Ways to Pay for College

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What is a grant?

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A grant is a financial award given to students that does not need to be repaid, often based on financial need.

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What is a scholarship?

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A scholarship is a financial award given to students based on academic or other achievements that does not need to be repaid.

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What is a loan?

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A loan is money borrowed that must be paid back with interest.

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What is the FAFSA?

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FAFSA stands for Free Application for Federal Student Aid, which is the form students must fill out to apply for federal financial aid.

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What is the main difference between a scholarship and a loan?

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A scholarship does not have to be repaid, while a loan must be repaid with interest.

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What types of financial aid are available for college students?

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Types of financial aid include grants, scholarships, loans, and work-study programs.

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What is need-based financial aid?

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Need-based financial aid is financial assistance that is awarded based on the financial need of the student and their family.

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What is merit-based financial aid?

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Merit-based financial aid is financial assistance awarded based on a student's academic, artistic, athletic, or other achievements.

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What is the purpose of the FAFSA?

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The purpose of the FAFSA is to determine a student's eligibility for federal, state, and institutional financial aid.

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What is the difference between federal and private loans?

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Federal loans are funded by the government and often have lower interest rates and more flexible repayment options than private loans, which are offered by banks or financial institutions.