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Home | Reference & Education | College And University Financial aid is not, as many folks think, simply "free money". And it can come from many sources...colleges themselves, private donors, foundations and organizations, and via both state and federal programs. Aid can come in the form of scholarships, pay for work, and loans. Many people think the terms scholarships and financial aid are synonymous. Actually, scholarships...also called grants...are one form of financial aid. Scholarships, requiring no repayment, are frequently awarded to high achievers, students whose abilities may be valued, or students whose families belong to a sponsoring organization (church, civic organization, corporation, etc.). Not all financial aid requires demonstration of financial need. A student's financial aid is determined by a formula which is applied to the answers a student submits on the free federal financial aid form (FAFSA). Students must submit a FAFSA (on paper or online) if they wish to apply for need-based financial aid. Many institutions, especially private colleges and universities, require that a student submit a FAFSA and a separate, relatively brief, institutional financial aid form. Most colleges and universities offer a form of aid called work study, which allows students to earn money working in campus offices (and occasionally off-campus non-profit organizations). Work study funds, and loans, are referred to as self-help aid. Students may also receive aid in the form of student loans. Those with financial need (as determined by the FAFSA) are eligible to receive low interest, federally subsidized loans; those without need but with reasonable credit can also qualify for student loans, but will be subject to higher interest rates. Understanding financial aid pretty much boils down to understanding the above definitions. Navigating the financial aid maze involves just two things; meeting deadlines and communicating effectively with your college or university financial aid office. Good luck. Article Source: http://www.articlewheel.com
University Dean Daniel Z. Kane invites you to visit his websites, which offer information on scholarships, financial aid, colleges, universities, campus life, adult education, online colleges, and online degrees.
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