Understanding College Financial Aid

Can someone explain how financial aid works for college? I'm trying to get a handle on the different types of aid available, like scholarships, grants, and loans. How should I apply for these, and what deadlines should I be aware of?

Financial aid for college comes in several forms: grants, scholarships, work-study jobs, and loans.

1. Grants: This is money that does not need to be repaid, and it's typically given on the basis of financial need. The primary source of grants is the federal government, which offers several types, including the Pell Grant and Federal Supplemental Educational Opportunity Grant (FSEOG).

2. Scholarships: Like grants, scholarships are funds that do not need to be repaid. They are often merit-based, and can be offered for academic or athletic achievement, or for other attributes like community service. Scholarships can come from a number of different sources including the college itself, private organizations, and local community groups.

3. Work-study: This is a federal program that provides part-time jobs for students with financial need, allowing them to earn money to help pay for their education. Job opportunities may be on campus or off campus, and often correlate to a student's course of study.

4. Loans: These are borrowed funds that do need to be repaid, typically with interest. Loans can be obtained through federal sources, such as the Direct Subsidized and Unsubsidized Loans, or through private lenders.

To apply for financial aid, the first step you should take is to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is used to determine your eligibility for federal aid, including grants, work-study, and loans, as well as certain state and institutional aid. The FAFSA generally opens on October 1st each year and many types of aid are allocated on a first-come-first-served basis, so it's important to apply as soon as possible.

Furthermore, if you're interested in scholarships, you should research scholarships offered by the colleges you're interested in and speak to your high school counselor. Many scholarship applications require essays, recommendation letters, or other documents, so make sure you're aware of the deadlines for each of them. Appily and the college's financial aid office are also good resources for finding other scholarships. Private scholarships often have deadlines in the spring, but some are due in the fall.

Lastly, look over the individual financial aid policy of the colleges you're applying to. Some might require additional forms or have other requirements. For instance, many private colleges require the CSS Profile in addition to the FAFSA to award institutional aid. The deadlines for these additional forms can vary from college to college.