Scholarships and Financial Aid
Three general categories of financial aid are awarded to undergraduate college students. Most students who qualify for aid will receive a combination of all three. When you receive an offer of admission from a college, you should also receive a letter from the Financial Aid Office telling you what combination of aid you have been offered.
The three types of aid are:
1. Scholarships and Grants
This is the BEST type of aid because it is FREE money. It does not have to be paid back. Scholarship sources include colleges, the government and private organizations. This aid is based on many factors such as merit, need, talent, special qualities or a combination of factors. Grants are usually based on need and are funded by the federal and state government and colleges.
2. Work-Study Program
This program is subsidized by the federal government and provides part-time jobs. The salary goes toward tuition or living expenses.
3. Loans
Loans can be taken out by you or your parents. Loans are available from the federal or state government, colleges and private lenders. Check carefully before securing a loan as loan rates vary
Scholarship Tip: If you are going to take out a loan, make sure that you are dealing with a reputable lender and compare offers carefully.
