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[ return to Finance Articles ] [ article search ]  FINANCIAL AID 101: What You Need to Know |
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Page 1 next page >> It starts with a nervous feeling in your stomach and turns quickly into sweating hands and a thumping head as you become paralyzed with a case of "Financial Aid Fear". This is a common condition among many students and parents faced with applying for financial aid. Do not fear! There is help for this process. First, we cover some basic you need to know. Plus, we spoke to experts and students across the country about their advice on financing an education. Q: What is financial aid? A: Financial aid is money used to pay for your education. A student may receive financial aid in the form of loans, grants, scholarships or through federal work-study. Q: What are the different types of aid? A: There are several types of financial aid available. The most common types of aid are: Loans: There are a variety of different loans available for prospective students. These loans are generally subsidized and guaranteed by state governments. In most cases, no interest is charged while the student is in school, and no repayment is required until six months after graduation or leaving college. The best place to start is by filling out the Free Application for Federal Student Aid or FAFSA form. Grants and Scholarships: Free Money! It's true. A grant is free money given based on need. Grant money comes from the federal and state governments, schools and occasionally private groups. Scholarships are also given for free, however, they are usually based on merit in: academics, arts, next page >> |
