loans
Student loans are monies given for the purpose of education that has to be paid back. Students loans are a life altering decision that you must make when considering postsecondary education. Education is definitely an investment into yourself, but it is so important that you use all the resources available to you before signing that dotted line. Here are a few facts to consider about student loans:
- Student loans are a part of the financial aid package- when you receive an award letter review it thoroughly
- There are two types of federal student loans - Unsubsidized and Subsidized
- Loans are due six months after graduating, dropping out, or fall below part-time student status
- Student loans will not go away with bankruptcy
- To be forgiven there are qualifications/requirements that have to be met
- Private loans are not the same as federal loans -check interest rate
- Don't borrow if you don't have to and only borrow what you need
- Student loans will cost more in the end