Financial Aid

Understanding the financial aid package can be confusing, so you will want to understand a few key words to make it easier. Paying for school can include; grants, scholarships, federal loans, private loans, work study, unsubsidized loans, and subsidized loans. Understanding each grant, loan, or scholarship is essential before you accept and sign your name.

Grants: Financial aid, often based on financial need, that does not need to be repaid unless, for example, you withdraw from school and owe a refund. (Federal Student Aid)

Work-Study: A federal student aid program that provides part-time employment while you are enrolled in school to help pay your education expenses. (Federal Student Aid)

Loans:All student loans are borrowed funds that you must repay with interest. (Federal Student Aid)

Scholarships: Most scholarships are merit based. This means that they are awarded to students with certain qualities, such as proven academic or athletic ability. Many scholarships have rules — maintaining a certain GPA, for example — that you have to follow to continue receiving aid. (CollegeBoard)

 

More Resources:

Understanding Loans & Grants– Federal Student Aid overview (English & Spanish)

Glossary of Financial Aid Terms– A comprehensive glossary of financial aid terms

Understanding types of loans– Types of loans available and what they mean

Basics of applying to grants and scholarships– Sources and steps to take to start applying to grants and scholarships

Filling out the FAFSA– Tips to help fill out the FAFSA