Filling out the FAFSA will put you in the running for all federal aid and potentially some state and institutional aid. Then use a scholarship search tool, like the U. You can get them from the federal government or your state government, and you typically have to have a financial need to qualify.
You can get scholarships from your college or university or private organizations, such as the local Elks Lodge. Work-study is a federal program that funds part-time jobs for undergraduate and graduate students with a financial need.
Federal student loans are fixed-interest-rate loans from the government. The direct loan program is the main federal loan program. Undergraduate students can borrow direct subsidized or unsubsidized loans. Private student loans are fixed- or variable-rate loans from a bank or credit union.
To qualify, you typically need a good credit score or a co-signer who has good credit. The award packages will vary but likely will include a mix of federal, state and institutional aid. Not all financial aid is created equal, so be judicious about the type of aid you accept. Max out aid in the following order before taking on the next type:. Earned aid is money you earn by working at a work-study job.
Attending school WILL affect your unemployment claim. You may be denied benefits if your training plan is not approved. After using your grant and scholarship money, you need to pay the remainder of your tuition and fees. Most students use a loan to pay any remaining costs you don't pay in cash.
A loan is a type of financial aid that you repay after graduation. The most common type of loan is called a Federal Direct Loan.
Scholarships are funds you do not repay. The money comes from local high schools, employers, the Community Colleges of Spokane Foundation and other private donors. Students can apply for as many scholarships as they are qualify for. Most application deadlines are in late winter or early spring for the upcoming fall quarter.
Federal, state and institutional grants are another type of aid that does not get repaid. Waivers are available to certain groups of qualified people, allowing them to be exempt for some or all tuition. Take a look at the different kinds of waivers offered, like waivers for senior citizens to audit courses, Washington State employees, direct relatives of deceased or percent disabled law enforcement or fire officers, and others.
The open date for the academic year , for example, is Oct. Whether need-based or merit-based, federal or private, financial aid typically comes in one of the following forms:. A grant is "free" money that doesn't need to be paid back except when you fail to live up to the terms of the grant, such as by leaving school.
Grants can come from the federal or state government, schools, or private or nonprofit organizations. Most grants are need-based but merit-based grants are also available. Like grants, scholarships are gifts and do not need to be repaid unless you don't live up to the terms of the scholarship. Also like grants, scholarships can come from the federal or state government, universities, or private or nonprofit organizations.
Scholarships tend to be merit-based, though there are also scholarships that are need-based or that take both merits and need into consideration. Some scholarships are aimed at specific groups, such as women, minorities, and students from military families.
Learn about scholarships that may be available to you through your school counselor, college financial aid office, or even at your local library. Work-study typically refers to federal work-study, a program that provides part-time work on or off-campus while you are enrolled in school.
Federal work-study is only available to you if you have demonstrated financial need. Qualifying does not guarantee you a job. You will need to apply, interview, and be hired. You will earn at least the federal minimum wage more for higher-skilled jobs depending on when you apply, your financial need, and the school's available funding. Another type of job, known as a non-work study, is also available at many colleges and universities.
These jobs are not government-sponsored, earnings vary, and funding comes from the department doing the hiring. To learn more about both programs, contact your college financial aid office. Federal student loans are government loans and include terms and conditions with benefits i. The Federal Direct Loan Program offers four types of federal loans:. Private student loans are made by banks, credit unions, and other state-based organizations. These loans include terms and conditions set by the lender and are generally though not always more expensive than federal student loans.
Unlike most federal loans , private loan rates are based on your credit score and lenders may offer you a variable interest rate instead of a fixed one. You may be required to begin paying back your private loan while still in school. Federal loans allow you to wait until you leave school or graduate.
Most of the details of obtaining financial aid take place at the college or university level. Importantly, while there are lots of similarities in the ways colleges award aid, each school has its unique process when it comes to open dates, deadlines, procedures, and the actual awards process. It's especially important to understand the differences between scholarships, grants, and loans see above when you read your financial award letter.
Others package financial aid with no loans and some even raise your financial aid package each year to cover tuition increases. It pays to know not only what you will get but also how it will be packaged. A big part of the financial aid awards process has to do with you and your family's ability to pay for college—that is, your expected family contribution EFC.
In addition to some changes in the way the SAI is calculated, the change attempts to clarify what this figure is—an eligibility index for student aid, not a reflection of what a family can or will pay for postsecondary expenses. When the letter will arrive depends on the school, but generally, you can expect it at about the same time you receive your acceptance letter from that school. The amount of aid offered can range from zero to the full cost of attending college.
It will be broken down into three categories: free money you don't have to pay back, earned money via work-study or non-work study , and borrowed money either from federal or private student loans. If you feel your federal financial aid award is inadequate, you can request a professional judgment review by the awarding school. However, you will need a legitimate reason to convince the school your award is insufficient.
One way would be to demonstrate that your family's financial situation has changed for the worse. If that's the case, the school will typically ask you to submit a letter summarizing the new circumstances. This could include a divorce, a death in the family, a job loss, or sudden high medical costs.
If another school has offered you a larger award, you could try contacting the school offering the lower award and ask if they will match the larger offer. Historically, many colleges and universities have been criticized for encouraging college candidates to commit early with the understanding they could not switch colleges, even though the understanding was not legally binding.
For the candidates, early commitment could mean passing up a better financial aid package from another school. Now, however, students will have recourse. By filing the Free Application for Federal Student Aid , or FAFSA as it's more commonly known, new and returning students can access a variety of funding sources for college, such as grants, federal work-study, and loans.
This guide covers everything you need to know about paying for higher education, with step-by-step instructions on how to get financial aid using the FAFSA. The FAFSA is used by national, state, and local government agencies, as well as by universities and private organizations, to award both federal and nonfederal aid to students. This aid includes loans, grants, scholarships, and federal work-study. Over the years, the cost of college has risen significantly.
By filing the FAFSA, you can offset some of these costs and avoid graduating with hefty amounts of debt. What's more, the FAFSA comes with zero risk: You don't need to pay a fee to apply and don't have to accept any aid you're awarded if you don't want to. College financial aid falls into three main categories: federal, state, and private. Within these categories are five types of awards students can receive.
Unlike loans, grants do not need to be repaid. These awards are typically need-based rather than merit-based and are allocated by federal and state governments. Similar to grants, scholarships do not need to be repaid. These monetary gifts can be need-based, merit-based, or a combination of the two. Whereas grants tend to offer long-term often recurring financial support, scholarships are typically a single amount awarded in one lump sum.
Beyond the scholarships offered by colleges, some are given out by corporations, private entities or individuals, nonprofits, and professional associations and societies.
Each scholarship maintains its own eligibility requirements, award amount, and application deadline. Loans are financial awards that need to be repaid, usually with interest.
Students often take advantage of both federal and private loans to help offset the cost of college. While all loans serve the same general purpose, student loans differ from personal loans in that they must be used for education-related expenses, such as tuition and school supplies.
Federal work-study helps students who demonstrate financial need earn extra cash through a part-time generally on-campus job. Examples include working at the campus library, as a research assistant for a professor, and as a tutor. The money a student earns from federal work-study can be used to pay for an array of educational expenses, such as tuition and fees, room and board, transportation, computers and technology, and childcare.
Both undocumented students and international students are ineligible to apply for federal aid with the FAFSA.
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