💲Paying for College 💲

Understanding College
Financial Aid Terminology

Paying for college can feel overwhelming, but knowing the right terms can make it easier to navigate. Here are some key financial aid terms to get you started:

Financial Aid: Money given or loaned to a student to help pay for college.
Grant: A type of financial aid that does not have to be repaid. Grants are often based on financial need, but not always.
Scholarship: Financial aid that does not have to be repaid, usually awarded based on merit or specific criteria. Examples include academic, athletic, and fine arts scholarships.
Work-Study: A program offering part-time campus jobs for students with financial need. Earnings can be used for educational expenses.
Loan: Money borrowed from the government, college, bank, or another institution that must be repaid, usually with interest.

MISD Community Multi-Scholarship Program

Ten Tips for Scholarship Applications

Apply only if you are eligible - read ALL requirements and directions carefully.
Complete application in full – if questions do not apply to you, then note that on application.
Follow directions - be sure to supply ALL requested materials, including transcripts, recommendation letters, and essays.
Neatness counts - type your application OR make sure your handwriting is neat and legible.
Write an essay that makes a strong impression - be personal and specific.
Watch for deadlines – extensions are rarely given.
Make sure your application gets where it needs to go – allow enough time for it to get there.
Give it a final review - proof read the entire application carefully. Look for misspelled words or grammatical errors. Ask a friend, teacher, or parent to proof read it as well.
Ask for help if you need it - do not hesitate to contact the scholarship/funding organization or your counselor.
Keep a back-up file - before sending in the application make a copy of the entire packet for your records and make a note of when you turned it in.