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financial aid programs can help
offset your education costs

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What is Financial Aid for College?

What is financial aid? College financial aid programmes can reduce your educational expenses and lower the cost of attendance.

Financial aid for college is a form of monetary assistance that helps students pay for the cost of their education. This aid can come in many forms, such as scholarships, grants, loans, or work-study programs.

Scholarships and grants are forms of financial aid that do not have to be repaid. Scholarships are typically awarded based on academic achievement or other criteria, such as community service or leadership experience. Grants, on the other hand, are typically awarded based on financial need.

Loans are another form of financial aid, but they must be repaid with interest. The government and private lenders offer student loans to cover the cost of education, and students must repay the loan after graduation.

Work-study programs provide students with part-time jobs on campus or in community service positions to help offset the cost of education

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LOANS

Loans are funded by governments or private lenders.

SCHOLARSHIPS

Scholarships are essentially free money to pay for school.

WORK-STUDY

Program offers flexible part-time jobs around student schedules.

Types of Financial Aid –

1. Grants

Grants are a form of gift-aid, meaning that you don’t have to repay the awards you receive. Grants are typically need-based programs and are awarded to students with financial need. Some grants, such as Pell Grants and Teach Grants, are available from the federal government. However, some states, colleges, and independent organizations offer their own grants.

2. Scholarships

Like grants, scholarships are a type of gift aid and don’t have to be repaid. While grants are usually awarded according to financial need, scholarships are awarded based on merit. For example, you could qualify for an academic scholarship if you have a high GPA and standardized test scores. Or, you may be eligible for a sports scholarship if you are a talented athlete.

3. Work-Study Programs

Work-study programs are offered by the federal government and some states. As a form of need-based financial aid, work-study programs allow low-income students to offset their education costs by getting a job related to their major. If you qualify for a work-study program, you are awarded a certain number of hours based on your course load.

4. Student Loans

After you’ve used all the grants, scholarships, and work-study programs available to you, you may find that you still need help covering the remaining cost of your tuition and fees. You have the option of using student loans to pay the rest of your college expenses.

How to Apply for Financial Aid

To apply for grants, scholarships, work-study programs, and student loans, follow these steps:

1. Complete the FAFSA

The first step in applying for financial aid is completing the Free Application for Federal Student Aid (FAFSA). It’s what the federal government, states, and colleges use to determine your eligibility for the different types of financial aid. You can fill out the FAFSA online.

2. Submit State Applications

Some states have their own applications that students need to complete to qualify for state grants, scholarships, or work-study programs. To find out the requirements in your location, visit your state’s higher education agency.

3. Contact the College’s Financial Aid Department

If you need additional financial aid, contact your selected college’s financial aid or admissions department. You may qualify for institutional aid in the form of scholarships or grants, or the school can help connect you with work-study opportunities.

4. Search for Private Grants and Scholarships

You can find scholarships and grants on your own. Thousands of businesses, non-profit organizations, and philanthropic individuals offer awards to college students.

Everything FAFSA

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