Types of Financial Aid
Scholarships - Money awarded on a competitive basis by a college, business or organization. These non-repayable awards are based on outstanding academic achievement, talent, or skill; some scholarships are based on need.
Grants - Need-based financial aid that is not repaid. Grants are identified through the FAFSA process.
Student Loans - Money that is loaned by the federal government to parents or students at a low interest rate for college-related expenses. Student loan opportunities are identified through the FAFSA process.
Work-study programs - Working part-time for a college to help pay tuition costs. Work study opportunities are identified through the FAFSA process.
FAFSA: What Is It?
FAFSA stands for Free Application for Federal Student Aid. The federal government uses the online FAFSA to determine a student's eligibility for federal student aid (grants, scholarships, work-study programs and loans) to help pay for college. You must file the FAFSA on-line at www.fafsa.ed.gov. It is a FREE application.Tips For Completing the FAFSA
Useful websites in regards to financial aid:
- Complete the FAFSA as soon as possible after October 1. Early submission maximizes a students chances of receiving financial aid.
- Submit the FAFSA even if you don't think you qualify for aid
- Consider using the "IRS Data Retrieval Tool" on the FAFSA site. This connects to the IRS for actual income numbers, which will reduce the students chances of being selected for "verification."
- College cost/loan calculators: www.finaid.org/calculators
- FAFSA Website: www.fafsa.ed.gov
- Information about financial aid: www.finaid.org
- Information about paying for college and student loans: www.salliemae.com
- US Department of Education financial aid information: www.ed.gov/finaid.html
- US Department of Education Student Checklist:https://studentaid.ed.gov/sa/prepare-for-college/checklists