Institution based financial aid (institutional aid)

"Institution based financial aid (institutional aid)" submitted by SchoolGrantsfor Editorial Team and last updated on Friday 22nd July 2011

Institution-based financial assistance programs offered and controlled by the individual colleges, such as alumni scholarships and endowments from private donors, ; also called institutional aid. Certain eminent institutions of USA along with several different Universities and Colleges offer scholarships to students who plan on attending these facilities. Generally institutions don't provide institution-based aid to the most needy students" — they use merit-based financial aid to compete to attract higher-quality students.

Institution-based aid, which includes institutional scholarships, fee waivers, loans, work-study, and money from private sources, totaled $1 billion in 1995-96, up nearly 70 percent since 1990-91 after adjusting for inflation. Student Aid Services provides accurate estimates by mirroring an institution's aid packaging policies and requirements and all federal, state, and institution-based aid.

the independent nonprofit sector awards substantial amounts of institutional aid to students. Example: In addition to state-administered aid programs, California also funds institution-based aid for the public segments through line items in the state budget-general fund expenditures for all higher education. Designated as each segment's discretionary aid source, these funds are awarded as institution-based aid in the form of Board of Governors fee waivers/grants to public community college students, or state grants and fellowships to UC and CSU students.

For graduate students, the first point of contact to initiate application proceedings for financial assistance is the department of study or school. Beyond that, students may be referred to the Office of Financial Aid, Scholarship Center or its equivalent. There are websites and directories available online that provide information about government, private and institution-based aid. There are often organized by field of study, region, or specific student profiles.

To apply for financial aid, you'll need to fill out the Free Application for Federal Student Aid (FAFSA). Find out if your college requires you to fill out the CSS/Financial Aid PROFILE in addition to the FAFSA. The FAFSA is used to calculate a student's eligibility for federal aid programs; the PROFILE is used by institutions that have their own money to determine whether you are eligible for institution-based aid. A number of colleges require students to submit a FAFSA before considering them for institution-based financial aid. If it turns out you don't qualify for need-based aid, look into private scholarships, low-interest federal student loans, fee waivers and other ways to defray your college costs.

FastWeb offers Information on national and institution-based scholarships, and also has a feature that automatically alerts students to application deadlines for scholarships of interest.

Some related definition:
Institution enrollment
This variable indicates the size of the institution’s enrollment. It is the sum of undergraduate, graduate and first- professional students. It could be:
Less than 1,000
1,000-2,499
2,500-4,999
5,000-7,499
7,500-9,999
10,000 or more

Institution type (level and control)
Indicates the level and control of the NPSAS institution. It could be:
Public, 2-year or less
Public, 4-year
Private, not-for-profit, less-than-4-year
Private, not-for-profit, 4-year
Private, for-profit

Institutional aid
This variable indicates the total amount of institutional aid the student received. Institutional aid includes grants and loans from the institution attended, institution-sponsored work-study, and all other institutional aid, including research and teaching assistantships. Institutional aid also includes assistantships funded by federal research grants. The percentage of students with institutional aid is the percentage with positive amounts recorded for this variable.

Institutional control
The control of the institution where the student is sampled. It could be:
Public
Private, not-for-profit
Private, for-profit

Level of institution
It could be:
Less-than-2-year
2-year
4-year