Navigating Financial Aid Options: Scholarships, Grants, and Loans
Financial aid can significantly reduce the financial burden of college. Here are the primary types of financial assistance available:
- Scholarships: Merit-based awards typically granted based on academic achievement, talents, or extracurricular activities.
- Grants: Need-based awards that do not require repayment, primarily based on financial need and government criteria.
- Loans: Funds borrowed from banks or the government that must be repaid with interest.
Applying for Financial Aid
Most students apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA). The FAFSA determines eligibility for federal, state, and institutional aid programs.
