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WHAT IS 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.
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.
SCHOLARSHIPS
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.
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.
GRANTS
GRANTS
Grants are FREE MONEY awarded to qualifying students. The Pell Grant is the most common grant awarded by the FAFSA and is based on your EFC (Expected Family Contribution). The Pell, any state grants that may be offered, or even school grants, can be renewed every year by completing your FAFSA before the priority deadline.
Grants are FREE MONEY awarded to qualifying students. The Pell Grant is the most common grant awarded by the FAFSA and is based on your EFC (Expected Family Contribution). The Pell, any state grants that may be offered, or even school grants, can be renewed every year by completing your FAFSA before the priority deadline.
LOANS
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 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.
WORK STUDY
WORK STUDY
Unlike grants or loans, the Federal Work Study program is awarded throughout the semester, through student employment. Students can work on campus and earn funds which can be put toward a student's educational expenses, while the student gains beneficial work experience. If interested, be sure to designate so while completing the FAFSA.
Unlike grants or loans, the Federal Work Study program is awarded throughout the semester, through student employment. Students can work on campus and earn funds which can be put toward a student's educational expenses, while the student gains beneficial work experience. If interested, be sure to designate so while completing the FAFSA.
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