Financial aid refers to specific borrowed, given,
or earned money that can be obtained from various sources to help pay
for college. The different sources of financial aid include the federal
government, the state government, the college/ university, and other private
sources. There are different types of financial aid:
Gift aid= Grants or scholarships. Grants are
typically need based, whereas scholarships are typically merit based
(athletics/ academics/ extracurricular activities, etc.) It is assistance that
typically does not have to be repaid.
Federal Work Study= Opportunity to work on a college
campus, with the money earned ideally to be used to help fund education. This
money must be earned.
3) Loans= Money that is borrowed and must be repaid with interest.
Only borrow what is needed.