Financial Aid

The best way to make college affordable for students and their families is applying for financial aid and scholarships. This provides a brief outline of the different types of financial aid and how to apply for it.

Applying for Financial Aid

The main way you apply for financial aid is through the FAFSA, the Free Application for Federal Student Aid. This application determines both federal and state aid. This form becomes available to the public on October 1st of every year and has to be filled out every year.

Financial Aid 101

There are several types of aid.

Need-based aid: Based on financial standing (income, taxes, assets, etc.)
Merit based aid: Based on merit (test scores, GPA, etc.)
Alternative financing

Financial aid comes in different forms

Grants: Federal, State, Institutional
- Money that does not need to be paid back
Loans: Federal, State, Private
- Money that needs to be paid back and accrues interest overtime
Scholarships

Aid comes from many different places

Federal
State
Institutional
Private foundations, organizations, companies, clubs, and individual

For a Glossary of Financial Aid Terms please see the sheet attached to the bottom of the page

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