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Financial aid can come from federal, state and private sources. Aid is provided to individual students on the basis of two distinctive qualifications, which are usually expressed in terms of need-based aid and merit-based aid.
Need-Based Aid
This type of financial aid is awarded based on demonstrated financial need. A student’s family demonstrates financial need by providing the school with financial documents and applications like the Free Application for Federal Student Aid, or FAFSA. The need is calculated by taking the total list of expenses and subtracting available financial resources. The remaining amount is the primary requirement for need-based aid, although sometimes other qualifications apply.
Merit-Based Aid
Students with exceptional academic achievements or other qualities like leadership or athletic ability can qualify for merit-based aid. Merit-based aid usually comes in the form of grants or scholarships. Competition for this type of financial aid can be fierce, since merit-based aid usually does not have to be paid back by the student.
How Aid is Awarded
Financial aid whether need-based or merit-based comes is awarded in three ways: grants and scholarships, loans and work-study programs.
A grant is a lump sum of money paid to the school towards the expenses of a particular student. A scholarship works like a grant, except scholarship funds are typically much larger than grants and they pay for all of the students’ undergraduate expenses. Neither of these types of aid has to be repaid.
Student loans are the most notorious type of financial aid because of stories of graduating students being saddled with massive amounts of debt. Loans are usually advanced under need-based financial aid. The good news is that need-based loans usually have lower interest rates because some loans are subsidized by the federal government. If the student carries other kinds of loans, such as private loans, the accrued interest will have to be paid back by the student.
Work-study programs can be awarded on the basis of need, just like grants can. Work-study programs involve the student getting hired for a job on campus, and the salary the student earns from that job goes towards paying college expenses. The key to remember is that the salary usually has to be applied to college expenses in order for the student to qualify.
Wiki User
∙ 13y ago
Wiki User
∙ 14y agoPell grants, state grants, student loans, parent plus loans, and work study programs are available for student aid.
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How do you apply for financial aid?
Start by filling out the FAFSA. (google it) Then talk to the school you would like to go to and see what types of financial aid they have available.
What kind of financial aid is available for people with disabilities?
Financial aid is available for people with disabilities both in the private and government sector. Each state will vary in its aid so it is important to check with your local government office to see what is available to you and how to go about receiving the aid. Be sure to ask other institutions such as colleges you plan to attend to see if they offer aid as well.
What do you need to know about Financial Aid?
If you believe a college education is out of your reach, think again. A tremendous number of financial resources can help make your dream of a college degree a reality. The key is educating yourself about the financial aid process. Start by familiarizing yourself with the most common types of financial aid. The two basic categories are gift financial aid in the form of scholarships and grants; and self-help financial aid in the form of student loans and work-study programs. Financial aid can be federal- or campus-based. Most students use a combination of the two.
What kind of financial aid is available for single mothers with no child support?
You can get 1,000 stimulus payment.
Financial Aid Requirements?
One of the common questions students ask when it comes to financial aid is what the requirements for eligibility are. Students who need aid want to know what they have to do to get the financial aid they need or what requirements organizations take into consideration when determining eligibility. Knowing requirements for different types of financial aid ahead of time can save time and energy in applications. The financial aid requirements are dependent on the kind of financial aid being sought. Some forms of financial aid look only at finances, such as income and educational expenses, while other forms of financial aid look at other aspects of the student, such as ethnic background, grade point average, or field of study. Generally, loans and other federal financial aid look primarily at the financial aspect of the applicant. Private grants and scholarships, on the other hand, may have more specialized requirements. General requirements for financial aid will be explained in applications and paperwork for the financial aid. The information will tell students what they need to know in order to know whether or not to apply for a particular source of financial aid, but will not likely give in-depth information that is dependent on a student's specific situation. However, it will get the student started in the right direction in regards to applying for financial aid. The best way to determine if you meet the requirements for a particular source of financial aid is to speak to a representative from that organization. For example, if there are questions about a scholarship available through a church, the student should speak to the pastor or someone else in that church to find out specific requirements and have questions answered. Financial aid requirements vary depending on the type of financial aid. For a student seeking financial to help pay college education costs, a good course of action is to look at the requirements for financial aid sources before applying. This includes asking questions about specific circumstances to make sure the student is eligible before applying. The more a student knows about financial aid requirements, the better the financial aid experience will be.
Is financial aid available for culinary schools?
Yes, financial aid is available to culinary schools. Check with your school's financial aid office for details on what aid is available.
How do you apply for financial aid?
Start by filling out the FAFSA. (google it) Then talk to the school you would like to go to and see what types of financial aid they have available.
What types fo financial aid are available for a distance learning degree?
Many types of financial aid for distance learning degree's are available to you. If you want to find any one of these, you can consult with a professional of look at different places on the internet.
What kind of financial aid is available at American University?
American University offers many types of financial aid, some specific to individual programs of study. General financial aid available includes student loans, grants and veterans' benefit. Work study and student loan or financing options are also available.
Is financial aid available for dental schools?
Yes financial aid is also available for dental schools as well.
What type of financial aid is available in Canada?
There are many types of financial aid available in Canada from both the provincial and federal governments. The governments provide financial aid to seniors,the disabled, single mothers, refugees, and to students attending post secondary studies. The educational facilities in Canada also provide financial aid to students in the form of grants, bursaries, scholarships and loans.
does a last will and testament have to be notarized in the state of virginia in order to be valid.?
All colleges have financial aid advisers on staff in the Office of Financial Aid. There are a number of excellent websites that detail the types of aid available and give up-to-date information on requirements.
Does OU have financial aid?
Yes; OU has financial aid available if you qualify and submit the paperwork in a timely manner.
Is financial aid available for schools that provide degrees for online game design?
Financial aid is available for most any field you want to pursue, including online game design. The school you want to attend should have a financial aid counselor who can guide you in the right direction in applying for financial aid.
Can you get financial aid if you attend the art institute of Philadelphia?
Yes, financial aid is available. Student loans such as the PLUS loan are available for all new and returning students.
What are the 4 types of financial aid available in regards to education?
There are different types of student loans available to college students for college: # Federal Subsidized Stafford Loans # Federal Unsubsidized Stafford Loans # Federal Perkins Loans # Federal PLUS Loans # Private/Alternative Student Loans Other sources of financial aid are: * Scholarships * Grants * Work-Study
How can I get financial aid?
Billions of dollars in financial aid is available to those who need help paying for college. Learn more about student aid and college tuition at collegeboard.com.
