Financial
aid can help many families pay for college costs. Every year
millions of students apply for and receive financial aid.
Almost one-half of all students who attend college receive
financial aid of some kind.
There
are various types of financial aid offered:
•
Scholarships
Scholarships are considered gift aid (FREE money). This
money does not have to be repaid. Some scholarships
are awarded on a one-time basis, while others are renewable.
Renewable scholarships may be guaranteed for a student's
entire college undergraduate or graduate study. However,
the scholarship recipient must abide by the scholarship
provider’s rules and guidelines to remain eligible
for the scholarship.
•
Grants
Grants are considered gift aid and do not have to be
repaid. Usually, grants are awarded on a one-time basis
often based on financial need. However, some grants
are renewable as long as there are available funds and
the student remains eligible by following the grant
provider’s rules and guidelines. Three common
grant providers are: federal government, state education
agencies, and institutions.
•
Educational
Loans
Educational Loans are considered self-help aid. A loan
is borrowed money that must be repaid with interest.
These loans are offered through a variety of sources
such as: Federal and State governments, institutions,
employers, private lenders, banks, credit unions, and
family members. There are four kinds of educational
loans: Student Loans, Parent Loans for Undergraduate
Students (PLUS), Consolidation Loans, and Private Loans
(Alternative Loans).
•
Work-Study
Work-study programs are considered self-help aid that
is awarded on a first-come, first-serve basis to students
usually based on financial need. The purpose of this
program is to provide part-time employment to undergraduate
and graduate students to help them earn money to pay
for personal and educational expenses, during their
enrollment in school. The money earned does not have
to be repaid.
Note:
Most students will use a combination of scholarships,
grants, work-study, loans, and family contributions
to pay for their postsecondary education.
Financial Aid Sources
Financial aid is available from many sources:
• Federal Government
• State Governments
• Colleges/Universities
• Businesses
• Private Organizations
• Individuals
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aid to help you pay for school such as:
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