Explore Financial Aid Options

Overview

In this section, you will explore the different types of financial aid that can help make college more affordable, including grants, scholarships, work-study, and student loans. Through these activities, you will learn how to navigate important tools such as the Free Application for Federal Student Aid (FAFSA), while also engaging with real-life scenarios that connect directly to your future plans. You will reflect on your goals and begin to understand the steps needed to access financial support for higher education.

By the end of this section, you will be able to identify and explain the main types of financial aid, understand both the purpose and process of completing the FAFSA, and connect your academic or career goals with a financial plan that makes sense for you. You will also feel more confident in asking questions, seeking resources, and making informed decisions about how to pay for college.

Learn [Part 1]

In this activity, you will learn from Erica Zabrovsky as she explores the financial aspects of paying for college in the How to Pay for College episode of Crash Course: How to College (Figure A). During this video, you will gain a clear understanding of the total cost of attendance—including both direct and indirect costs—and why recognizing these expenses is essential for managing your college finances. 

You will also learn about the different types of financial aid available, such as federal grants, scholarships, work-study programs, and loans. In addition, the video highlights other funding sources that students often overlook, including private scholarships, employer programs, and military benefits. Zabrovsky also shares strategies for reducing college costs, such as starting at a community college or earning college credit while still in high school.

You will watch the Crash Course’s How to Pay for College | 13 min (Figure A) video linked here and embedded below:

Apply [Part 1]

(Optional) Use the information you learned to complete the activity outlined below.

After watching the the Crash Course’s How to Pay for College (Figure A) video above, please reflect on the following questions:

• Which type(s) of financial aid do you think would be the best fit for you, and why?

• What’s one thing you learned from the video that surprised you or changed how you think about paying for college? Was it something about hidden costs, aid options, or planning strategies?

• What questions do you still have about financial aid or the FAFSA process?

Learn [Part 2]

In this activity, you will explore the fundamentals of the Free Application for Federal Student Aid (FAFSA). This resource explains what the FAFSA is, why it matters, and how completing it can open the door to financial support for college. During the presentation, you will learn the key steps in starting the FAFSA, understand the types of information you’ll need to provide, and see how your application connects to grants, scholarships, work-study, and loans. You will also gain insight into why filing the FAFSA is an important step for every student planning to attend college.

You will review the FAFSA Basics: How to Apply for Federal Student Aid (Figure B) slide deck linked here and embedded below:

Apply [Part 2]

(Optional) Use the information you learned to complete the activity outlined below.

After reviewing the FAFSA Basics: How to Apply for Federal Student Aid (Figure B) slide deck above, please complete the following tasks:

Task 1 - Please reflect on the following questions:

• What is one step in the FAFSA process that you didn’t know about before reviewing the PowerPoint? Why do you think this step is important?

• Do you feel prepared to complete the FAFSA when the time comes? If yes, what will be your first step? If not, what questions or concerns do you still have?

• Why is it important to complete the FAFSA, even if you’re not sure you’ll qualify for financial aid? How might this help open up more options for you?

• After reviewing the steps, who might you need to talk to (family member, school counselor, teacher) to help you prepare to complete I the FAFSA?

Task 2 - Please use the Federal Student Aid Estimator* (Figure C), linked here and below, to get a rough idea of how much aid you may be eligible for. This can help you and your family start financial planning early. *Please note this is not the Free Application for Federal Student Aid form.

Learn [Part 3]

In this activity, you will explore how student loans work and what they mean for your financial future. This fast-paced, student-friendly resource breaks down the borrowing process, explains how interest accumulates, and shows what repayment looks like over time. During the video, you will learn the difference between federal and private student loans, understand key terms such as subsidized vs. unsubsidized loans, and explore concepts like grace periods and various loan servicers. You will also see what can happen if loans are not repaid on time and why it is important to make informed borrowing decisions.

You will watch the How Student Loans Work…EXPLAINED! | 7 min (Figure D) video linked here and embedded below:

Apply [Part 3]

(Optional) Use the information you learned to complete the activity outlined below.

After watching the How Student Loans Work…EXPLAINED! (Figure D) video above, please complete the Student Loan Quiz below. Select the correct answer for each of the questions below:

1. What is one key difference between federal and private student loans?

a. Private loans are offered by the government; federal loans are not

b. Federal loans usually have lower interest rates and more flexible repayment options

c. Federal loans must be paid back during college; private loans don’t

d. Private loans are always better because they’re faster to apply for

2. What does it mean if a loan is “subsidized”?

a. You don’t have to pay it back

b. Interest starts adding up right after you get the loan

c. The government pays the interest while you’re in school

d. You can only use it for textbooks

3. What is a “grace period” in student loans?

a. The time after graduation before you must start repaying your loan

b. The time when you can apply for more loans

c. A fee charged for missing a payment

d. A special loan for students with high GPAs

For the correct answers, please see the Student Loan Quiz Answer Key.