Financial Aid

Choosing how to pay for college or vocational school is one of the first major financial decisions you will make as a young adult because it is likely the most expensive thing you have had to pay for at this stage of life. This is why it requires significant planning and support from family. Remember - every student can attend college and there is financial help available to you!

When talking with your family about the costs of college, consider the five main categories of college expenses:

• Tuition fees: the price colleges charge for classes, usually based on number of units you are taking.

• Room and board: housing, on or off campus, food and utilities.

• Course costs: books, supplies, equipment, etc.

• Personal expenses: laundry, cell phone bill, dining out, clothing, etc.

• Transportation costs: gas for driving to campus or visiting home, vehicle maintenance like oil changes, on-campus parking, or public transportation.

Understanding how Financial Aid works.

studentaid.gov/h/understand-aid/how-aid-works

What is a grant?

According to grant is a form of financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund, or you receive a TEACH Grant and don’t complete your service obligation). A variety of federal grants are available, including Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grants, and Iraq and Afghanistan Service Grants.

studentaid.gov/understand-aid/types/grants

What is a Scholarship?

Many nonprofit and private organizations offer scholarships to help students pay for college or career school. This type of free money, which is sometimes based on academic merit, talent, or a particular area of study, can make a real difference in helping you manage your education expenses.

studentaid.gov/understand-aid/types/scholarships

What is Work Study?

The Federal Work-Study Program allows you to earn money to pay for school by working part-time.

studentaid.gov/understand-aid/types/work-study

What is a loan?

When you receive a student loan, you are borrowing money to attend a college or career school. You must repay the loan as well as interest that accrues. It is important to understand your repayment options so you can successfully repay your loan.

studentaid.gov/understand-aid/types/loans

What is the difference between a LOAN and GRANT?

• The difference between federal student loans and grants is that loans must be repaid while grants are simply “awarded” funds that usually do not need to be repaid.

What is the difference between a Subsidized and Unsubsidized loan?

• Federal student loans can be either subsidized or unsubsidized.

• A student's eligibility for subsidized loans is based on financial need.

• Both types of loans have to be paid back with interest, but the government makes some of the interest payments on subsidized loans.