The Four Forms of Financial Aid
Financial aid comes in one of the following four forms: grants, scholarship, work-study, and loans.
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Grants and scholarships are considered "gift help" because they represent money that is given to students. Work-study and loans are considered "self-help" because they provide money that must either be earned or repaid.
1. Grants - money that is given to a student, usually because of financial need
2. Scholarships - money that is awarded because of exceptional academic achievement, an outstanding talent or skill, and/or financial need.
3. Work-Study- money a student earns by working at a college job, usually 10-15 hours a week.
4. Loan - borrowed money that must be repaid.
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Check out our Financial Aid Links Page
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SCHOLARSHIPS
Scholarships are the most publicized and talked about form of financial aid. There are a great number of scholarships available such as Academic Scholarships, Minority Scholarships, Athletic Scholarships, Talent Scholarships, and Local Scholarships.
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Searching for Scholarships on the Internet
The scholarship service listed below are free and they provide excellent information. They match a student's interest, plans, background, and special circumstances with thousands of government, community, and campus-based scholarships programs.
http://www.cashe.com
http://www.fastweb.com
http://www.srnexpress.com
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Confused? See your guidance counselor.
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LOANS
When grants, scholarships, and work-study do not provide enough money to cover a family's financial need, the student and/or parent can take out a loan to cover the remaining costs. There is a variety of loan programs available such as Stafford Loan, Perkins Loan, and PLUS Loan (Parent Loan for Undergraduate Students) - all three are sponsored by the federal government. Also there are Private Loans that are funded privately by lending institutions. These should probably be considered as a "last resort option."
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We suggest an overviewing of financial aid such as the forms of Financial Aid, Need-Based and Merit-Based Financial Aid, the FAFSA, determining financial need, Financial Aid Applications.
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Other Sources of Aid
The military, AmeriCorps, and federal tax incentives all provide financial opportunities that are worth investigating.
THE MILITARY - the military has a number of excellent programs to help young men and women to pay of college such as The Montgomery GI Bill, Military Academics and ROTC Scholarships, Tuition Assistance, and National Guard and Army Reserves.
TAX INCENTIVES - in order to make college more affordable for middle-income families, The Taxpayer Relief Act of 1997 was signed into law. There are The Hope Tax Credit, The Lifetime Learning Credit, and Educational IRA.
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It's never too late to save some money
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