Hi fellow students and collegevine experts! I'm a high school junior and I'm starting to think about how I'm going to pay for college. I know that financial aid can help, but I'm not exactly sure what types of aid are available. Can anyone explain the different types of financial aid and how I can apply for them? Any help would be greatly appreciated!
Hello! It's great that you're starting to think about financial aid early; it can definitely make a huge difference in paying for college. There are several types of financial aid available, and they fall under a few main categories: grants, scholarships, loans, and work-study programs.
Grants and scholarships are essentially 'free money' that doesn't need to be paid back. Grants are usually need-based and come from the federal government, state governments, or the college itself. Scholarships can be either merit-based or need-based, and they're offered by various organizations, schools, and even private companies.
Loans, on the other hand, need to be paid back with interest. There are both federal loans (like Direct Subsidized and Direct Unsubsidized loans) and private loans (from banks or other financial institutions).
Work-study programs are part-time jobs offered by the college to help students pay for their education. These jobs are usually on-campus and have flexible hours to accommodate students' schedules.
To apply for financial aid, you should start by filling out the Free Application for Federal Student Aid (FAFSA), which will determine your eligibility for federal grants, loans, and work-study programs. Additionally, check out scholarship databases and your college's financial aid website for more opportunities. Good luck!
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