What is financial aid? Generally, there are four types of financial aid available to students. Those four are outlined below:
- Grants: a type of financial aid that does not have to be repaid. Examples of grants include Pell Grants and can be awarded by the federal government or other organizations.
- Scholarships: another type of financial that does not have to be repaid is available through non-profit and private organizations. A majority of scholarships will be awarded based on criteria, which is often merit-based (academics, test scores, GPA), talent (athletics), or depends on a particular area of study (program or major). See our local scholarships that are available by clicking here.
- Work-Study: students may earn money to help pay for education expenses by working part-time on or off campus. You must indicate that you are interested in work-study when completing the FAFSA (Free Application for Federal Student Aid).
- Loans: this type of financial aid must be repaid back, with interest. There are three types of federal student loans that are awarded through filling out the FAFSA. See them below. There are also private loans (nonfederal) that you can apply for such as through your bank, credit union, state agency or a school but are generally more expensive than federal student loans.
- Direct Subsidized Loans: are based on financial need and are made to eligible undergraduate students
- Direct Unsubsidized Loans: are not need based and are made eligible to undergraduate, graduate and professional students
- Direct PLUS Loans: are not need based but requires a credit check. Eligible to graduate or professional students and parents of dependent undergraduate students not covered by other types of financial aid.
Our College and Career Adviser is available to assist students and families with creating FSA IDs needed to complete the FAFSA, and is able to walk you through the FAFSA application process step-by-step and provide additional information as needed. To make an appointment with Ms. Williams, click here.
LINKS TO FINANCIAL AID RESOURCES:
- https://studentaid.gov/studentaid.gov/ - Official website of the U.S. Department of Education Federal Student Aid.
- Link to complete the FAFSA (Free Application for Federal Student Aid here (opens October 1st, 2020).
- https://finaid.org/ - Information on financial aid for college and helpful tips for students and families.
- https://www.fastweb.com/ - Source for connection to scholarships, colleges, financial aid and more.
- https://opportunity.collegeboard.org/?excmpid=vt-00248 - A new scholarship program by College Board with $5 million of scholarships each year.