When you fill out the Free Application for Federal Student Aid (FAFSA), you’re giving the college(s) of your choice a snapshot of your family’s current financial situation, enabling them to develop a plan for your financial aid ‘package’. That package may contain aid from one or more of these sources:
• The federal government – grants, work-study program, student loans
• The state of Oklahoma – grants and scholarships
• The institution you wish to attend – scholarships and tuition waivers
• Tribal, non-profit and private organizations – grants and scholarships
Your higher education institution may offer you a scholarship, tuition waiver, or both. You may wonder what the differences are between the two and whether you would qualify to receive them.
• A scholarship is usually ‘free money’ that doesn’t have to be paid back, and is used to pay various college expenses. It can be awarded to you by the school you plan to attend, by the state of Oklahoma, or by various private and tribal organizations. A scholarship is often awarded for above-average grades or other achievements, talents and/or community involvement.
• A tuition waiver is granted by your chosen school and reduces the amount the college charges you. The waiver will eliminate the cost of tuition for a designated number of credit hours, but it can’t be used for any other educational expense. While there can be many reasons a school might grant a waiver, here are some of the most common:
• Your family income demonstrates a high financial need.
• You’re of Native American descent.
• You’ve overcome a significant hardship.
• You were adopted, or you were a foster child.
It’s possible that you’d be able to use a scholarship and a tuition waiver simultaneously. Each college has its own policy regarding who meets the qualifications for one or the other. Call your institution’s financial aid office to see how to qualify for any scholarships and waivers they may offer.