Financial aid may be available to help pay for your education in the form of student loans, grants, and scholarships. Learn about each types and requirements below.
Types of Aid
Grant
A grant generally does not have to be repaid and is issued by the federal government in the form of Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Federal Work-Study (FWS), and grants for ex-military service, among others. Grants are also available from the state where the student resides. There are some instances when a grant does have to be repaid, so be sure to check with the organization that issues the grant.
Student Loan
A loan is a financial agreement that has to be repaid. You will be provided with a payment schedule and cost breakdown. When applying, be aware of the repayment schedule and make sure you are able to honor the agreement. Loans are available through the federal government, individual states, and private and non-profit organizations.
Scholarship
A scholarship is a designated amount of money given to those with a particular talent in any field. It is awarded by private organizations, religious organizations, place of employment or union affiliation, ethnic-based organizations, local businesses, or civic groups on the basis of merit.
Application Process
How Aid is Appropriated
If you do qualify to receive financial aid, the amount of money available is determined by several factors that include income level, family responsibilities, or military service from you or a family member. Depending on a variety of factors, individuals can receive full or partial amounts. If you are applying for federal financial aid, check with your financial aid advisors to see if your state has any options to supplement the aid.
Next Steps
If you have reentered the community and selected an academic or trade school, fill out the FAFSA® form and check with the financial aid office at the school for information and suggestions concerning applications. The FAFSA can be complicated, so getting assistance from those with knowledge of financial aid at the school of your choice is important.
