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What is Financial Aid?
What is Financial Aid?
Financial Aid is money that helps a student pay for college or career school. We can think of financial aid as an umbrella that covers many different forms of financial support a student can receive as they pursue higher education. The four main types of financial aid are scholarships, grants, work-study, and loans. This page is designed to help introduce you to the different types of aid that you may want to consider for college!
What are the Different Kinds of Financial Aid?
What are the Different Kinds of Financial Aid?
While financial said comes in a variety of forms, below are the most typical types of financial aid that students will see:
Scholarships
Scholarships are typically one-time financial awards that do not need to be repaid. Scholarships are awarded based on the student's achievements (academic, athletic, other involvements, etc.) or financial need, to help pay for school. Who doesn't love free money for school?
Grants
Another type of 'gift aid' that typically does not need to be repaid. Some grants are awarded based on financial need and some are gifted in return for the student completing some level of work or service. Another great option to help pay for school!
Work-Study
Federal Work-study programs require that students with these jobs will work part-time either on or off campus while enrolled in their degree program. These programs typically encourage students to work within their potential field of interest.
Loans
Loans can be an extremely helpful financial aid option to help cover the cost of school. However, buyers beware! You will have to repay your loan plus the interest that accrues on the loan, so make sure to be aware of your options and responsibilities when signing for loans.
How Do I Get Financial Aid?
How Do I Get Financial Aid?
If you are interested in receiving financial aid for college, you need to apply using the FAFSA form. The Free Application for Federal Student Aid is an application that allows you to receive Federal, State, and school-specific financial aid!
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