Financial Aid
What is Financial Aid?
Financial aid is money that helps you pay for college. It can come in the form of grants, loans, work study and scholarships. In order to qualify for most aid, you need to complete the FAFSA.
A grant is a form of financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund, or you receive a TEACH Grant and don’t complete your service obligation).
The Pell Grant is the most common grant awarded by the US government. To apply for this grant, you must complete the FAFSA (Free Application Federal Student Aid). The amount you receive depends on financial need and is based on your parents' taxes from the previous year. The FAFSA Pell Grant application opens every October 1st and should be completed as close to October 1st as possible.
Grants can come from a variety of sources such as the federal government, state government or the college or university you want to attend and can be renewed every year by completing your FAFSA before your school's priority deadline. So, make sure you complete the FAFSA as early as you can. Each school sets its own deadlines for campus-based funds. You can find a school’s deadline on its website or by asking someone in its financial aid office.
SCHOLARSHIPS
Scholarships are different from the rest because they can be obtained from many different places and can be need-based or merit-based. Most scholarships require a separate application as well as other materials (e.g. essays, letters of recommendation, etc.) and can be one time only or renewable each year.
WORK STUDY
The Federal Work Study program provides part-time employment while the student is enrolled in school to help pay their education expenses. The student must seek out and apply for work-study jobs at his or her school. The student will be paid directly for the hours they work and the amount they earn cannot exceed the total amount awarded by the school for the award year. The availability of work-study jobs varies by school.
STUDENT LOANS
Loans are funds provided to students (or parents in the case of the Parent PLUS Loan) and must be repaid. Some student loan programs require financial need while others do not. There are two types of loans that students will be eligible for immediately upon completion of the FAFSA, which are: the Direct Subsidized Stafford Loan and the Direct Unsubsidized Stafford Loan. Be sure to read up on the differences between these two loans, and speak with your Financial Aid counselor to sign up or find out information on other private or institutional loan options.
Loans are another form of “self-help” aid and are available to both students and qualifying parents and can be a viable option to fill any gaps not filled by other aid. Remember, loans will need to be paid back, usually with interest, so borrowing responsibly is important.
OTHER TYPES OF AID
ONE-TIME SPECIAL CIRCUMSTANCES FUNDING: Additional funding considerations may be available for students who are facing financial hardships. Contact your college's financial aid office for more details.
WESTERN UNDERGRADUATE EXCHANGE: Through WUE, eligible students can choose from undergraduate programs outside their home state, and pay no more than 150 percent of that institution’s resident tuition rate. Learn more here