What Is Financial Aid?
Financial Aid is money given to you from the government and/or other organizations that you use to help pay for college classes and materials.
Types of Financial Aid
Grants: Grants are given by the federal and state government and from college you have been accepted too and they do not have to be paid back. Most grants are need based, which means they are usually given based on you or your family’s financial circumstances.
Scholarships: Scholarships are given from governments, colleges and private or private organizations. Scholarships can be awarded for just about anything which includes academic or athletic ability, interest in a certain subject, membership within a club or activity and volunteer work. Scholarships do not need to be payed back.
Loans: A loan is money given to you by the federal government, banks, federal credit unions and various types of lenders that must be repaid, this includes interest amount. Loan amount is given based on your family's annual income and the school that you attend.
Work Study: Money received from work study is given to you by the federal government and your college in return for work that you do on campus. Work study is basically a on campus job. You do not need to pay this money back because you worked for it!
Who Is Eligible For Financial Aid?
Almost Everybody is eligible for financial aid. To be eligible for financial aid you must be a citizen of the United States and you must be enrolled in school. Financial aid such as grants, loans and work study are given based on the family’s circumstances. Scholarships can also be based on the family’s financial circumstances but can also be received based on academic, non-academic and athletic success. Not everybody will receive financial aid.
How To Apply For Financial Aid
You can apply for most forms of federal, state, and institutional aid by submitting your FAFSA each year online at fafsa.ed.gov. By submitting you application in early your are eligible for a better chance of receiving more funds.
What is the FAFSA?
FAFSA is the Free Application for Federal Student Aid