Paying for College

Scholarships and grants are similar in that they don’t have to be repaid.

Scholarships - based on academic merit, talent, or a particular area of study

• Awarded to students with certain qualities or academic achievement

Grants - offered through the US Department of Education to students with a financial need

• Needs-based “free money” - awarded based on your family’s financial situation

Sources of Grants and Scholarships

Governments - money can come from both federal and state levels in the form of gift aid

Colleges - schools may offer both needs-based and merit-based scholarships

Private organizations - money that comes from companies, foundations, community organizations or sponsors

Applying for grants and scholarships (3 steps)

1. Complete the FAFSA.

2. Determine what financial aid forms your college requires by contacting schools’ financial aid offices.

3. Research outside scholarships. Naviance and College Board both offer comprehensive scholarship search features.

A loan is borrowed money used to attend college. Loans must be repaid in addition to the interest that accrues. Some loans may be subsidized, which will affect interest rates, so be sure to do some comparative research.

The Federal Work-Study Program allows students to earn money to pay for college by working part-time. Here’s what you need to know:

• Available to both full-time or part-time students who are enrolled in undergraduate and graduate programs

• Provides part-time employment while you are enrolled in school

• Administered by schools who participate in the Federal Work-Study Program

• There are many opportunities for students to help pay for their education. Please refer to Federal Student Aid’s “Types of Financial Aid” for more information on financing an education.