Seniors: What is Financial Aid????
What is Financial Aid?
What kind of financial aid actually downsizes your college bill?
Aid that reduces your college cost.
- Grants. Grants are money for college, free and clear. You get them based on your financial need. Federal and state governments and colleges all offer grants.
- Scholarships and merit aid. You get these awards based on academic merit, financial need, athletic talent, and more. Most of this aid is awarded by the colleges and outside sponsors.
Aid that doesn't reduce your college cost.
- Loans. Loans that appear in financial aid awards come from the government or possibly your college. While they help cover college costs, you have to pay them back.
- Work-study. A work-study award is a part-time job, usually on campus. What you earn from work-study is not free money for college since you have to work to get it.