A Comprehensive Guide to Financial Aid

What Is Financial Aid - College financial aid helps students and their families by covering higher education expenses such as tuition and fees, room and board, books and other coursework supplies, and transportation.

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How Does Financial Aid Work - Different types of aid are provided through various sources, such as federal and state agencies, colleges, high schools, foundations and corporations, to name a few.

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How Do I Apply for Financial Aid - The first step is to file the Free Application for Federal Student Aid, known as the FAFSA. This application is used by many state agencies and schools to determine college aid.

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What Are Different Types of Financial Aid - There are two types of aid: need-based and merit-based Federal need-based aid, for instance, is determined by a family's demonstrated ability to pay for college as calculated by the FAFSA.

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Federal student loans - These are fixed-interest-rate loans from the government. The interest rate for each academic year is set on July 1, and that rate is secured for the life of the loan. The main program for federal student loans is the direct loan program.

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Federal grants - This federal money doesn't need to be repaid. The most well-known higher education grant for college is the Pell Grant.

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Work-study - This program provides part-time work, typically on campus, to help students cover college-related expenses. Not all students qualify for federal work-study.

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