College Financial Aid

There are several different types of $$$ students can receive that are considered Financial Aid.

FAFSA (Free Application for Federal Student Aid) must be completed to qualify for federal

loans and grants. See information below.

Types of Different Aid

Scholarships

Two types- Merit Based and Need Based Scholarships- Do not need to be paid back

Grants

Usually need based and received through completing FAFSA-

Free Application for Federal Student Aid. Does not need to be paid back.

Loans

These do have to be paid back so only take out as much as you need.

Try to only take out federal loans since they have lower interest rates. Different kinds-

Subsidized Federal Student Loans- Federal government pays interest while you are in college

Unsubsidized Federal Student Loans- Interest is added to loan the minute you take out loan. Some students pay the interest while they are in college so you aren't paying "interest on interest."

Direct PLUS Loans- Loans made to both students and parents. Based on credit history.

Perkins Loans- Loans made by schools for students with exceptional financial need.

Work Study

Student works on college campus in exchange for money used for college expenses.

Websites for Financial Aid Information