Types of Aid:
Scholarships
Your first resource in Financial Aid. If you are not actively seeking out and applying for scholarships, you're not getting one. Qualifying for a scholarship can be as simple as needs based at your university, according to your academic or sports performance and even your major. The more difficult ones to find require research.
Begin by asking family, friends and groups you're involved in if they know of scholarships that might be available. A trip online to the library can be a wealth of information. Be sure to search by areas related to you and your parents; ethnicity, religion, social groups and special interest groups are all good sources. And remember, there is a significant amount of funds gone unused each year so look closely and don't be shy about asking.
Beware of fraud. Scholarship programs are designed to give the student money, not charge students. Some fraudulent scholarship programs or search tools may pressure you to pay up-front to receive funds and may not be worth the expense.
Federal Grants
Pell Grants and Federal Supplemental Educational Opportunity Grant (FSEOG) are funds provided on a need based basis. Similar to scholarships, grants are not loans and so do not require you to repay them unless you receive the reward incorrectly or drop out of school. Grants are determined based on the economic needs of the student and require that you fill out your Free Application for Federal Student Aid.
Pell Grants are awarded up to $ 4,050.00 per year
FSOG are awarded up to $ 4,000.00 per year
Work Study
Not just another job! Work Study is a program designed to allow for part time work while you're studying. The work will either be in your field of study or a community service. Instead of the funds coming from normal payroll of a school or company, work study money comes directly from the federal government and the amount per school is limited each year. If you plan on applying for work study funds, contact your schools financial aid office early.
Loans
The final and most popular resource is loans. Federal student loans typically make up 70% - 90% of Financial Aid packages for undergraduate students. The federal government makes two types of loans available for undergraduates, Perkins and Stafford, and another for parents, PLUS. Graduate students qualify for Perkins, Stafford and Graduate PLUS loans (independently of their parents).
Similar to grants, loans are awarded based on economic need, however, are required to be paid back. While you are in school at least half time you do not have to make payments on your loans. During this time you will be placed in deferment, although interest will begin building on your non-subsidized loans.
For more specific information on loans see: Applying For a Loan.
To begin the process of applying for Financial Aid you must complete a FAFSA form
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