There are several types and sources of financial aid. Financial aid is based on financial need. A student must be admitted and enrolled in a degree- granting program to receive financial aid. A student must be making satisfactory progress toward a degree, including maintaining a minimum GPA, to keep financial aid.
There are three primary types of financial aid:
Need Based Grants are given by the federal or state government or the college to which you are applying. Need based grants are based on family income. To qualify, you must show that you and your family do not have the financial resources to pay for your education. Most grants require that the students maintain adequate academic progress. Grants do not have to be repaid.
Work Study Programs provide jobs, usually on the campus, while you are in school.
Student Loans are available from colleges, banks, and credit unions. Depending upon family income, the interest on student loans may be subsidized (partially paid) by the federal government as long as you remain in school. Loans must be repaid, although it may not be necessary to begin re-paying as long as you remain in school.
How to Apply:
Most financial aid programs and many scholarships require that you and your parents complete the FAFSA -- Free Application for Federal Student Aid. The FAFSA is how your "financial need" is determined. Plan early and apply on time! If at any time you are asked to pay to fill out a financial aid application you are in the wrong place.
To complete the Free Application for Federal Student Aid (FAFSA), you will need:
If you are a dependent student you will also need most of the above information for your parent(s).
To organize your information, you can print and complete a FAFSA on the Web Worksheet before you begin entering your information online. However, you are not required to do so. FAFSA on the Web will guide you through the questions that you must answer, and you can save your application and return to it later if you don’t have the information you need to answer any of the questions.
Keep these records! You may need them again. Do not mail your records to Federal Student Aid.
Other Financial Aid Resources: