Financial aid is funding which is used to pay for a student’s education. There are many forms of aid available to those who need it. Get the facts on financial aid below:
Types of Financial Aid
Grants- A grant is a form of funding that does not have to be repaid. The money can be used for tuition, room and board, books, and other school expenses. Grants are awarded depending upon financial need.
Scholarships- Scholarships do not have to be repaid. They are awarded to students based on merit. Scholarships are awarded for athletics, music abilities, academics, group affiliations, etc.
Student Loans- Student loans must be repaid. Loans may be subsidized or unsubsidized. The interest on subsidized loans is paid by the government while the student is enrolled in school and sometimes beyond. The student pays the interest on unsubsidized loans. The type of loan that you qualify for is based upon your financial need.
Work Study Programs- A Work-Study Program allows tuition to be deferred if a student works in a particular field while attending school.
Applying for Financial Aid
More than 70% of students receive some type of financial aid. Almost everyone is eligible. To begin applying for aid, you should fill out the FAFSA. Further application procedures will vary depending upon which school you are applying to. Most colleges have financial aid officers that can assist you with this process.
When to Apply for Financial Aid
You should apply for aid when you are applying for admission to a school. Deadlines will vary depending upon the school. Consult your schools of choice as soon as possible to get exact dates.