Paying For College
What is "financial aid"?
Financial aid is money that is offered by a university, the government or private companies to help students get a college education.
Who is eligible for financial aid?
There are two different kinds of financial aid that are considered for funding college. There is need based aid, which is based on a socio-economic equation, and there is merit aid. Merit aid is based on the achievement of the student and how well they do in school. Often, universities may give merit aid to really top students because they want those students to attend their schools. They may give them a financial aid package to encourage them to attend.
How can a financial aid office help me find ways to pay for college?
Once you've been accepted to a university and decided where you want to attend. You want to contact the financial aid office at that university. And introduce yourself, speak to what your needs are and they will give you specific instructions as to what to do to qualify and they'd let you know. I mean they'll let you know whether it's going to be loans or grants and where you stand. If you're middle income family, becomes harder and harder to get any grant money and loans has become extremely popular. Hopefully that strand will keep coming down.
What questions should I ask the financial aid office at my chosen college?
You definitley want to find out about all the costs that the university will require you to pay, and you may also want to inquire about work-study programs if you need money. This is basically where you have the opportunity to work on the campus and you are able to attend, so it's an opportunity to pay for some of your education that way. Just what opportunities there are to earn money would be a good question to ask a financial aid officer. You may also want to ask them about the different kinds of Stafford loans, Pell grants, and other things that the government provides if you're not informed; if you haven't done the research or homework on financial assistance, you may want to ask a financial aid officer those types of specific questions.
What are "college scholarships"?
Individual universities may have scholarships that they provide to students in certain areas. For example, a really popular one is an athletic scholarship, where a college wants to recruit a very talented athlete to their university. If that student surpasses what they want in an athlete in a certain sport, the college will recruit that athlete and provide that athlete with a scholarship.
What are "college grants"?
College grants are money that's awarded to a student that does not have to be repaid. If a student is eligible for any number of reasons, whether it be academic or some achievement that they've had of some sort or a talent that they've had, the university awards that money. It belongs to the student. That's it, they don't have to pay it back.
What are "student loans" for college students?
Loans are money that has to be paid back. Often you can get a student loan where you don't have to begin paying back until you graduate from college. If you're lucky and you do your homework, you can get loans at a reduced interest rate, and you have a long time to pay it back, sometimes 2 to 3 years. Students have that advantage that they don't have to begin paying back student loans right away.
