Financial Aid
Financial Aid
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