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Financial aid comes in many forms to help students pay for college or post-secondary education. It includes grants, scholarships, work-study programs, and loans, each designed to make education more affordable and accessible. Understanding the different types of financial aid can help students choose the best options for their needs.
Grants
Grants
(don’t have to be repaid)
(don’t have to be repaid)
Federal Pell Grant – Based on financial need.
Federal Supplemental Educational Opportunity Grant (FSEOG) – For students with exceptional need.
State grants – Each state has its own programs.
College/university grants – Offered by individual schools.
Scholarships
Scholarships
(don’t have to be repaid)
(don’t have to be repaid)
Merit-based scholarships – Awarded for academics, athletics, or talents.
Need-based scholarships – Given based on financial need.
Private scholarships – From organizations, companies, or foundations.
Specialty scholarships – For specific groups (e.g., minorities, women in STEM, first-generation students).
Loans
Loans
(must be repaid, often with interest)
(must be repaid, often with interest)
Federal loans – Include Direct Subsidized, Direct Unsubsidized, and PLUS Loans.
Private loans – Offered by banks or other lenders. Usually have higher interest and less flexible repayment than federal loans.
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