Many students attending college have heard the phrase "Financial Aid" or "Financial Assistance" but one would be surprised to know that a lot of students don't know the implications regarding each form of aid available.
Simply defined Financial aid is money to help college students (undergraduate or graduate) pay for their higher education degrees or certificates. Financial assistance can come from your family, an organization (non-profit, private or for-profit), the college you attend, The U.S. federal government, or even the state in which you reside.
It is imperative for students to know the different types of federal student aid offered. So what are they? I'm glad you asked, read below.
Work Study - a form of financial aid that permits students to earn money to pay for school through a work program.
Loans - a form of financial aid that MUST BE REPAID with INTEREST. A loan is BORROWED money for college or career school program.
Scholarships or Grants - a form of financial aid that does NOT need have to be repaid (unless one drops out of school, withdraws from school, or does not meet the requirements explained regarding receipt of the grant or scholarship.)
FAFSA - IS NOT FEDERAL STUDENT AID!!! FAFSA is the Free Application for Federal Student Aid, students fill this form out to find out the financial aid opportunites they qualify for.
The FAFSA is available early January each year.
Federal student aid covers the following expenses for college students:
tuition & fees
room & board
Remember to always ask your college or university regarding the different federal student aid programs they offer for students. Also if you have any questions regarding financial assistance speak to your academic advisor to lead you in the right direction for answers. It also does not hurt to do your own research.
Giving you something to think about,
For more information regarding federal student aid visit the resources utilized for this blog posting.