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Few families are able to go it alone when it comes time to pay for a college education. The college financial aid system is designed to help relieve this burden with its scholarships, grants, student loans, and tax incentives.

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Aid Myth: I will use a service to find a scholarship

Ninety-one percent of College Aid is administered by colleges. Most of the rest of financial aid is offered through the Veterans Administration or employers, leaving only 1% available through outside private scholarships. Even if you should happen to receive any private money, colleges will most likely reduce any financial aid they are giving you on a dollar for dollar basis. Your time and effort spent result in no more aid then you would have gotten without a scholarship service.

Aid Administered by Colleges
Federal Aid	66%
State Aid	6%
College Aid	19%
Subtotal	91%

Aid Administered by Others
Employer Provided	6%
VA Programs	2%
Private Scholarships	1%

Source: US Department of Education

The only time it makes sense to chase outside money is if you are attending a school that is giving you no aid or federal loans. Keep in mind that there is a number of free sources for this information; so there is no need to spend time and money with a service.

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