A Guide to Financial Aid for College

Financial Aid is any grant or scholarship, loan, or paid employment offered to help a student meet his/her college expenses. Such aid is usually provided by various sources such as federal and state agencies, colleges, high schools, foundations, and corporations. The amount of financial aid that a student receives is determined through federal, state, and institutional guidelines. Grants include aid the student receives that need not be repaid; loans must be repaid. Interest rates and repayment terms vary by program. Employment is aid based on an hourly rate for work performed.

To help our students coordinate funding and scholarships for their future education, we’ve put together some resources in the sections below.

You can also view Utah's College Awareness and Financial Aid's YouTube channel here!

RESEARCH SCHOOLS

It’s important to start at the beginning when it comes to financial aid for college. Different schools will have different options for aid internally (i.e. different scholarships available, etc.) and outside sources such as third-party scholarships will have certain standards about the schooling that they’re funding. As you research different schooling options, make sure that your chosen university is accredited. An accredited college not only ensures that you’re getting a well-rounded education, but also makes it easier to get financial aid, transfer credits, find a job, and enroll in post-grad education.

- Learn more about local Utah universities
- Check your school’s accreditation

UNDERSTAND COLLEGE LOANS AND FINANCIAL AID

MORE RESOURCES FOR FINANCIAL AID

FAFSA (FREE APPLICATION FOR FEDERAL AID)

Check out this section of our website: https://sites.google.com/mountainheightsacademy.org/counselingcorner/college-career/fafsa-information

GRANTS (FREE MONEY!)

What is a grant?

Financial aid that you don't have to repay - free $
Grants are often need-based

Types of grants

Federal Pell Grants
Federal Supplemental Educational Opportunity Grants (FSEOG)
Teacher Education Assistance for College and Higher Education (TEACH)

STUDENT LOANS (BORROW ONLY WHAT YOU CAN REPAY!)

Federal Student Loans

Funded by the federal government with terms and conditions that are set by the law. These include many benefits such as a fixed interest rate and income-driven repayment plans that arent' usually offered by a private loan.

Deferred Payments
Interest rates are fixed
Subsidized loans are available for those in need
No credit check required
Repayment plans available for those who qualify

There are four types of Direct Loans available:

Direct Subsidized Loans - Demonstrate Financial Need
Direct Unsubsidized Loans - Not Based on Financial Need
Direct PLUS Loans - Loans made to graduate or professional students to help pay for education expenses. Eligibility is NOT based on financial need
Direct Consolidation Loans - Allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.

Private Student Loans

Non Federal loans, made by a lender such as a bank, credit union, state agency, or a school that have terms and conditions set by the lender.

Payments are often due while still in school, but some allow you to defer (put off) payments while in school.
Interest rates may change
Often require a credit check or a cosigner

Updated 9/2023