Financial Aid
When deciding where to go to college, you shouldn't
have to worry about cost. Yes, college is anything
but cheap. But with the right planning
and financial resources, you can successfully
fund your college education. There are three basic types
of financial aid: student loans, scholarships, and grants.
You will want to start your search for financial aid with
the Free Application
for Federal Student Aid (FAFSA). This
applies you for student loans, as well as some grant programs.
Student Loans
A loan is a type of self-help aid that lets you borrow
money from the government, banks or other lending institutions.
Since it is self-help, borrowed aid, it must be paid back with
added interest. Loans can be awarded based on financial need
(subsidized loans - the federal government pays the interest
while you are still in school as at least a half-time student)
or not on financial need (unsubsidized loans - you are responsible
for the interest from the date the funds are disbursed).
Scholarships
You have to do your research to find a scholarship.
Scholarships usually have certain criteria that
need to be meet, like high grades or your
personal background. You can start at
your school's college office. High school counselors
often receive lots of mailing about scholarships.
Run an internet search on Google or Yahoo and
you will find tons of websites with scholarship
information. Go the library and search
through scholarship books there. Do not
procrastinate - start early. Scholarships
have deadlines.
Grants
A grant is a type of gift aid that does not need to be paid
back. The amount awarded is usually based on financial need
and is generally provided by the government or the college you
plan to attend.
Resources
There are many sources of financial
aid available. The following
resources are provided to begin your search.
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