College

"Financial aid is money that the government and other organizations give you or lend you so you can pay for college. To qualify for financial aid, you have to apply. With financial aid, many students who can’t afford the full cost of college are able to earn their degrees. In fact, most full-time college students receive some type of financial aid."

"The federal government (the largest source), State governments, Colleges and universities, Private organizations (companies, clubs and religious organizations), and Banks and lending companies."

"There are four main types of financial aid: Grants, Scholarships, Loans, and Work Study." Federal Student Aid (through the Federal Government) includes Grants, Loans, and Work Study.

"Grants are called gift aid because they do not have to be paid back. Grants come from federal and state governments and from colleges. Most grants are need based, which means they are usually given based on your or your family’s financial circumstances." For additional information about Federal Grants, please click the photo above this description.

"Scholarships are also gift aid. Scholarships come from governments, colleges and private organizations. They may be awarded for academic or athletic ability, interest in a certain subject, or volunteer work, for example. Some scholarships are given based on membership in an ethnic or religious group. Companies may also give scholarships to children of employees."

"Borrowing money from a bank, government or lending company is called taking out a loan. A loan must be paid back with an extra charge called interest. The federal government offers low-interest loans to students with financial need. Other lenders charge more interest." For additional information about Federal Loans, please click the photo above this description.

"The Federal Work-Study Program offers paid part-time jobs to help students pay for part of their college cost."

"Complete the Free Application for Federal Student Aid (FAFSA) to be considered for financial aid from the federal government, state governments and many colleges. You can also apply for financial aid directly from the colleges you’re applying to and from private organizations."

"Students can begin their applications October 1st! College, state and private financial aid deadlines vary. Aim to file the FAFSA as soon as possible; remember that financial aid dollars are limited, and in many cases are awarded on a first-come, first-served basis."