FINANCIAL AID 101

TYPE OF FINANCIAL AID

  • Merit-based financial aid is a type of financial assistance awarded to students based on their academic, artistic, athletic, or other achievements, rather than their financial need. It is designed to reward the recipient's accomplishments and potential.

  • Need-based financial aid is a type of financial assistance provided to students based on their financial need. It is designed to help those who may not have the financial resources to afford higher education.

Aid can come in the forms of…

  • Grant financial aid is a type of financial assistance that does not need to be repaid, awarded to students to help cover educational expenses. It is often based on financial need but can also be awarded for academic, athletic, or other achievements. Grants are typically provided by federal and state governments, colleges, and private organizations.

  • Scholarships are financial awards given to students to help pay for their education. Unlike loans, scholarships do not need to be repaid. They can be awarded based on various criteria, including academic achievement, athletic ability, artistic talent, or other merits, as well as financial need. Scholarships can come from schools, private organizations, government programs, and other sources.

  • Federal loans are student loans provided by the government, typically offering lower interest rates and more flexible repayment options. These loans may include benefits such as income-driven repayment plans and loan forgiveness programs.

    Private loans are student loans offered by private lenders, such as banks or credit unions. These loans often have higher interest rates and less flexible repayment terms compared to federal loans. Eligibility and terms are based on the borrower's credit history and financial situation.

  • Work-study is a financial aid program that provides part-time jobs for students with financial need, allowing them to earn money to help pay for their educational expenses. These jobs are often on-campus or with approved off-campus employers and are designed to accommodate students' academic schedules.

How to find and apply to scholarships?

Schools/ Community Organizations

Start by asking your teachers/professors/guidance counselors/classmates if they know about any potential local scholarships. They often have information on local scholarships and those specific to your institution. Many community organizations, employers, and religious institutions also offer scholarships that you can inquire about locally.

Internet

To find scholarships on the internet, use reputable scholarship search engines and websites. These search engines/platforms allow you to search for scholarships based on criteria such as academic achievements, interests, demographics, and more. Be sure to also check the websites of colleges, universities, and professional organizations, as they often list scholarships available to their students or members.

Companies/ Foundations

Applying to scholarships founded by nonprofit organizations involves researching and identifying scholarships that align with your qualifications and interests. These scholarships are typically offered by foundations, community organizations, or professional associations with specific missions or goals.

how to apply for financial aid?

  • FAFSA

    The Free Application for Federal Student Aid (FAFSA) is a form that students in the United States complete to apply for financial aid for college or graduate school. The information provided on the FAFSA is used to determine eligibility for federal grants, loans, and work-study programs, as well as some state and institutional aid. To qualify you must be either a US Citizen, green card holder, or an eligible US noncitizen, such as a refugee, asylum granted, victim of human trafficking. To learn more, about eligibility, click here.

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  • CSS PROFILE

    The CSS Profile is an online application used by many colleges and universities (mostly private) to award non-federal financial aid. Administered by the College Board, the CSS Profile collects detailed information about a family's financial situation to determine a student's eligibility for institutional grants, scholarships, and other forms of aid. It is more comprehensive than the FAFSA and may require additional documents and fees. A list of the documents you may need to start and finish the application can be found here.

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  • STATE AID

    State aid for college refers to financial assistance provided by state governments to help students cover the costs of higher education. This aid can come in the form of grants, scholarships, work-study programs, and low-interest loans. The goal is to make college more accessible and affordable for students from various backgrounds.

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  • Military aid

    Military aid for college refers to financial assistance programs available to service members, veterans, and their families to help cover the costs of higher education. These programs include scholarships, grants, tuition assistance, and loan repayment options designed to support those who have served in the armed forces.

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