Types of Financial Aid
Financial Aid Can Come From A Variety of Sources
Financial Aid for college can come from a variety of sources such as; the Federal and State government, Institutions (colleges), and private companies or organizations. The majority of Aid comes from the Federal government. You CANNOT qualify for Federal and State aid unless you file your FAFSA (Free Application for Federal Student Aid) each academic year at www.FAFSA.ed.gov.
Financial Aid can come in the form of grants, scholarships, loans, and work. Grants and Scholarships are free monies that typically do not need to be repaid. Loans may come from the Federal or State government; Intuition or private student loans will need to be repaid over time. Some portions of these loans may be subsidized, which means that interest will not accrue until after graduation. Work programs can be offered through the Federal or Institutional Work-Study Programs. These Programs offer work opportunities for students on or off campus. Allowing students to earn income as they work. This money is typically used for indirect costs like living expenses. If you qualify for a work-study Program it will be listed on your Financial Aid Award Letter.