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What is Financial Aid?
What is Financial Aid?
Financial aid is comprised of different types of funding from different sources to help students and their families pay for the total cost of attending college. There are four main sources of financial aid; Work Study, Scholarships, Loans, and Grants. Three of these four sources are determined when families file the Free Application for Student Aid (FAFSA) which is available to be filled out starting October 1st each year and will qualify students for aid for the following school year. Parents will use their previous year's tax returns to complete their portions. For more information please visit: Filling out the FAFSA
Types of Financial Aid
Types of Financial Aid
Scholarships
Scholarships
Money that does not have to be repaid and may be awarded on the basis of need or it may be given for academic achievement or talent. Students may also see private scholarships through websites, colleges, or the East High Scholarship GoogleDoc for local scholarships.
Grants
Grants
A monetary aid award given to a student that does not have to be paid back (FREE MONEY)! The terms "grant" and "scholarship" are often used interchangeably but grants tend to be awarded solely on the basis of financial need, identified through the FAFSA.
Loans
Loans
This is money that MUST be paid back with interest. Most Federal Direct Loans have a lower interest rate than Private Loans and do not have to be repaid until college is completed. There are a variety of commercial sources for loans including local banks and credit unions.
Work-Study
Work-Study
An arrangement by which a stuent combines employment and college study. The employment may be an integral part of the academic program or simply a means of paying for college.
Attend any of these free sessions for help with creating your FSA ID or completing your FAFSA!
Attend any of these free sessions for help with creating your FSA ID or completing your FAFSA!
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