Believe it or not, you can learn pretty much all you need to know about financial aid in five minutes. It all starts with understanding a few definitions, including the definition of financial aid. College financial aid includes scholarships, grants, loans, and work study funds from various sources. Many people think the terms scholarships and financial aid are synonymous. Actually, scholarships...also called grants...are one form of financial aid. Scholarships, requiring no repayment, are frequently awarded to high achievers, students whose abilities may be valued, or students whose families belong to a sponsoring organization (church, civic organization, corporation, etc.). Students seeking financial aid of any kind, especially those who may qualify for need based financial aid, should complete the FAFSA (financial aid form) every year. The paper FAFSA is available in virtually every high school guidance office and every college financial aid office in the nation. The FAFSA may also be completed online. It is the information on the FAFSA that determines your eligibility for need-based aid. But, remember that all aid does not require need. Many institutions, especially private colleges and universities, require that a student submit a FAFSA and a separate, relatively brief, institutional financial aid form. Student who qualify by virtue of need may be offered work study jobs in college offices or at non-profit agencies in nearby communities. Students with financial need, as established by the FAFSA, may qualify for government subsidized, low interest loans. Those without need can also borrow, but at higher interest rates. Once you understand the terms we have just discussed, there is not too much more you have to know or do. Just meet all deadlines, carefully read all financial aid information available to you, and do not hesitate to contact your college office of financial aid if you have questions or problems of any kind. Best of luck.
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Believe it or not, you can learn pretty much all you need to know about financial aid in five minutes. It all starts with understanding a few definitions, including the definition of financial aid.
University Dean Daniel Z. Kane invites you to visit his websites, which offer information on scholarships, financial aid, colleges, universities, campus life, college admission, online colleges, and online degrees.
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