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Featured Scholarship:

Discover Scholarship Program

Corporate scholarships award some of the most generous funding out there, and while competition can be fierce for these awards, you could be looking at an impressive financial aid package if you’re chosen as the winner of such an award.

This week’s Scholarship of the Week is no exception. The Discover Scholarship Program awards up to 10 scholarships of $40,000 each annually to high school juniors who show a passion for leadership and community service, and who have faced some significant roadblock in their lives. The program has been offered since 1991, with more than $16 million awarded in scholarships to nearly 6,500 students since then.

Eligibility:

• Applicants must be current high school juniors enrolled in an accredited U.S. high school, with plans to graduate from that high school. Homeschooled students and students attending military base high schools in or outside the United States are also eligible. Applicants must also have a cumulative GPA of at least 2.75 over their freshman and sophomore years.

Prize: Up to 10 scholarships of $40,000 each

Deadline: January 31, 2010

For more details and to apply, please create or log into your profile at Scholarships.com.

For a list of upcoming scholarship deadlines, click here.

The Department of Education starts accepting the 2009-2010 Free Application for Federal Student Aid (more commonly known as “FAFSA“) on January 1. State application deadlines start happening soon after, beginning with Connecticut’s February 15 priority deadline. So while you might not be starting school until August or September, you want to be applying for financial aid right now. For state deadlines, visit the Scholarships.com blog

What You Need

In order to complete a FAFSA, you will need the following documents:

• your social security card
• a driver’s license if you have one
• bank statements and records of investments (if you have any)
• records of untaxed income (again, if you have any)
• your 2008 tax return and W2s
• all of the above for your parents if you are considered a dependent (to determine dependency status, check here)
• a PIN number to sign electronically (go to pin.ed.gov to get one)

If you’ve applied before, you can fill out a renewal FAFSA, which will let you skip a few questions. You will still need your tax, savings, and investment information for the new year, though.

If you do not have your tax information yet, you can use your 2007 tax information to estimate 2008. That way, you have a FAFSA on file and once you’ve done your taxes for the new year, you’ll be able to submit a correction online. If things changed drastically for your family in 2008, apply for student financial aid with the information you have, then talk to your school’s financial aid office to adjust your information accordingly.

Why You Should Apply

The FAFSA is used by the Department of Education to determine eligibility for federal student financial aid for college. This aid includes federal grant programs (such as the Pell Grant), federal work-study, and federal student loans. It is also used by states to determine eligibility for their financial aid programs, such as state grants. Colleges also use the FAFSA to determine eligibility for the need-based aid programs they administer. Finally, many scholarship opportunities request FAFSA information as part of their application process. Even if you think that you won’t qualify for free money in the form of need-based college scholarships and grants, you should still apply. At the minimum, the vast majority of students qualify for Stafford Loans, low-interest federal student loans that represent one of the best deals in borrowing for school.

Where To Get More Information

Start on the FAFSA homepage and go through the links under “Before Beginning a FAFSA” to get started, especially if this is your first time filing. You’ll find information about application deadlines, required documents, applying for a PIN, and other things you need to know about to begin. If you don’t want to wait until tomorrow, 2009-2010 worksheets are already available on fafsa.ed.gov. The ambitious among us can even fill out a worksheet now, then copy the information into their FAFSA on the Web beginning tomorrow.

We also offer a wealth of resources on financial aid at Scholarships.com. Check out the financial aid section on our Resources page for further reading.