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Types of Financial Aid

Financial aid can help many families pay for college costs. Every year millions of students apply for and receive financial aid. Almost one-half of all students who attend college receive financial aid of some kind.

There are various types of financial aid offered:
Scholarships are considered gift aid (FREE money). This money does not have to be repaid. Some scholarships are awarded on a one-time basis, while others are renewable. Renewable scholarships may be guaranteed for a student's entire college undergraduate or graduate study. However, the scholarship recipient must abide by the scholarship provider’s rules and guidelines to remain eligible for the scholarship.
Grants are considered gift aid and do not have to be repaid. Usually, grants are awarded on a one-time basis often based on financial need. However, some grants are renewable as long as there are available funds and the student remains eligible by following the grant provider’s rules and guidelines. Three common grant providers are: federal government, state education agencies, and institutions.
Educational Loans
Educational Loans are considered self-help aid. A loan is borrowed money that must be repaid with interest. These loans are offered through a variety of sources such as: Federal and State governments, institutions, employers, private lenders, banks, credit unions, and family members. There are four kinds of educational loans: Student Loans, Parent Loans for Undergraduate Students (PLUS), Consolidation Loans, and Private Loans (Alternative Loans).
Work-study programs are considered self-help aid that is awarded on a first-come, first-serve basis to students usually based on financial need. The purpose of this program is to provide part-time employment to undergraduate and graduate students to help them earn money to pay for personal and educational expenses, during their enrollment in school. The money earned does not have to be repaid.
Note: Most students will use a combination of scholarships, grants, work-study, loans, and family contributions to pay for their postsecondary education.

Financial Aid Sources
Financial aid is available from many sources:
• Federal Government
• State Governments
• Colleges/Universities
• Businesses
• Private Organizations
• Individuals

AvScholars.com offers two detailed channels about financial aid to help you pay for school such as:

Pay for School
Pay for Flight Training


What's next? >>
Step 5: Apply for College

Written by: Sedgwick Hines Copyright 2004 AvScholars Publishing, LLC. All Rights Reserved.


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